CSR Disclosure,Market Competition And Investment Efficiency

Investment efficiency is one of the key issues that shareholders are concerned about.Asymmetric information and agency problems are the main reasons leading to inefficient investment of enterprises.Therefore,improving the communication between enterprises and external information and the efficiency of information communication has become an effective way to improve the efficiency of enterprise investment.The basis for investors to make investment decisions is not only from financial data,but also from non-financial information.In 2009,China began to implement a mandatory CSR disclosure system.Some companies are required to disclose CSR reports.Since then,CSR report has attracted the attention of enterprises and all walks of life,and has become an important reference for more and more stakeholders.Domestic and foreign literature about the impact of CSR information on investment efficiency is not rich enough,and the conclusion of the study has not reached agreement,meanwhile the external environment of market competition has not been included in the research of the relationship between the CSR information and investment efficiency.Based on this,the research question raised in this paper is:how will CSR information disclosure level affect enterprise investment efficiency?How will the market competition affect the relationship between CSR information disclosure level and enterprise investment efficiency?Based on stakeholder theory,information asymmetry theory and signal transmission theory,this paper explores the impact of CSR disclosure level on investment efficiency in different investment contexts.Then we discuss the effect of market competition on the relationship between CSR disclosure level and investment efficiency of the company.After empirical test,the conclusion of this paper is:(1)Although the overall level of social responsibility information disclosure in China has a slight improvement in recent years,the overall level is still low.(2)There is a significant negative correlation between the level of information disclosure of corporate social responsibility and the level of non-efficiency investment of enterprises.(3)The competitive intensity of product market have a substitution effect on the inhibition effect of the level of CSR information disclosure to the under-investment.(4)Compared with enterprises in a competitive disadvantage,the information disclosure of corporate social responsibility has a stronger inhibitory effect on over-investment of the enterprises with competitive advantage.In this paper,CSR information disclosure,market competition and investment efficiency are brought into a research system,and the action path between them is deduced theoretically,which will enrich the research on the relationship between CSR information disclosure and enterprise investment efficiency.At the same time,it can provide guidance for enterprises in different market competition in social responsibility information disclosure,but also for government departments to improve the social responsibility information disclosure system.