Study On The Effects Disclosure Of Corporate Social Responsibility On Stock Liquidity

In recent years the issue of corporate social responsibility is one of the most attentiveproblems among the theoretical and legislative circles. With the development of economicsociety and the enhancement of social responsible consciousness the reason for this is thatthe enterprises are requested to disclose information about social responsibility when theypursuit economic interests. At present, the domestic and foreign scholars mainly study onthat the enterprises should whether bear the social responsibility or not, and they payattention to economic effects of bearing the social responsibility. The research of thisproblem has not successfully developed into a theoretical system. Meanwhile, the empiricalstudies on the disclosure of corporate social responsibility information are relatively few. Afew empirical researches are concerned about the relationships between the disclosure ofcorporate social responsibility and corporate financial performance or between thedisclosure of corporate social responsibility and corporate value, which leaded to lack ofanalyses of other economic effects. In this article the author will study on the effectsdisclosure of corporate social responsibility on stock liquidity. This article also will providea new perspective for economic effects of the disclosure of corporate social responsibility.At the beginning of this paper the author briefly summarizes overseas and domesticresearch status of the disclosure of corporate social responsibility. On the base ofsummaries the author puts forward the research content that is about the effects disclosureof corporate social responsibility on stock liquidity. By adopting the theories of socialresponsibility, stakeholder and signal transfer, this paper analyzes the relationships betweenthe disclosure of corporate social responsibility and stock liquidity, then makes an empiricalanalysis. In this paper the author studied on the effects disclosure of corporate socialresponsibility of on stock liquidity, the243listed companies as research samples, whichissued "Corporate Social Responsibility Report" independently or as an attachment in theyear of2011. In addition the author made the correlation analysis and multiple regressionanalysis among the research variables. The study results show that: The disclosure ofcorporate social responsibility as a whole presented a positive correlation relationship withstock liquidity, which is the same as the content of the disclosure of corporate socialresponsibility. However, the form of corporate social responsibility information disclosurepresented a negative correlation relationship with stock liquidity. According to the aboveconclusion, the author gives advices from the perspective of enterprises, stakeholders,governments.