The Research On Influence Factors And Value Relevance Of Chinese Listed Company CSR Information Disclosure

China has made great progress in economic construction since the Reform and Open Policy carried out more than 30 years ago. But with rapid development of the economy, some social problems gradually draw people's attention, events such as environment pollution, quality problem of products, neglect of employees' rights, trample on laws and regulations happened occasionally. The event of "poisonous powdered milk" in Sanlu Group brought severe damage to the customers, caused the whole society's attention to food safety, which eventually led to the enterprise to go bankrupt, and caused serious damage to China's dairy industry. Under the policy background of practicing the scientific development view and building of a harmonious society in our country, the meaning of corporate social responsibility becomes even more important. Besides, as the formation of the global economic integration pattern, a large number of enterprises go abroad. These enterprises are developing rapidly but at the same time they deeply realized the gap between foreign enterprises and them. Corporate social responsibility has become a obstacle to China's enterprises, and cause serious impact to the export trade of our country. Thus, bearing social responsibility is a inevitable requirement to participate in international competition.In our country, scholars'research on corporate social responsibility started late. Most researches on this field focus on the importance of enterprises bearing social responsibility and the form and content of social responsibility information disclosure from the point of view of the ethics and theoretical level. However, the related empirical researches are insufficient. So, which factors influence the information disclosure of corporate social responsibility? Whether the information disclosure of corporate social responsibility has value relevance or not? These problems are expected to be studied.This paper first introduces the concept of corporate social responsibility and the related theories, then reviews the literatures on information disclosure of corporate socia' responsibility and its economic consequences, and then using the regression analysis makes a study on influence factors of CSR information disclosure and value relevance of the information to more than 1,000 listed companies in our country. Finally, on the basis of theoretical analysis and empirical test, the conclusion is obtained and suggestions are put forward to perfect CSR information disclosure in our country.This paper is divided into five chapters.The first chapter is the introduction. This chapter mainly introduces the background, purpose and significance of the research, the content as well as the research methods and possible innovations.The second chapter is the literature review. First of all, this part summarizes several definitions at home and abroad on corporate social responsibility. Secondly, it introduces the related theroies on corporate social responsibility, including information asymmetry theory, social contract theory. Then, it introduces the related theroies on information disclosure on corporate social responsibility. At last, this chapter summarizes the research results on influence factors of information disclosure of corporate social responsibility and value relevance of the information, and points out the deficiency in the existing research.The third chapter is about an empirical research on influence factors of CSR information disclosure. On the basis of theoretical analysis, this chapter makes hypothesis on the influence factors, and a regression analysis research on the influence of several factors on the social responsibility information disclosure which uses 2007 listed company as the sample with social responsibility index measuring corporate social responsibility. The result shows that firm size, financial leverage, state-owned, industry and institutional environment have significant influence on CSR information disclosure of listed company in our country.The forth chapter provides an empirical research on value relevance of CSR information disclosure. Generally speaking, information disclosure can effectively reduce the information asymmetry between company managers and outside investors, reduce company's various transaction costs in the capital market, show Company's competitive advantage to users, promote corporate image, and finally improve enterprise value. Social responsibility information disclosure is an aspect of information disclosure, also should accord with the economic consequences of information disclosure rules. Thus, this chapter makes an empirical analysis on value relevance of CSR information disclosure. This part first makes hypothesis, then take stock held to maturity yields as explained variable, social responsibility index as explain the variables, and make a regression with Return Model and some control variables. The results show that Chinese public listed companies'social responsibility information disclosure has value relevance. Investors have realized the importance of CSR information, and use CSR information to make decision.The last chapter gives advices on the development of CSR information disclosure in our country and discusses the further research direction. CSR requires legal norms, administrative intervention, enterprise internal management and external supervision to coordinate and cooperate with each other. Therefore, I put forward a few pieces of advice on improving CSR information disclosure:(1) Corporate should establish corporate governance modes in which stakeholders supervise, check and balance with each other. (2)The government and the relevant department should perfect the restriction of social responsibility the and supervision mechanism.(3)The public should transform their investment ideas and play the role of social supervision.The main contribution of this paper lies in making empirical researches on Chinese public listed company CSR information disclosure' influence factors and its value relevance and enriching our country's existing researches on this field.First, an empirical research on influence factors of CSR information disclosure is made in this paper. The results of the study show that firm size, industry has significant positive correlation with CSR; while leverage, state-owned and Shanghai Stock Exchange listed has significant negative correlation with CSR. The results provide empirical evidence for related department to guide and perfect Chinese public listed company's CSR information disclosure.Second, this paper makes an empirical research on value relevance of CSR information disclosure. The results show that Chinese public listed companies' social responsibility information disclosure has value relevance. Investors have realized the importance of CSR information, and use CSR information to make decision. The results provide empirical evidence on voluntary CSR information disclosure, and provide a basis for regulators to make CSR information disclosure policy.