Social Responsibility Information Disclosure Of Listed Companies In China Market Response

With the deepening of social responsibility cognition in the Western countries, social responsibility accounting have come into being; and under the influence of innovation and depth on the social responsibility accounting research In Western countries; In the mid-1980s China has began to study the social responsibility accounting and developed to some extent. in the field of social responsibility accounting research, social responsibility information disclosure is the most important issues.At present, we are at the initial stage on the research of social responsibility , before the implement of new company law on January 1st 2006,there is no require the listed company to take on the social responsibility definitely .North River cadmium contamination in Guangdong;Shanxi Datong coal mining subsidence of land caused by the inciden,Sanlu's milk scandle, all these events further touched people's understanding of corporates' social responsibility, and leading to more accountability and consideration. So, in our capital markets, how about the present state of disclose information of social responsibility accounting? What is the characteristics? What is the information's influence to capital market? What kind of response?With these questions, firstly this paper use the sample analysis method, and take listed companies which have an important influence on the national economy's coal industryselection of listed companies has an important influence in the national economy's coal industry, meanwhile find out the accounting information from financial reports which can reflect the social responsibility, analysis the periodic reports of the public disclosure information public from listed companies in 2009 and summarizes the basic situation, of the listed companies. Based on contribution rate index of Ministry of Finance , we establish an index which can reflect social responsibility information of stakeholders in listed companies, and then to reveal stakeholders' real contribution by this indicator system. And meanwhile using regression analysis to empirical analysis the reaction of the stock price to this information in the capital market reaction . The empirical results show that: China's capital market at the present stage of social responsibility of accounting information of listed companies is not sensitive to the reaction. The empirical results show that: at the present, the reaction of our capitalism market to social responsibility accounting information is not sensitive. Finally, according to the existing problems and research result in the disclosure process in the capital market of our country, we put forward several proposals. In the end, this paper pointed out the limitations and prospects for future research.