An Empirical Research On Social Responsibility Information Disclosure Of Listed Companies And Business Investment Efficiency

With the continuous development of social economy,investors are increasingly aware of the importance of social responsibility to the development of enterprises.The fulfillment of social responsibility is not only the need to realize its social organization nature,but also to maintain and develop the contractual relationship with the stakeholders.It is also the inevitable requirement of enterprise ethics,which is beneficial to enhance the competitiveness of the enterprise,improving the reputation of the enterprise and promoting the sustainable development of the enterprise.So in recent years,the government has raised the attention of the listed companies which fulfilling the social responsibility to a new height,using law and regulations,in order to strengthen the investors' attention to it.Investors can provide valuable reference for their investment decisions by obtaining the social responsibility of listed companies.This research use a data sample of listed companies operating continuously for at least 5 years from 2010 to 2016 in Shanghai and Shenzhen stock markets.By constructing panel data model,we analyze how CSR makes effect on inefficient investment as well as how will it change if the nature of equity factors are imported into the model.And how will it change if we use the data to test corporate social responsibility on non-efficiency investment relationship panel data model,and different relationship in different quality of accornting information and the institutional environment and the influence of different equity nature of the two factors what is the difference.In this paper,we use Richardson residual model to measure the degree of inefficiency of enterprises,and use the social contribution value of the Shanghai Stock Exchange as the measurement index of corporate social responsibility.The empirical results show that there are two types of overinvestment and insufficient investment in the inefficiency investment of Listed Companies in China.Corporate social responsibility information can effectively curb excessive investment,but there is not enough evidence that listed companies fulfill their social responsibilities,which can effectively inhibit the investment shortage of enterprises.The listed companies with high financial information quality reveal that CSR report can inhibit the shortage of investment more,but it is not significant to suppress the overinvestment.In the institutional environment represented by the process of Regional Marketization,it is not effective for Chinese listed companies to disclose social responsibility information to curb inefficient investment.In terms of the difference of ownership nature,the inefficient investment in non-state-owned enterprises is generally underinvestment,and the inefficient investment phenomenon commonly exists in state-owned enterprises is excessive investment.On the whole,the CSR performance of the non-state owned enterprises is better than that of the state-owned enterprises.Meanwhile,the role of non-state-owned enterprises in implementing CSR to curb underinvestment is stronger than that of state-owned enterprises,while the role of state-owned enterprises in inhibiting investment overruns is stronger than that of non-public enterprises.The results of this study to external investors and has a strong practical 'guiding role,can help investors distinguish more development potential which listed companies;at the same time help listed companies to enhance the supervision of management,corporate social responsibility can effectively restrain enterprise excessive investment,improve investment efficiency,to standardize the capital market of our country,there are the important significance of improving the efficiency of capital market.