The Relationship Among Media Exposure,Corporate Social Responsibility Disclosure And Corporate Financial Performance

There is no fully symmetrical information In the real life,the information asymmetry is the norm of economic activity.The academic community generally believe that asymmetry information will bring about the distortion of people's behavior such as consumers,investors.inefficient allocation of resources and even the market failure.The corporate information disclosure and the existence of information intermediary eased the information asymmetry among market participants.Therefore,the research on corporate information disclosure has been a hot issue in the field of accounting and securities market.At present,in the process of the government's emphasis on maintaining the stable and rapid growth of GDP as the primary goal of China's economic development,a series of corporate social responsibility such as environmental pollution incidents,food safety problems and financial fraud have made the corporate social responsibility(CSR)And the information disclosure of CSR to become a hot topic of social community.Information era,the power of the media reports 'exploring and spreadind the information can not be ignored.With the deepening of the academic study on the supervision and corporate governance of the media,most scholars began to try to introduce media reports into empirical models to explore its role as a third information intermediary party.Under this background,this paper first summarized the evolution of information economics,and sorted out the basic framework of the theory of information asymmetry,further clarified the causes of information asymmetry,the possible economic consequences and the response measures.Secondly,through the systematic research on the relationship between corporate social responsibility(CSR)and-corporate financial performance(CFP).corporate social responsibility disclosure(CSRD),media research status,we found that scholars around this three concepts mainly explore the direct one-way relationship between the two variables,and a large number of research literature supported the point of view,which CSR unilateral in the CFP,and puted forward a variety of theoretical logic to explain the reason Unfortunately,most scholars at home and abroad from the enterprise's internal perspective explored the CSR-CFP relationship on the basis of complete information,assuming that stakeholders having obtained CSR information,so far.This paper explains the phenomenon that corporate social responsibility information disclosure(CSRD)can influence enterprise financial performance(CFP)from the information asymmetry external environment.And further introduced the mechanism of the media coverage influencing the two variables.This paper solved the endogeneity problem between Corporate Social Responsibility Disclosure and Corporate Financial Performance variables by constructing the simultaneous equations model and using the 3SLS method to verify the existence of synergies(the mutual restraint and mutual promotion).On the basis this paper proved the mediating role of the media reports between CSRD and CFP,and then presented some suggestions according to this conclusion.