Research On The Impact Of Corporate Social Responsibility Report Disclosure On Stock Price Synchronicity

Chinese stock market development time is short and the stock price synchronicity phenomenon is more prominent.The theory of the development of the developed securities market shows that the development of the market can't be separated from the continuous improvement of the information disclosure system.In the world,more and more emphasis is placed on the importance of corporate social responsibility.Social responsibility information is important non-financial information.Information disclosure is one of the main factors influencing the stock price synchronicity.There are debates over the existing literatures about the relationship of stock price synchronicity and stock price informativeness.Failing to distinguish different information environment leads to these debates.Stock price synchronicity has a different meaning indifferent information environment.In the theoretical analysis part,firstly,this paper introduces several classical theories related to information disclosure and stock price synchronicity,including efficient market theory,asymmetric information theory,signal transmission theory and stakeholder theory.Secondly,this paper analyzes the relationship between information disclosure and stock price synchronicity through three theories:noise rational expectations model,different ways information into the stock price,investor psychological bias.Although their analysis of how information disclosures affect stock price synchronicity are not consistent,but the final conclusion of these three theories is consistent.There is a negative correlation between stock price informativeness and stock price synchronicity in good information environment.There is a positive correlation between stock price informativeness and stock price synchronicity in poor information environment.In the empirical analysis part,this paper selects 2009-2014 corporate social responsibility report data as the initial sample,because corporate social responsibility report disclosure provisions began to be unified,and voluntary disclosure and mandatory disclosure began to coexist from the beginning of 2009.After using Heckman two step method to solve the self-selection bias,this paper uses the panel model to study the relationship between whether disclosure,whether the first disclosure,disclosure desire,disclosure quality and stock price synchronicity.The results show that the phenomenon of high stock price synchronicity in China is significantly improved compared to the early establishment of the stock market.The number of disclosure of social responsibility report increased year by year,but the quality of the disclosure of individuals varied widely.At present the stock market environment of our country is poor.Stock price synchronicities of the companies which first disclose social responsibility report are higher than other companies' s.The impact of mandatory disclosure of social responsibility report on stock price synchronicity is greater than the impact of voluntary disclosure.The relationship between disclosure quality and synchronicity is not significant.So,we can think that the disclosures of corporate social responsibility report increase stock price informativeness,but don't change the overall information environment.Finally,this paper puts forward some policy suggestions from the aspects of investors,enterprises themselves and institutions.