Research On The Impact Of Corporate Social Responsibility Information Disclosure On The Risk Of Stock Price Collapse

The "sharp rise and fall" of stock price is an important phenomenon in the capital market.Compared with the "sharp rise",the sharp fall of stock price is more common.China’s capital market is not yet mature and the stock market is relatively unstable,which leads to a higher probability of stock price collapse in China.The stock price crash caused a severe impact on the stable operation of the capital market,which not only made investors suffer a huge risk of wealth loss,but also hindered the healthy development of the real economy.The essence of stock price crash risk is the principal-agent problem under asymmetric information.Therefore,the key to reduce the risk of stock price collapse is to reduce agency conflict,in which the behavior of enterprise disclosure of information is particularly important.As a representative of non-financial information,corporate social responsibility information can not only play a role similar to financial reports,but also provide the market with non forward-looking information in financial reports.Therefore,the disclosure of corporate social responsibility information seems to be a sharp tool to alleviate information asymmetry.However,many scholars believe that China’s corporate social responsibility information disclosure system is not perfect,the report disclosure standards are different,and there is a lack of third-party external audit,resulting in poor readability of the report.Corporate social responsibility disclosure is more motivated by hiding negative news,so it aggravates the degree of information asymmetry.In this context,this thesis attempts to study whether the disclosure of corporate social responsibility information plays the role of "stabilizer" of the stock market Or become a self-interest tool for management? Based on this,taking the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2020 as the object,this thesis studies the impact of corporate social responsibility information disclosure on the risk of future stock price collapse,and tests its transmission mechanism.The main conclusions of this thesis are as follows:(1)the release of corporate social responsibility information is indeed reducing the probability of stock price collapse and playing the role of "stabilizer" of the stock market;(2)Compared with undisclosed enterprises,social responsibility reports issued under any motivation can reduce the risk of future stock price collapse.However,compared with the other two disclosure motives,the social responsibility report based on semi mandatory disclosure motivation has a better effect in alleviating the risk of stock price collapse;(3)The higher the shareholding ratio of long-term institutional investors,the better the effect of social responsibility report on reducing the probability of stock price collapse;(4)The social responsibility report released by enterprises can reduce the probability of stock price collapse by improving the prediction accuracy of analysts,and this transmission mechanism is only reflected in compulsory disclosure and semi compulsory disclosure.The contributions of this thesis are as follows:(1)the research on the relationship between them in the past literature mostly focuses on the disclosed samples.This thesis combines the disclosed samples and undisclosed samples to explore the impact of corporate social responsibility information disclosure on the risk of stock price collapse.On this basis,this special disclosure group of central enterprises is divided,and new findings different from previous studies are obtained.On this basis,this thesis further studies the regulatory effect of corporate governance supervision factors on the relationship between corporate social responsibility information disclosure and stock price collapse risk.This thesis provides theoretical support for how to improve the government’s social responsibility information disclosure system and corporate governance supervision system.(2)At present,most literatures still focus on the impact analysis of corporate social responsibility information disclosure and stock price collapse risk,and there is little analysis of its internal impact mechanism.This thesis takes the analyst prediction accuracy as the intermediary variable to explore the transmission path of corporate social responsibility information disclosure analyst prediction accuracy stock price collapse risk,and further analyzes the intermediary effect of analysts prediction accuracy under different disclosure motives.