Research On The Impact Of Corporate Social Responsibility Information Disclosure On Corporate Value

In recent years,with the rapid development of China’s economy,social responsibility issues such as environmental pollution are also emerging.Therefore,the government of China constantly emphasizes the importance of the true disclosure of social responsibility information.To a certain extent,social responsibility information reflects the business strategy and ideas of the enterprise,and then has an important impact on the value of the enterprise.However,due to the information asymmetry between the internal and external of the enterprise,when the enterprise participates in various production and operation activities,in order to obtain the favor of the external stakeholders,the enterprise determines the disclosure of social responsibility information independently,which to a certain extent affects the authenticity of the information disclosed.In order to further explore the relationship between social responsibility information disclosure and enterprise value,a large number of scholars at home and abroad have conducted in-depth research and summarized the corresponding conclusions.Since 2008,China has issued relevant policies to force listed companies to issue social responsibility reports on time and in a timely manner.However,there are still a series of bad phenomena such as false disclosure of Changchun Changsheng company.On the one hand,the above phenomenon is harmful to the establishment of a good image of an enterprise,on the other hand,it increases the cost of production and operation within the enterprise,and poses a serious threat to the survival and development of the enterprise.Since 2010,the international economic situation has been constantly changing.As the core force of the development of market economy,state-owned enterprises have deepened their social responsibility consciousness,steadily improved the level of relevant information disclosure,played a good role as a model,standardized the order of capital market,and provided a basis for studying the role of environmental dynamics in the relationship between corporate social responsibility information disclosure and corporate value Probably.This paper argues that the relationship between the disclosure of social responsibility information and enterprise value should be analyzed and studied in depth to promote the good performance of corporate social responsibility,and then provide reference for the implementation of sustainable development strategy.At the same time,with the continuous changes of global economy and national policies,enterprises are in a dynamic market environment.It is more practical to explore whether the dynamic environment will affect the relationship between social responsibility information disclosure and enterprise value.Based on this,this paper defines the research sample as non-financial A-share listed companies from 2010 to 2018,studies how corporate social responsibility information disclosure affects corporate value,tests whether environmental dynamics plays a regulatory role between corporate social responsibility information disclosure and corporate value,and the relationship between corporate social responsibility information disclosure and corporate value in state-owned and non-state-owned enterprises The difference of the Department.In the research,firstly,we select Hexun’s corporate social responsibility rating as the indicator to measure the quality and level of social responsibility information disclosure of listed companies;select Tobin Q as the indicator to measure the value of enterprises,and study the relationship between the explanatory variables and the interpreted variables.Secondly,environmental dynamics is introduced into the model,and it is used as a regulating variable to explore the impact of external environment on the change of corporate social responsibility information disclosure value.Furthermore,according to the different nature of property rights,this paper divides the research objects into state-owned enterprises and non-state-owned enterprises,and conducts the corresponding empirical research to provide evidence for the performance of corporate social responsibility and the high-quality disclosure of relevant information.Finally,the study samples were analyzed by group regression analysis and endogeneity analysis.At the same time,in order to improve the accuracy of the results,the research results were tested for robustness.The conclusion is as follows.First,corporate social responsibility information disclosure has a positive impact on corporate value.In order to maximize the economic benefits of enterprises,listed companies should ensure the accurate disclosure of relevant information;secondly,environmental dynamics significantly affect the relationship between social responsibility information disclosure and enterprise value,and play a regulatory role.In particular,the dynamic environment is a positive regulation,which strengthens the relationship between information disclosure and enterprise value.Finally,in state-owned enterprises,social responsibility information disclosure plays a more significant role in promoting the value of state-owned enterprises.When enterprises face the rapid changing environment,the high-quality information disclosure of non-state-owned enterprises is easier to promote the economic benefits of enterprises.On the basis of the research conclusion,this paper puts forward corresponding suggestions,in order to provide theoretical guidance and practical reference for different types of enterprises to fulfill their social responsibilities,pay attention to the authenticity and reliability of relevant information disclosure,and implement the sustainable development strategy.On this basis,the paper further analyzes the limitations and shortcomings of the research design,in order to provide valuable ideas for other scholars’ theoretical research.