Media Attention,Corporate Social Responsibility Information Disclosure And Inefficient Investment

The investment behavior of enterprises is closely related to their surnival and development.However,the phenomenon of inefficient investment in Chinese enterprises has become normality for a long time.Under the current new normal state of the economy in our country,the problem of inefficient investment has become the constraint that restricts the improvement of Chinese enterprises and even the macroeconomic quality and sustainable development.Current researches show that information asymmetry and principal-agent conflict are the maim factors that obstruct corporate efficient investment.The disclosure of corporate social responsibility information as an important non-financial information channel conveys valuable information increments to stakeholders and effectively reduces the risk of information asymmetry.With the public's increasing demand for diversified information and awakening awareness of corporate social responsibility,the disclosure of corporate social responsibility information has attracted widespread concern in all society.At the same time,the Enron accounting scandal,the WorldCom financial fraud and the fraud of Lam Tin shares have proved the media's active role in disclosing,restri'cting,and supervising corporate irrational investment and protecting stakeholders.Based on Chinese special institutional environment and the"transition"period,this paper will research the way to change the predicament of current inefficient investment in China from two aspects of media attention and corporate social responsibility information disclosure.First of all,this paper focuses on the relevant research results of media attention,corporate social responsibility information disclosure and inefficient investment,and reviews the literature.Secondly,on the basis of information asymmetry theory,principal-agent theory,signal transmission theory,stakeholder theory and institutional tlheory,this paper analyzes the relationship and the mechanism among media attention,corporate social responsibility information disclosure and inefficient investment,and puts forward the research hypotheses.Finally,Chinese A-share listed companies from 2012 to 2016 are selected as research objects,and multiple regression models were constructed to conduct empirical tests.The empirical results show that:(1)The disclosure of social responsibility information has an inhibitory effect on the inefficient investment of the company,and this inhibition effect is even more obvious in companies that are required to do mandatory disclosure of social responsibility information.(2)Media attention can significantly reduce corporate inefficient investment.(3)The media attention has weakened the inhibition of corporate social responsibility information disclosure on inefficient investment.Moreover,media attention can significantly weaken the inhibitory effect of mandatory CSR information disclosure on inefficient investment,but it is not significant in the inhibition of voluntary CSR information disclosure on inefficient investment.In view of the current inefficient investment problems in Chinese enterprises,this paper seeks new ideas for changing the current state of corporate investment inefficiencies through exploring the effect of media attention,different types of corporate social responsibility information disclosure on the company's inefficient investment,and puts forward some suggestions to strengthen the media's positive roles and promote the disclosure of corporate social responsibility information based on the angle of media,enterprises,government,and the public.Therefore,this paper has theoretical and practical significance in some degree.