Research On Market Response Based On The Adjustment Of Corporate Social Responsibility Index

In recent years,along with the general environment of China’s economic transformation,high-quality development and sustainable development have become the necessary path for the development of modern enterprises.In this context,corporate social responsibility-the business concept of not earning profits at the expense of society-has gained wide recognition.Then,whether a series of voluntary activities carried out by enterprises to protect the natural environment or to comply with social and ethical norms can enhance corporate performance has become the focus of debate at home and abroad.Based on the logic of "Corporate Social Responsibility-Effectiveness of Value Creation-Market Response",this article explores whether the performance of corporate social responsibility can be recognized by the capital market and create long-term value for the enterprise.This thesis selects the SSE Responsibility Index and SZSE Responsibility Index from 2010 to 2019,takes the stocks transferred in and out as the research sample,and uses the event research method to test the short-term market response of the transfer in and out.The PSM-DID was used to analyze the impact of index transfers in and out on corporate performance,and further,from the analysis of the possible differences in market response from different indexes,different equity properties and transfer duration,the main conclusions are as follows:(1)The short-term market response of corporate social responsibility is very weak,and it is mainly concentrated before the announcement of the information.There are different responses to the issuer of the social responsibility index and the nature of the company’s equity;(2)In the long run,the index adjustment has a significant positive impact on the financial performance of the company,and this effect will be after three years and three years.Both are significant,and the index recall has no significant impact on the financial performance of the enterprise,and the impact on the financial performance varies with the issuing agency of the index.To a certain extent,the research conclusions of this article support the viewpoints of previous studies on the negative impact of corporate social responsibility on corporate performance in the short-term and the long-term help companies create value and improve corporate long-term performance.To a certain extent,the research conclusions of this article support the viewpoints of previous studies on the negative impact of corporate social responsibility on corporate performance in the short-term and the long-term help companies create value and improve corporate long-term performance.It can help promote listed companies to actively perform social responsibilities and investors’ provide reference for investment related to the field of social responsibility.