Analysis Of Impact Of Media On Social Responsibility Information Disclosure

The transition from the agrarian nation to the industrial economy diversifies China’s enterprises. Due to the construction of a harmonious society, concerns from all circles of life towards the social responsibilities that enterprises should fulfill rise up gradually.PetroChina made a debut of releasing social responsibility report as an enterprise in China since its releasing the social responsibility report in Beijing,2006. With the concerned documents being launched such as the listing Corporation guidance on social responsibility andGuidelines to the State-owned Enterprises Directly under the Central Government on Fulfilling Corporate Social Responsibilities, the government has raised the request and clarified the demands on disclosure of corporate social responsibility information, which leads a surge on disclosure of corporate social responsibilities, and rise the level of disclosure to some extent.Now, researches of disclosure of social responsibility information in China mainly focus on the influencing factors of company characteristics while a small amount of scholars turn their perspectives on media and discuss the relationship between the two. So, should China’s medias exert the effect of governance on disclosure of social responsibility? Is there any difference on disclosure of social responsibility information in terms of different ownership nature and equity structure?According to the above problems, this thesis attempts to conductthe research with the combination of theoretical and empirical approaches. Through the theoretical research, it is to deductthe media, the factors’institutional influence outside the legal system of social responsibility information disclosure, and to explore the existenceof differences between the nature of the ownership and shareholding structure of different companies.This paper selectedthe non-financial listed companies as the overall sample from the ShangHai stock market and ShenZhen stock market in2009,2010and2011. After filteringthe fixed quantity of data, the thesis ultimately obtained a sample of observations of1,229listed companies.After the control towards the company’s size, financial leverage, industry and the year factor, through the establishment of a multiple regression model and the usage of (OLS) method of least squares, the thesis conducted aempirical test dealing with the media concern about the impact of social responsibility information disclosure and examinedthe difference between the nature of ownership or different ownership structure of listed companies.Results of this study shows that the media has a strong effect on the corporate governance through widely reporting towards the enterprise. As for the thesis, that media concern has a strong administrative effect on the improvement of social responsibility information disclosure, but difference of governance effect does existlying in the nature of ownership of the enterprise.Specifically speaking:(1)the higher the media attention, the better the level of corporate social responsibility information disclosure; the higher the media attention,the higher the media attention, the betterof that for the next year.(2) As for the state-owned enterprises, the effect of the media attention on the corporate governance is less strong than thatof private enterprises. In other words, theownership nature of state-owned enterprises suppressed the effect of social responsibility information disclosure brought bythe media to improve governanceefficiency to some extent.(3) As to the company of the relative controllability and dispersed ownership shareholding structure, the effect of multiple media governance towards the company of the structure oflargest shareholder is quitestronger.(4) The effect of the media attention towards the company with negative reports has better corporate governance impact of social responsibility information disclosure.To further explore the effect of the social responsibility of the media attention of information disclosure, and the differences in the nature of ownership andshareholding structure of different enterprises, the thesis use a combination of theoretical and empirical analysis approaches.Combining with the conclusions of this research, the thesis try to explore suggestions to improve the institutional factors of social responsibility information disclosure through the existing problems of thenationalmedia market and our social responsibility information disclosure.