A Study On The Corporate Social Responsibility Information Disclosure And Financial Performance

Social responsibility has become one of the major subjects in the modern sustainable development, and the corporate social responsibility(CSR) is advancing at an unprecedented speed in China. Based on the eruption of the global financial crisis, the increasing number of natural disasters and the current situation of CSR information disclosure, and with using as a reference the past research results, this paper makes a comparatively comprehensive study on the relationships between the CSR information disclosure and financial performance by the listed companies. The purpose of this study is to explore the relationships, and to promote the company to improve the level of voluntary information disclosure, enhance the public image and social identity, and ultimately to promote healthy growth of company and harmonious development of society. The thesis adopts a method combining a normative study with a empirical one. In the study,112 listed companies which published the CSR Report and were from the Shenzhen Stock Exchange were utilized as samples to bring about the hypothesis, to determine the variables concerned, and to establish a multivariant linear regressional model. The main achievements of this dissertation are as follows:(1)The number of companies publishing the CSR Report was increasing rapidly every year, especially in 2009, reaching 533. But the proportion of our CSR Report issued and the level of CSR information disclosure are still low.(2)The empirical results show that the relationship between the CSR information disclosure and its financial performance is significant and positive.(3)The CSR information disclosure of different related parties is not always positively correlated with its financial performance. For example, the shareholders and creditors, the environment and sustainable development.(4)The scale and growth performance of companies are included as control variables in all regression models. The scale of companies has a positive impact on the correlations, but the growth performance of companies is not significant.(5)According to the research, this thesis discusses some policy proposals:to strengthen the research on the content of CSR information disclosure, to perfect the legal system of CSR information disclosure, to advocate the publication of CSR Report and intensify the examination of report by the third party, and to enhance the supervision about CSR performance, which are the guarantees of the stable development of CSR performance in the long run.