CSR Disclosure,Capital Market Opening And Auditor Selection

Common prosperity is the essential requirement of socialism and an important feature of Chinese-style modernization.Under the premise that my country’s economic distribution policy has shifted from "efficiency first and fairness" to "effective overall planning of efficiency and fairness",corporate social responsibility is an important way to play the role of the third distribution.As the concept of responsible investment has entered the mainstream and regulatory requirements have continued to upgrade,corporate social responsibility management and information disclosure have received more and more attention.Since the China Securities Regulatory Commission included the corporate social responsibility information disclosure framework in the "Listed Company Governance Guidelines" in 2018,the regulatory authorities have intensively launched a series of policies to promote the standardized disclosure of corporate social responsibility information of A-share listed companies.Independent auditing is one of the important participants in the capital market.Choosing high-quality auditors can not only strengthen the positive impact of the disclosure of high-quality social responsibility information,but also increase the trust of stakeholders in the company,and reduce the risk of business operations.Litigation risk.After the opening of the capital market,the entry of the requirements and standards of the code of conduct in the overseas capital market,the influx of a large number of overseas value investors with rich globalization experience,the increase in the number of intermediaries such as analysts and underwriters,and the gradual standardization of information disclosure methods and requirements.Higher requirements are put forward for capital market supervision and corporate information disclosure,and the demand for high-quality auditors of companies that disclose high-quality social responsibility information will also be affected.Combining the above issues,this article first sorts out and summarizes relevant literature studies on corporate social responsibility information disclosure,auditor selection,and factors affecting capital market opening at home and abroad.Secondly,combined with information asymmetry theory,principal-agent theory and signal transmission theory,it analyzes the influence process of corporate social responsibility information disclosure quality on the selection of corporate auditors from multiple theoretical perspectives,and discusses the regulatory role of capital market opening.Finally,this paper selects my country’s A-share listed companies from 2010 to 2020 to empirically test the research hypotheses proposed in this paper.At the same time,in order to ensure the reliability of the core conclusions,this paper also adopted the method of measuring the core variables by changing the sample with a lag period to select the symmetric interval before and after the shanghai-Hong Kong Stock Connect and adopted the propensity score matching method to test the robustness of the opinions.The research conclusions are as follows:(1)Companies that disclose high-quality social responsibility information are more inclined to choose high-quality auditors to improve the quality of company information disclosure,alleviate agency problems,and send positive signals.(2)The opening of the capital market negatively regulates the relationship between the quality of corporate social responsibility information disclosure and the selection of auditors,that is,after the opening of the capital market,companies that disclose high-quality social responsibility information choose high-quality auditors to improve information quality and deliver positive signals Demand weakened.(3)Under different product market competition levels,there is a significant positive correlation between the quality of corporate social responsibility information disclosure and the selection of auditors.Compared with companies in low-competitive industries and low-competitive markets,auditors in highly-competitive industries and companies with high-competitive market positions are more sensitive to the quality of corporate social responsibility information disclosure.This article puts corporate social responsibility information disclosure,auditor selection and capital market opening into a framework for research,not only expands the theoretical literature on auditor selection and corporate social responsibility information disclosure,but also broadens the study of the impact of the economic consequences of capital market opening on corporate behavior The analysis channels provided by Chinese companies provide diversified choices for how Chinese enterprises adapt to the upgrading of the market supervision environment and the standardization of information disclosure.At the same time,this article also chooses product market competition as a moderating variable for expansion analysis,measuring the degree of product market competition from two aspects of industry competition level and market competition position,and more perfect description of the product market competition structure,which will help companies better adapt to the market competition environment.Variety.Finally,based on the research conclusions,this article mainly proposes the following countermeasures: First,government policy makers should further standardize and improve the corporate information disclosure system,and formulate a practical and feasible social responsibility reporting framework that suits China’s reality.Second,to achieve a benign interaction between the capital market and micro-enterprises,policy makers need to establish and improve relevant laws and regulations,improve supervision and governance mechanisms,and improve corporate governance.Third,companies should actively improve the quality of social responsibility information disclosure to improve product market competitiveness,and take social responsibility as an investment to stakeholders,which can then be transformed into a positive response and friendly cooperation from stakeholders to the company.