Research On The Impact Of Corporate Social Responsibility Information Disclosure On High-quality Development

China’s economy has shifted from high-speed growth to high-quality development stage,as a micro subject of economic activities,the high-quality development of enterprises is crucial to the high-quality development of China’s economy.While China’s capital market is still imperfect,information asymmetry can decrease the positive interaction between enterprises and investors,which will harm the sustainability of enterprises.As an important carrier of nonfinancial information of enterprises,corporate social responsibility(CSR)report discloses more information to the outside world,which improves the information environment of capital market.However,there are less than one-third of listed companies in China’s capital market disclose CSR reports,and most enterprises still do not realize the significance of CSR information disclosure to its development,information disclosure work has not formed a normalization.Therefore,it is necessary to discuss the influence and mechanism of CSR information disclosure on the high-quality development of enterprises,to provide theoretical basis and empirical support for enterprise to arrange information disclosure and development strategy.Based on the current system of CSR information disclosure in China,this paper compares the relevant research results on CSR information disclosure and high-quality development,finding that relevant researches need further exploration.In view of this,this paper firstly sorts out the relevant perspectives of corporate social responsibility theory,stakeholder theory,information asymmetry theory,signaling theory and principal-agent theory,and explores the reasonability of integrating CSR information disclosure and high-quality corporate development into the same research framework from the theoretical level.Secondly,we deeply analyzed the influence process of CSR information disclosure on high-quality corporate development,including the mediating role of capital allocation efficiency and technological innovation level in this process and the moderating role of analyst coverage,then propose corresponding hypotheses.Then,we select A-share listed companies in Shanghai and Shenzhen from 2009 to 2020,construct different models for the research hypotheses,measure enterprises’development quality by total factor productivity and tested the relationship between CSR information disclosure,high-quality corporate development,capital allocation efficiency,technological innovation level and analyst coverage using multiple regression analysis and propensity score matching method.Finally,based on the results of empirical analysis,the research conclusions are summarized,management suggestions are put forward,and prospects for the shortcomings of the research are put forward.The results show that:Firstly,in the current Chinese capital market,enterprises’ disclosure of CSR reports can improve their total factor productivity and contribute to the development quality of enterprise;Secondly,capital allocation efficiency and technological innovation level can play mediating roles in the process of CSR information disclosure affecting the high-quality development of enterprises;Finally,analyst coverage positively moderates the relationship between CSR information disclosure and high-quality development of enterprises.and positively moderates the mediating role of capital allocation efficiency and technological innovation level between CSR information disclosure and high-quality corporate development.The innovativeness of this article is that it investigates the impact of CSR information disclosure on the high-quality development of enterprises from the perspective of information disclosure,and explores the roles of capital allocation efficiency,technological innovation level and analyst attention in it.The article expands the research related to CSR information disclosure and highquality corporate development,which provides reference value for companies to optimize their disclosure strategies and improve their development quality.