A Research On Corporate Social Responsibility Information Disclosure

As an important part of our society, the enterprises should undertake the corporatesocial responsibility for the enterprises’ sustainable development and harmonious society.Specifically, the problems of corporate social responsibility such as energy crisis,Environmental pollution, the quality of products, are all becoming the focus of people inthese years. People’s need about social responsibility information disclosure is higherand higher. So the research on social responsibility information disclosure is a newdirection of accounting research. On the basis of the present situation of Chineseenterprises’ social responsibility information disclosure, the essay researched theinterrelated questions on enterprises’ social responsibility information disclosure fromthe angle of value-relevance. The research can provide some suggestions for the furtherestablish and improvement of our country’s legal norms about enterprises’ socialresponsibility information disclosure. There is theoretical and practical significance inthe essay.On the basic of materialist dialectics, the essay used a method that combined withnormative accounting method and empirical accounting method. With the basis ofdomestic and overseas relative research, and the analysis on the present situation of ourcountry’s enterprises’ social responsibility information disclosure, the factor researchedthe enterprise value-relevance of enterprises’ social responsibility information disclosure.Firstly, used the normative accounting method, the essay analyzed the correlationbetween corporate social responsibility information disclosure and enterprise value, andput forward the research hypothesis. Secondly, at the bases of normative accountinganalysis, the essay used empirical accounting method verified the conclusion. Finally, the essay analyzed the current situation of social responsibility information disclosure in ourcountry, and proposed relevant policy recommendations for the problems. There are fiveparts in the essay, the content of which are as follows:1. The analysis on relevant theory about social responsibility information disclosure.The research on social responsibility information disclosure is a new direction ofaccounting research. Some theories have not reached consensus. So in this part, the essayreviewed some representative view about the theory of corporate social responsibility,social responsibility accounting, and enterprise value. The corporate social responsibilityincludes economic responsibility, legal responsibility, moral responsibility, charitableresponsibility. On this base, and combined stakeholder theory and Carrol’s Pyramidmodel, the essay fixed the range of social responsibility information disclosure——anindex system included three levels, four groups, and seventeen index.2. The analysis on the current situation of social responsibility informationdisclosure in our country. The current situation analysis is the realistic basis of the essay.This part analyzed the current information disclosure situation of our country from theviews of relevant law and practice situation of enterprise, and concluded that ourcountry’s legal norm system for corporate social responsibility disclosure has establishedbut there is still lack of an uniform disclosure standards. The number of enterprises thatdisclosed corporate social responsibility information is growing, but the voluntarydisclosure level is still low.3. The value-relevance research on the information disclosure of corporate socialresponsibility by enterprise sustainable development theory. Firstly, from the view ofenterprise sustainable development theory, this part analyzed the correlation betweencorporate social responsibility information disclosure and enterprise value usednormative accounting method and empirical analysis method. The essay concluded thatthe achievement of maximization of enterprise’s value only through enterprisesustainable development, social responsibility information disclosure is an effective wayto keep enterprise sustainable development. So, corporate social responsibilityinformation disclosure has a positive effect on enterprise value. Secondly, in empiricalanalysis part, the essay used Factor Analysis;2-Stage Least Squares verified the conclusion. Furthermore, the essay analyzed the different effect of different cycle socialresponsibility information disclosure reflects on enterprise value, and conclude that theprimary and senior level have higher positive effect on enterprise value than theintermediate level.4. The value-relevance research on the information disclosure of corporate socialresponsibility by signaling theory. From the view of signaling theory，this part used thenormative accounting method and empirical accounting method to research the marketreaction of corporate social responsibility information disclosure,and concluded that thesocial responsibility information disclosure can reflect the advantage of enterprises, andreduce information asymmetry effectively. It does well for the enterprise’s long-term andsustained value increase. Then used event study methodology verified the conclusion.5. Conclusion and suggestion. The essay concluded that corporate socialresponsibility information disclosure has a positive effect on enterprise value, but thevoluntary disclosure level is still low. So our country should go further on establish andimprove the legal norms about enterprises’ social responsibility information disclosure, atthe same time, built an incentive mechanism for corporate social responsibilityinformation disclosure, and improve the level of corporate social responsibilityinformation disclosure from the aspect of legal restraint and improve voluntary.The research on social responsibility information disclosure is a new direction ofaccounting research.The study characteristics of this essay include:1. For the aspect of the study angles, the essay used the enterprise sustainabledevelopment theory and signaling theory in the analysis about the value-relevance ofcorporate social responsibility information disclosure.2. For the aspect of research methods, the essay used a method that combined withnormative accounting method and empirical accounting method. There are someinnovations in the empirical research, such as Factor Analysis,2-Stage Least Squares andEvent study methodology. Social responsibility information disclosure is divided intodifferent levels to study the different value-relevance of different cycle socialresponsibility information disclosure. Furthermore, the essay added lag data into the2-Stage Least Squares model, in order to make the result more exactly. The essay conform to the objective requirement of social development, used thenormative accounting method and empirical accounting method to research the enterprisevalue-relevance of corporate social responsibility information disclosure. Compared withthe existing research, the essay has innovation on study angles and research methods.However, the work of analysis corporate social responsibility information is big, so theessay could not research all of the listed company. The author will do further research onthis topic in the future.