Research On The Decision Usefulness In CSR Reporting

With the improvement of the living standards of the people,some negative effects caused by the improvement of economic benefits have gradually gained attention.The frequent exposure of environmental pollution,food safety,drug safety and other issues has caused people to be controversial about the purpose of the enterprise.Enterprises should no longer be organizations that aim only at maximizing their own interests,but should be transformed in the direction of maximizing the overall interests of society.While begging for profits,companies should also assume corresponding social responsibilities to achieve sustainable development goals.In order to faithfully reflect the implementation of corporate social responsibility to accept the supervision and evaluation of the media,the Corporate Social Responsibility Report(CSR Report)came into being.Domestic research on CSR report disclosure started late,but the issue of how to improve the quality of CSR report information disclosure has always been a hot topic of research.However,from the actual situation,the quality of the report is still in a stage of urgent improvement.The article combines information disclosure with information needs to find ways to improve the quality of information disclosure and thus reduce the degree of market information asymmetry.The research sample mainly includes the CSR report of the quality rating of Runling Rating Agency from 2015 to 2017.Based on the theory of stakeholder theory,principalagent theory and legality theory,combined with the theory of effective market theory and information disclosure theory,the event research will be carried out.The method is combined with regression analysis.Firstly,the CSR report quality rating score published by Runling Global is the measurement standard of information quality.The status quo of the CSR report quality and the problems in the disclosure are analyzed in detail according to factors such as industry,region and disclosure willingness.Then study whether the release of the CSR report can have a significant impact on the securities market,and what effect it has,and then study the effect of the reported information quality on the securities market,and distinguish the willingness to disclose,and separately explore the information content of the disclosed information.Judging whether the quality of information disclosure and how it affects the stock market reaction,while analyzing its impact on excess returns,it also analyzes the impact of the report quality level on investor disagreement.The conclusions are as follows:(1)The CSR report reveals that most of the enterprises are state-owned enterprises;the quality of social responsibility information disclosed by Chinese enterprises is uneven and overall low,and the quality of information disclosed voluntarily is significantly lower than the quality of social responsibility information disclosed in the regulations,different industries,regions,and exchanges.There should be a big difference between the scale blocks.(2)The release of CSR report can affect investors' decision to a certain extent,which is reflected in the two aspects of excess return and investor disagreement.The release of CSR report has a significant impact on excess returns and accumulated excess returns.The impact is not significant,but can significantly reduce the degree of volatility.(3)The quality of the CSR report can produce a significant market response.The quality of the report can have a significant impact on the disagreement of the market.The higher the quality of the report,the lower the disagreement of the market,and whether there is a significant positive correlation with the excess return depends on the overall Quality level,disclosure content and willingness to disclose.(4)The market not only focuses on the specific content of information disclosure,but also on the disclosure form of the discloser and other factors that can reflect the disclosure attitude to a certain extent.