The Disclosure Of Corporate Social Responsibility Information And Investment Efficiency

In recent years,tainted milk powder,gutter oil,formaldehyde house,toxic vaccine and even the most recent toxic automobile incidents and various environmental pollution problems have appeared in the public's field of view.These problems have brought great threat to people's life security and aroused wide attention of the whole society.Public calls for these companies to take on social responsibility are also growing.So one of the effective supervision methods is to ask these companies to disclose the social responsibility information.In addition,with the increasing diversity of people's demand for information,traditional financial reports are difficult to meet the needs of people,and these non-financial information on social responsibility requires a separate carrier to be delivered to the user,so the social responsibility report came into being.Since the issuance of the Social Responsibility Report Disclosure Guide by the Shenzhen Stock Exchange and the Shanghai Stock Exchange at the end of 2008,the listed companies in some sectors have been called for mandatory disclosure of relevant information.It is found in the analysis of the existing literature that the mandatory disclosure of social responsibility information has a dual role.On the one hand,it is helpful to promote information transmission,reduce information asymmetry,and improve the efficiency of information communication,but it will also bring negative effects to enterprises,such as the decline of company value.But its impact on the company's investment activities has not yet been determined.This paper studies the impact of social responsibility information disclosure on investment efficiency.Firstly,this paper makes a theoretical analysis of the impact of corporate social responsibility information disclosure on investment efficiency in the context of compulsory disclosure.Then the residual value is calculated by Biddle model as the proxy variable of the degree of inefficiency investment.It studies the relationship between them based on the sample of companies with mandatory disclosure of social responsibility information from 2011 to 2017.Furthermore,this paper studies the transmission path of social responsibility information disclosure affecting investment efficiency.This paper takes the consistency of the independent director and the registered place of listed company as the agency variable of the level of internal governance mechanism to study the difference of its social responsibility disclosure affecting the investment efficiency.And whether the company's industry belongs to the heavy pollution industry to study the role of industry characteristics in it.The results show that disclosure of social responsibility information can reduce the degree of inefficient investment.Further research finds that under the condition of higher level of corporate governance mechanism,the promotion of investment efficiency will be weakened,and the industry characteristics will also affect the improvement of investment efficiency.Finally,the investment efficiency data are obtained by replacing the variables in the dependent variable model,and the robustness test of the three assumptions in this paper is carried out by the two methods after eliminating 20% samples,and the results are consistent with the previous analysis.This paper analyzes the influence mechanism of social responsibility disclosure on corporate investment efficiency,and provides evidence support for theoretical analysis with the empirical results,which enriches the research on the economic consequences of corporate social responsibility disclosure.It provides a reference for the decision-making of the enterprise.