The Empirical Study Of Chinese Listed Companies Social Responsibility Accounting Information's Market Reaction

The social responsibility accounting came into being along with the western countries deeper and deeper cognition to the social responsibility. With the influence of western countries deep study and innovation to the social responsibility issue, China developed the study of the social responsibility in the 20 century 80's and obtained some achievement.At present, our country's study of social responsibility is in the elementary stage. Before the implement of new company law on January 1^st 2006, there is no law to require the listed company to take on the social responsibility but the new company law asks the company to take on the social responsibility definitely. In our country's capital market, how dose the listed company disclose the social responsibility information? What's about the characteristic? Dose our capital market need social responsibility information? What is the information's reaction in the capital market? What are the stakeholders' views about the social responsibility?Because of these questions, firstly, this paper chooses the electron and communication industry to analysis these companies' periodical reports in order to summarize the circumstance of the social responsibility information disclosure. Finding the information that can express the company's social responsibility in periodical reports to build an index system of social responsibility accounting information. Using this index system to explain the real contribution of all companies in China's stock market and adopting the linear regression to analyze the market reaction of the company's social responsibility accounting information. The empirical study result shows that the correlation between stock price and social responsibility accounting information is weak and obviously different from each industry. This paper that owes reference value to improve the development of social responsibility accounting can present some advice to strengthen the social responsibility consciousness of the government, companies, and the social public.