The Economic Consequences Of Mandatory Disclosure Of Corporate Social Responsibility Information

Since the concept of corporate social responsibility was put forward,scholars have paid much attention to whether enterprises should undertake social responsibility and the various economic consequences of social responsibility.At the Nineteenth Congress of the CPC,General Secretary Xi Jinping put forward that "improving people's livelihood and welfare is the fundamental purpose of development",which further illustrated that the operational objectives of modern enterprises have begun to change,not to maximize the interests of enterprises,but to maximize the interests of society.However,it is far from enough for enterprises to change their own internal governance.In 2014,General Secretary Xi Jinping put forward the theory of "two-hand cooperation" in the 15 th collective study of the 18 th Political Bureau of the Central Committee,pointing out that in the process of transformation of Chinese enterprises' values,appropriate government intervention is essential.In 2008,Shanghai Stock Exchange and Shenzhen Stock Exchange issued documents to regulate the related matters of corporate social responsibility,and mandatory corporate social responsibility reports are required for corporate governance sector enterprises.However,whether the promulgation of such policies can play a regulatory role for enterprises,and the specific economic consequences it brings have not been systematically analyzed in theory and experimental evidence.Therefore,this paper focuses on mandatory coverage.Disclosure of corporate social responsibility information,a non-financial information,has an impact on corporate behavior to analyze its economic consequences,in order to provide theoretical guidance for the transformation of business values,and provide reference suggestions for the regulatory authorities to improve the mandatory disclosure of corporate social responsibility information.Firstly,this paper takes corporate social responsibility as the main research object,combs the changes of corporate behavior and economic consequences brought about by mandatory disclosure by domestic and foreign scholars,and then introduces the institutional background of mandatory disclosure,the impact mechanism of corporate behavior,and the possible economic consequences from both micro and macro perspectives.Secondly,this paper chooses Xishan Coal and Electricity Company as a case for further analysis,combines with the previous theoretical analysis,verifies it,analyses the behavior change of enterprises after the mandatory control policy,and a series of economic consequences brought about by the change,and finally draws a conclusion that although the mandatory disclosure of corporate social responsibility information has not been examined by a third party.However,its existence can change the behavior of enterprises,make enterprises increase costs actively or passively to assume social responsibility,and bring positive externalities to social subjects and government subjects.Finally,this paper puts forward suggestions for enterprises and regulatory authorities,including how to improve the disclosure content to make the disclosure of corporate social responsibility reports more normative and comparable,and how to establish a system to strengthen the effect of compulsory disclosure of corporate social responsibility information.