Corporate Social Responsibility Information Disclosure And Inefficient Investment

After more than 40 years of reform and opening-up,along with the rapid economic growth,the industries of coal,iron and steel,oil and other industries have duplicated construction in varying degrees,and over-investment in overcapacity.There is no doubt that the inefficient investment has caused the waste of limited resources,which has greatly reduced the economic and social benefits.Under the background of China's current economic transformation,optimizing the investment structure has gradually become an important point for the country to transform its economic development mode and enhance its sustainable development ability,and the level of investment efficiency is crucial to the realization of the maximization of the enterprise's own value,as well as to the promotion of the whole industry and even the overall competitiveness of the country.Therefore,how to effectively improve investment efficiency has become a difficult problem in front of many enterprises,investment efficiency differences and their influencing factors in recent years have also received more attention from society and scholars.As an important source of heterogeneous information of enterprises,financial information has been widely concerned by scholars,and many studies have found that enterprise financial information can significantly improve the efficiency of enterprise investment.However,with the growth of investors' demand for diversified information of enterprises,traditional financial information can not meet their decision-making needs,compared with non-financial information such as media reports and temporary announcements,corporate social responsibility has attracted theoretical and practical attention because of its advantages in information carrying capacity and the standardization of content and format.Up to now,scholars at home and abroad have carried out a lot of research on corporate social responsibility,but the research results mainly focus on the influencing factors,the discussion of its economic consequences is mainly focused on the financial performance of enterprises.Combining with the above analysis of the policy background,this paper chooses to deeply study the impact of corporate social responsibility on non-efficiency investment has a strong significance.Based on the research samples of all a-share listed companies from 2009 to 2017,this paper discusses the relationship between CSR information disclosure and non-efficiency investment,and the main conclusions are as follows:(1)Social Responsibility information disclosure helps to restrain the non-efficiency investment of enterprises.(2)There is a significant negative correlation between the quality of social responsibility information disclosure and non-efficiency investment.(3)The inhibition of social Responsibility information disclosure and information quality on overinvestment is more significant than the lack of investment,and(4)the inhibition of non-efficiency investment by voluntarily disclosed enterprises is more significant than the mandatory disclosure.(5)In the internal governance of the company,there is a significant negative adjustment effect in the influence of corporate social responsibility on the non-efficiency investment,and the incentive mechanism does not realize the role of strengthening the negative relationship between CSR and non-efficiency investment.(6)External financing has a masking effect on the relationship between corporate social responsibility and non-efficiency investment.The main research innovation of this paper lies in: Firstly,it provides a new literature supplement to the study of the economic consequences of CSR in practice field,and the existing literature on the impact of social responsibility on non-efficiency investment is relatively few.Secondly,to realize the incremental contribution to the study of social responsibility and non-efficient investment relationship,to expand the research on the impact of non-financial information disclosure on investment efficiency,incremental contributions include,but are not limited to,expanding the sample range and scope,distinguishing the willingness to disclose,paying attention to the impact path and mechanism,enriching the robustness test and so on.Thirdly,the introduction of rent-seeking theory strengthens the theoretical support at the same time for social responsibility and non-efficient investment relationship interpretation provides a more comprehensive and in-depth perspective.