Cross-listing, Accounting Stability And Corporate Social Responsibility Concerns

“Corporate Social Responsibility(CSR)” is a strategic decision-making behavior that covers multi-interest groups and is a moral constraint on the economic behavior of enterprises.In recent years,there have been repeated calls for practicing corporate social responsibility,such as the “Strengthening Corporate Social Responsibility Legislation” of the Fourth Plenary Session of the 18 th CPC Central Committee and the “Enhancing Social Responsibility Consciousness” of the 19 th National Congress.However,the essense of moral constraints rather than statutory obligations makes the road to corporate social responsibility seem to be tough.Most companies still refuse to disclose CSR reports under the pretext of late-started and bad market conditions.Even if they disclose,they are mostly smuggled.In August 2018,“Di Di Blood” set off a reflection and initiative on corporate social responsibility once again.Therefore,it is particularly important to study how to improve corporate social responsibility performance to alleviate conflicts between enterprises and stakeholders.After the cross-listing,enterprises will face stricter management in accounting information disclosure,investor protection and legal supervision,which contributes to alleviating agency conflicts and improving the relationship with stakeholders.Is it possible to optimize social responsibility performance? Does the optimization period have a sustained effect? Although a few researchers have conducted useful explorations in this area,the research sample lacks a Chinese context.At the same time,as a key to information quality requirement,accounting conservatism is undoubtedly conducive to building a healthy and efficient capital market.Because it emphasizes that the confirmation of good news must have higher verifiability,which,to a certain extent,guarantees the true and objective accounting information and weakens the information asymmetry between stakeholders.Based on this,can high-level accounting conservatism replace cross-listing for the coordination of stakeholder relationships? To this end,this paper proposes the following two policy recommendations.Firstly,from the perspective of the construction of legal regulations,self-protection concepts and media supervision,the degree of investor protection will be improved.Secondly,moderately increase the stability of accounting information of listed companies.