Research On Corporate Social Responsibility Disclosure,Media Exposure And Corporate Financial Performance ——Based On The Validity Test Of CSR Mandatory Disclosure Policy

The year 2021 is the year that starts the 14 th Five-Year Plan,the year for highquality development,and the crucial year to construct the green economic system.The main indicators of social responsibility have become trending topic at the past Two sessions and it has also emphasized the importance of social responsibility and environmental supervision as the plan on green investment principles brought at the Two sessions,which requires in several aspects to include the principled initiatives on full disclosure of social responsibility information into the agenda.However,in the economic market,the behavior of social responsibility significantly affects enterprises’ profitability and sustainable development.Bases on several database,which includes financial data of listed companies,ME data and the indicator data of CSR disclosure level during the time of 1998 to2018,this paper studies respectively how the mandatory disclosure policy on Corporate social responsibility（CSR）information released in 2008 have effect on Corporate financial performance,the relationship between the level of CSR disclosure and performance,and further the mediating effect of Media exposure（ME）by utilizing several econometric methods including DID and Step-by-step regression.After constructing econometric models and the empirical analyses,this paper finds that mandatory CSR disclosure policy can positively promote performance,and ME plays a full mediating role in the relationship between CSR and performance,which indicates that the level of CSR disclosure cannot directly affect performance,but must be transmitted through media exposure.According to the result,this paper puts forward some regulatory suggestions for future political regulations which includes bringing in ESG indicators to improve CSR disclosure standards,elaborating the effectiveness of policies in the level of individual,corporate and society and achieving win-win prospection by taking advantage of ME.Possible innovations of this thesis include the following aspects: Firstly,the DID method which compares the longitudinal time axis and the horizontal control group effectively alleviates the endogeneity problem.Moreover,this paper studies the effectiveness of the mandatory CSR disclosure policy and its effect on performance,shedding light on the empirical studies in the field of this policy.Secondly,this paper brings forward the influencing mechanism between CSR and performance by studying the mediating effect of ME.Thirdly,the regulatory suggestions listed in this paper provides inspiration for corporate managers and policymakers and supplement the researching field.