Research On The Impact Of Social Responsibility Information Disclosure On Investment Efficiency

Under the new economic norm, the moral and investment efficiency is the bottleneck of the sustainable development of Chinese enterprises. Social responsibility as the embodiment of corporate ethics, in current morals frequent problems, it is particularly important, it is an important method to realize the internationalization of Chinese enterprises, is an important way to realize China’s economic restructuring and industrial upgrading. Social responsibility information disclosure as a carrier to fulfill the social responsibility of enterprises, its role is self-evident. But at present, the number of enterprises publishing social responsibility report in general are not many, and the disclosure quality still needs to be improved, which means most of the enterprise has not been fully aware of the significance of social responsibility, but in a passive state, did not really put social responsibility into the whole process of business value creation. On the other hand, as one of the three major financial decision-making behaviors, investment is an important foundation for the growth of the enterprise and the future cash flow, which directly affects the value of the enterprise. If the inefficient investment of Chinese enterprises is not improved, it will directly affect the sustainable development of enterprises and the growth of China’s economy. Therefore, it has certain theoretical and practical significance to study the impact of social responsibility information disclosure on investment efficiency.The social responsibility information disclosure and investment efficiency influence sustainable development of enterprises. Firstly, this paper explores the reasons of inefficient investment in the process of the formation of investment decision. On this basis, based on the function of social responsibility information disclosure in capital market and corporate governance, the study find social responsibility information disclosure how to affect the investment efficiency, paper selected listed companies who disclosure social responsibility reports between years 2011-2013 as empirical research samples, to find social responsibility information disclosure affecting the efficiency of investment. And to explore different financial reporting quality and market different process conditions, the efforts of social responsibility information disclosure affecting the efficiency of investment.The empirical results show that the disclosure of social responsibility information can effectively restrain the non-investment efficiency, and the effect is more obvious in the over investment enterprise. Further distinguish the quality of financial reporting, found that if the financial reporting quality is low, social responsibility report provides more valuable information, the function of social responsibility information disclosure enhancing the efficiency of investment is more obvious. Similarly, further distinguish marketization degree, found that the companies in the regions with low marketization, the function of social responsibility information disclosure enhancing the efficiency of investment is more obvious.For enterprises, the conclusions of this research can enhance the internal driving force of disclosure social responsibility report, help to improve the awareness of corporate social responsibility, turn the passive state to active state, put social responsibility into the corporate governance and the strategy of sustainable development, can also increase the measures of inefficient investment governance, to promote enterprise’s sustainable development and China’s economic transition. For the regulatory authorities, to remind them to actively guide and supervise the company performance and disclosure of social responsibility, improve the information disclosure system of social responsibility, can indirectly enhance the quality of corporate social responsibility report. For investors, to encourage them to concerned the social responsibility when making decisions, because of safeguarding their own interests in future.