Research On The Impact Of Corporate Social Responsibility Information Disclosure On Investment Efficiency

In reality,inefficient investment widely exists in the capital market.Investment is an important link closely related to national development strategies such as economic growth and resource allocation.The investment behavior of enterprises will inevitably affect the total investment level of the society,which is related to the economic benefits of the entire society.Therefore,it is necessary to study how to improve investment efficiency at the enterprise level.Since China began to implement the mandatory corporate social responsibility disclosure mechanism in 2009,more and more companies are beginning to attach importance to corporate social responsibility projects.This thesis is dedicated to discussing what factors can influence investment efficiency from the perspective of corporate social responsibility.Cutting in from two of the major internal and external factors of the companies(information asymmetry and principalagent conflict)that affect investment efficiency,trying to explore the impact of capital constraints and cash flow excess holding levels on the relationship between corporate social responsibility and investment efficiency.Attempt to comprehensively explore the moderating effect existing in the connection between both sides.In addition,this thesis has also expanded the study of the differences in the impact of different property rights and the quality of financial information,putting corporate financial information and representative non-financial information under the same perspective,trying to understand the effect and mechanism of corporate social responsibility on investment efficiency comprehensively from more angles.This thesis uses A-share listed companies in China from 2011 to 2018 as research sample.It is found that corporate social responsibility information disclosure has a negative impact on the overall inefficiency of investment behavior and the level of overinvestment.Additionally,financing constraints interfere with the effect of corporate social responsibility in inhibiting inefficient investment and have a weakening effect,while excess cash holdings strengthen corporate social responsibility ’s role in weakening overinvestment.At the same time,more significant governance effects of corporate social responsibility have been found in non-state-owned and low-quality financial information enterprises.Additional analysis that replaces corporate social responsibility measures confirms the research results.Moreover,compulsory information disclosure is more effective than voluntary information disclosure to restrain inefficiency of investment behavior and improve overall efficiency level.Finally,based on conclusions learned from the research in this thesis,policy suggestions are made from the perspectives of companies,investors,and the government.It is hoped that a more standardized corporate social responsibility information disclosure mechanism can be formed to make the effectiveness of investment activities better and maximize corporate value to accomplish the target of realizing a reasonable and healthy allocation of economic and social resources.