Corporate Social Responsibility Information Disclosure And Risk Of Stock Price Collapse

The survival and development of enterprises depend on the close interaction of various supporters in the environment,which requires enterprises to bear the responsibility to stakeholders.In order to measure the performance of corporate social responsibility,China adopts two forms of compulsory and voluntary disclosure of social responsibility information,but the research report points out that compulsory disclosure has some problems,such as the content of the report is arbitrary and empty,the form is single,and the quality of disclosure is still at a low level.And the quality of voluntary disclosure information is gradually improved with the continuous growth of the number of disclosure enterprises.As an important enterprise information,the value relevance of social responsibility information disclosure has been widely concerned.With the continuous expansion of China's stock market,the volatility of stock price is also greatly increased.China's stock market has experienced many "sharp rises and falls",especially the sharp falls of stock price,which pose a great threat to the stable development of China's capital market.The collapse of stock price is caused by the managers concealing the negative information of the enterprise in the course of trading,which leads to the accumulation of the negative information to the upper limit that the enterprise can bear,and the centralized release to the market in a short time,leading to the collapse of stock price.Therefore,reducing information asymmetry and alleviating agency conflict are effective ways to reduce the risk of stock price collapse.Based on the role of information disclosure in alleviating information asymmetry and agency problems,this study studies the relationship between social responsibility information disclosure and stock price collapse risk from two dimensions of disclosure quality and disclosure form.Firstly,explore the impact of the quality and form of corporate social responsibility information disclosure on the risk of stock price collapse.Secondly,test whether the above relationship changes under different property rights.Finally,further explore the internal mechanism of the impact of different forms of disclosure on the risk of stock price collapse,and verify whether the synchronicity of stock price plays an intermediary role in the relationship between the form of social responsibility information disclosure and stock price collapse.The main conclusions of this paper are as follows:(1)The higher the quality of corporate social responsibility information disclosure,the smaller the risk of stock price collapse;(2)The compulsory disclosure improves the risk of stock price collapse,and the voluntary disclosure reduces the risk of stock price collapse;(3)Compared with the state-owned enterprises,the disclosure quality and form of non-state-owned enterprises have more significant impact on the risk of stock price collapse;(4)The synchronicity of stock price in social responsibility any form of information disclosure plays a part of intermediary role in the relationship between the risk of stock price collapse,forcing the disclosure to increase the synchronicity of stock price and thus improve the risk of stock price collapse;voluntary disclosure to reduce the synchronicity of stock price and thus inhibit the risk of stock price collapse.The contributions of this paper are as follows:(1)Taking the quality and form of social responsibility information disclosure as the starting point,this paper studies social responsibility information disclosure from different perspectives,enriches research perspectives and refines relevant research.(2)Based on the difference of the impact of non disclosure form on the risk of stock price collapse,this paper studies the internal action path of the relationship between the form of social responsibility information disclosure and stock price collapse.Innovatively explore the relationship between the two from the perspective of stock price synchrony,understand the internal mechanism of economic consequences of social responsibility information disclosure more deeply,and provide new ideas for information disclosure research.