Study On The Optimization Of Social Responsibility Information Disclosure System In Securities Market

With the comprehensive implementation of the registration system in our securities market,the reform of our securities market is advancing deeply.Improving the basic system has become an important part of reform,development and stability.To comprehensively promote high-quality economic development,the country is actively leading the local embedding of ESG information disclosure system,and through the release of ESG reports,guiding companies to internalize the undertaking and practice of social responsibility into decision-making thinking and responsibility genes,to form the internal interest power and internal development demand of consciously "feeding" the development results to the society and jointly improving economic and social performance.However,in the context of the current system based on voluntary disclosure,the field of social responsibility information disclosure in the securities market is in chaos.The current system is quite "weak" and "weakness" when responding to and resolving the constraints such as "greenwashing" and "decoupling of social responsibility".Information disclosure is the cornerstone of the securities market.The quality and authenticity of social responsibility information disclosure are related to the vital interests of investors.The spread and proliferation of relevant information disclosure violations will undoubtedly erode the growth soil of the securities information disclosure system.In turn,it also poses substantial obstacles to the deepening and promotion of the ESG(environmental,social and governance)concept in China and the enhancement of China’s international influence in the field of sustainable development in the international context of "global governance" and " political corporate social responsibility".This study reveals the operating status and existing problems of social responsibility information disclosure system in the Chinese securities market through abundant empirical research.On this basis,multi-disciplinary research methods and knowledge such as law,economics,management science and political science are used to conclude the operational difficulties of the system.At the same time,in-depth research and judgment of international development trends are conducted through literature analysis.As well as the development status and characteristics of major countries in the world,to extract the common and differences,and think about their potential logic and internal causes.On this basis,our social responsibility information disclosure of the path choice and system improvement has put forward strong targeted and feasible system suggestions.In this paper,the author follows the idea of "basic theory analysis → empirical investigation of operation status → refining analysis of operation dilemma →comprehensive discussion of international trends → theoretical research and judgment of path selection → specific suggestions for system optimization".Except for the abstract and conclusion,the full text can be divided into six chapters,and the details are as follows:The first chapter is the analysis of jurisprudence.Based on comprehensive research at home and abroad,the connotation of social responsibility information disclosure is defined.At the same time,the evolution and structure of social responsibility information disclosure system are systematically combed.In addition,from the perspective of protecting investors’ legitimate rights and interests,maintaining fair market competition order and strengthening corporate social responsibility,the value of social responsibility information disclosure system in the securities market is clarified.The second chapter is empirical analysis.Based on the empirical investigation of 36440 effective samples(first-hand data)of the social responsibility information disclosure system of Chinese listed companies from 2009 to 2021,this paper aims to reveal and analyze the overall situation of social responsibility information disclosure of Chinese listed companies.In this part,through data analysis,This paper makes an in-depth investigation of the commonness and differences of disclosure behind listed companies in different industries,different markets and different property rights.In addition,in order to deeply compare and evaluate the heterogeneous influences of regulatory orientation(" mandatory ")and market orientation(" voluntary "),this paper also introduces economic regression analysis to explore the characteristics and commonalities of companies’ mandatory disclosure at present,as well as the internal motivations of listed companies’ voluntary disclosure of social responsibility information.The third chapter discusses the dilemma of system operation.Based on the empirical statistical results and practical cases,this paper summarizes the operational difficulties of the social responsibility information disclosure system in the securities market through the type and structured research of "speaking with data" and "fact-based".At the same time,based on the above investigation of the status quo of disclosure of listed companies,the generalization of mandatory disclosure and the motivation of voluntary disclosure,this paper analyzes the deep causes of the operating difficulties such as the large heterogeneity of disclosure,the absence of important indicators,and the fact that ESG report becomes a business.The fourth chapter is comparative analysis.Based on the development situation of non-regional countries and the global development trend,the regulation approach of the international community to the disclosure of social responsibility information is comprehensively studied and judged.Specifically,at the national level,through the systematic sorting out of the relevant systems of major countries,the system development path of non-regional countries and the main regulatory path of the current disclosure of social responsibility information of listed companies can be grasped as a whole.At the international level,combined with the background of globalization,this paper discusses how the international community should deal with the incompatibility and incoordination of different market and different system requirements,and then makes an overall study and adjudication of the international development trend and in-depth analysis of the anemic configuration of the trend.The fifth chapter is the study and judgment of the theory.Based on the research results of economics and other related disciplines,this paper considers which factors should be used as the criterion for the legitimacy of path selection,and on this basis,examines and evaluates the current regulation concepts and practical advantages and disadvantages of two different paths of mandatory disclosure and voluntary disclosure.At the same time,it discusses how the international community should deal with the problems and difficulties easily brought by different paths,and considers whether there is a third way to reconcile,that is,the path choice that this study thinks is suitable for China’s actual development based on overall study and judgment.The last chapter is a proposal to optimize our system.Combined with the current international development trend and the chaos of the social responsibility information disclosure of listed companies in our country,this paper gives a concrete system optimization scheme.First of all,in terms of the principles and concepts of the system,how to coordinate the overall situation of international and domestic development and realize the coordination between international standards and Chinese context,and how to realize the coordination between "unified rules" and meeting the differentiated development needs of listed companies under the multi-level capital market pattern.Secondly,at the present stage,what are the reasons for the "dual track" of the annual report and the independent report? What are the obstacles in system operation? Combined with the international development trend,the paper puts forward some suggestions on how to optimize and improve the system in the future.Thirdly,how should we enhance the credibility of listed companies’ ESG reports in the face of the development dilemma that the quality of ESG reports is questioned and the market of social responsibility reports is mixed? Secondly,it clarified the important position of "first-line supervision" of the stock exchange and gave specific plans on how to strengthen its effectiveness.At the same time,it also proposed how to break the existing pattern of "information island" and "resource monopolization",and effectively gave full play to the effect of the collaborative supervision implementation mechanism.On this basis,it put forward suggestions on how to increase the company’s violation cost and achieve the best punishment effect.Finally,it protects and relives the civil rights and interests of investors by clarifying the subject of responsibility,implementing the subject responsibility,and building a diversified securities dispute settlement mechanism,to consolidate the foundation of the capital market.