| In recent years,with the rapid development of China’s economy,many social problems have arisen.Among them,the lack of corporate social responsibility is one of the key issues of social concern.Based on this,since May 2008,China Securities Regulatory Commission,Shanghai Stock Exchange and Shenzhen Stock Exchange have successively issued notices to require listed companies to make mandatory disclosure of corporate social responsibility(hereinafter referred to as "mandatory disclosure"),which marks the beginning of the era of"mandatory disclosure".At present,some scholars believe that social responsibility information disclosure,as a positive signal,alleviates financing constraints,improves enterprise evaluation,and has higher market value and income growth rate after disclosure,which has an impact on enterprise entity activities.As a kind of enterprise entity activities,enterprise innovation,as one of the important channels to increase enterprise profits,has become a hot topic in the field of social responsibility information.Most of the existing literature is based on the impact of voluntary disclosure of social responsibility information on enterprise innovation,and few studies on the relationship between mandatory disclosure of social responsibility information and enterprise innovation.In addition,enterprise innovation is affected by many factors,including the nature of the enterprise and the degree of information disclosure.As a kind of exogenous impact,the mandatory disclosure of social responsibility information is different from natural disclosure in that more stringent review and supervision make it impossible for enterprises to use the disclosure of social responsibility information as a means of concealing information or a tool of self-interest as before.At the same time,the substantial improvement of the reporting quality of corporate social responsibility information disclosure also makes stakeholders better understand the enterprise,Therefore,the mandatory disclosure of social responsibility information may have a different impact on the innovation behavior of enterprises than the natural disclosure.To sum up,this paper attempts to explore the relationship between mandatory disclosure of social responsibility information and enterprise innovation,and based on the heterogeneity of enterprises,respectively explore whether there are differences in the impact of "mandatory disclosure" on enterprises with different nature and different degree of information disclosure,so as to make up for the vacancy of existing literature,in order to provide support for the improvement of relevant systems of corporate social responsibility.Based on the theories of stakeholders,information asymmetry and information transmission,this paper studies the impact of mandatory disclosure of social responsibility information on enterprise innovation,and tests whether the above conclusions are different for enterprises with different nature and degree of information disclosure.This paper selects 2009-2018 A-share non-financial listed companies as samples,and carries out empirical research.The results show that:(1)"compulsory disclosure" significantly promotes enterprise innovation;(2)in different types of enterprise sub samples(state-owned enterprises and non-state-owned enterprises),compared with state-owned enterprises,"compulsory disclosure" has a more significant impact on enterprise innovation of non-stateowned enterprises;(3)in different degree of information disclosure enterprise sub samples,compared with high degree of information disclosure enterprises,"compulsory disclosure"has a more significant impact on enterprise innovation of non-state-owned enterprises The impact on innovation of enterprises with low degree of information disclosure is more significant.Therefore,this paper puts forward the corresponding suggestions:at the government level,improve the legal system of "compulsory disclosure",establish and improve the corresponding supervision and management mechanism;at the enterprise level,state-owned enterprises deeply promote the reform of corporate system,focus on market-oriented transformation of enterprise operation mechanism,non-state-owned enterprises formulate and implement the system of improving "compulsory disclosure",and strengthen the rewards and punishment measures of social responsibility At the level of the public,the academic circles actively study to provide theoretical support,and the mass media give full play to the role of guidance and supervision on the news and public opinion. |
