Research On How The Social Responsibility Information Disclosure Influences Operating Benefits In Chinese Listed Company

With the social development and progress, and the rapid dissemination and development of the information. Chinese enterprises was broken out the scandals one by one like melamine, Dalian oil spill, Zijin Mining pollution and other kinds of damage to the society benefit, these are the enterprises don’t responsible for the society. On the other hand, we also noticed what some of the enterprise did on the Wenchuan earthquake, Ya’an earthquake and other disaster happened. These events spurred the concern for social responsibility and awareness. These also showed that some companies in our country pay more and more attention to corporate social responsibility when they operated profit.In this broader context, the sense of the corporate social responsibility continues to improve, and more and more national attention was pay to corporate social responsibility movement.2006, the Chinese law introduced the corporate "social responsibility" into China’s "Company Law",and made that the number of corporate social responsibility report showed a surge in trend.In January2008, SAC published the "the guidance that central enterprises fulfill their social responsibility", which is the first systematic and programmatic document about the social responsibility. Subsequently, the Shanghai Stock Exchange, Shenzhen Stock Exchange, the SFC and the various industry associations have also issued some documents to encourage and guide enterprises to disclose the social responsibility information. Based at this background, a topic of this research is raised.During my process, the research coded a methodology which combined standard analysis and demonstration analysis together, but based on the latter. At first, after studying a large number of domestic and foreign research literature, I found that foreign research was systematic and comprehensive. In addition to in-depth study of the definition of social responsibility information and the disclosure of content and methods, there are many essays made the research about the market response of Social Responsibility disclosure and the operating benefits of Social Responsibility disclosure. On contrast, our current research about the Social Responsibility stays in the normative research level. On the basis of asymmetric information and signal theory, the benefit-related parties theory and CSR theory, it gives a specific definition of CSR core, therefore clearly defining the contents of CSR information disclosure, which provides concrete index for the quantification for CSR information disclosure level. Then, my paper focuses on the description of the current situation of China’s current social responsibility information disclosure of listed companies, and made the analysis of the problems of China’s current process of information, and gave some reasons.The core part of the paper, I did the empirical study analysis. In the empirical analysis, we proposed that the correlation between operating benefits and the disclosure of social responsibility information is positive; then, I made the research of the performance of listed companies in Shanghai Stock Exchange when they published the social responsibility report in2012; at the same time Stata software is applied to conduct corresponding Multiple Linear Regression.Empirical results showed that, except for environmental responsibility and business performance index is negatively correlated, Government and Shareholders Responsibility Index, Employee Index, Community Index and Market Index showed positive correlation relationship with the operating benefits in different degrees; Moreover, the overall companies’ social responsibility information disclosure levels is positively correlated with the business performance.In the end of my paper, according to the existing problems in China’s CSR information disclosure and my result of the empirical research above, relevant policies and suggestion are proposed:improve legal system of social responsibility disclosure, make the society and the media play a more important role in public opinion, encourage enterprises to disclose their social responsibility information, introduce the third-party of comptroller system. Then, this study presents the deficiencies and limitations and also discusses the future research directions.