A Research Into The Effects Of Corporate Social Responsibility Disclosure Quality On Stock Trading Activity

In recent years, problems such as the severe pollution of the environment, energy shortage, resource wastage, food security crisis, the damage of consumers’rights and other issues have attracted widespread attention. Only reaching the goal of profit-maximization no longer conform to enterprises’requirements of sustainable development. Enterprises have gradually entered a new competition phase on social responsibility. To fulfill the social responsibility is not only a moral issue, it is more about long-term survival and development of the enterprises.Enterprises disclosing its social responsibility information is to make the stakeholders understand how the production and management activities affecting on the community, environment and consumer, it is an integrated approach to reflect the corporate social responsibility fulfillment situation.Sustainable development social responsibility investment has gradually became a new investment concept, when selecting enterprise, investors not only concern financial performance, but also concern corporate social responsibility perform situation, they increased concern on environmental protection, social moral and public interests issues, this is a more integrated way to choose enterprises.Reviewing the current research results, the empirical research on the disclosure of corporate social responsibility information is relatively few, most is about its relationship with the enterprise fame or financial performance, which leaded to lack of analyses of other economic consequences. In view of this, the author will study on the effects of corporate social responsibility disclosure quality on stock trading activity.In the theoretical part, the author will firstly summarize the research status of the relationships between the disclosure of corporate social responsibility and enterprise value or financial performance. Secondly, the author will summarize the development course of the definition of corporate social responsibility at home and abroad. On this basis, put forward the author’s definition of it. And then, summarize the driving factors, influencing factors, specific content. disclosure forms and measurement methods of corporate social responsibility disclosurement.Then put forward the relevant theoretical basis to support this study, such as stakeholder theory, corporate sustainable development theory, and signaling theory, then use these theories to analyze how the corporate social responsibility disclosure quality impacting on stock trading activity, so as to be well prepared for the following empirical inspection.In the empirical research part, the author will choose the 451 listed companies which issued social responsibility reports during the annual report disclosure period in 2013 as samples, and use the scores put forward by our country’s third party social responsibility rating agency(RKS) to evaluate the disclosure quality of corporate social responsibility. Then use the statistical analysis software to explore the relationship between the disclosure quality of corporate social responsibility and stock trading activity.The research result shows that:The comprehensive quality of corporate social responsibility present a positive correlation relationship with stock trading activity, which is the same as the integrity quality, content quality and technique quality. According to the conclusion, the author will give some related advice.