Study On The Performance Effects Of China's Listed Companies Corporate Social Responsibility Information Disclosure

With the development of economic and social progress, corporate social responsibility has become a global trend. Currently, the CPC Central Committee put forward in implementing the scientific development concept and building a harmonious socialist society against a background of corporate social responsibility by the government and the community at large a growing concern. At present, research on Corporate Social Responsibility Disclosure (CSRD) involves the major factors of CSRD, the disclosure model, information quality evaluation and so on, but there is little research about CSRD's effect, the understanding of disclosure effect is ambiguous and unclear. However, only by deep understanding the positive effect of CSDR can company engage in social responsibility activities more actively. Therefore, combined with the current situation of CSRD in our country, this paper analysis whether CSRD will pay an effect on the corporate or what effect it will bring in, on this basis, this paper make some policy recommendations on how to how to improve corporate social responsibility disclosure in China.Set out from the driver of CSRD, this paper analysis the effects on CSRD profoundly; combined with stakeholder theory, social capital theory, decision-usefulness theory and signaling theory, this paper specifies theoretically that the disclosure of corporate social responsibility will generate the internal effects by external effects ultimately. On this basis, after gathering the relevant information and data, this paper statistically analysis the status of China's corporate social responsibility information disclosure, and sums up problems of China's current corporate social responsibility information disclosure. After this, this paper select the top 100 state-owned and private companies as a sample from the list of social responsibility, and use the social responsibility development index as the situation of information disclosure, while this paper use the principal component analysis method to comprehensively evaluate the corporate performance indicators, finally, this paper use the multiple linear regression analysis method to test the disclosure effect empirically.Through theoretical analysis and empirical research, this paper obtains the following conclusions:Firstly, the corporate social responsibility disclosure can have some effect on their own performance. Secondly, corporate social responsibility disclosure plays more significant positive effect on the corporate comprehensive performance, while it doesn't produce significant impact on long-term performance. On the one hand, this shows that corporate social responsibility disclosure may to the consolidate the results of their own beneficial effect by the signal transduction, on the other hand, it also shows that although the corporate social responsibility disclosure will enhance the comprehensive in the short term, but in the long run, because of the diminishing of the information transmission effect, it will not produce obvious effects on the long-term performance of the corporate.