Research On The Relationship Between The High Quality Of Corporate Social Responsibility Report,the Corporate Governance And The Response Of System Risk

In the modern society,with the rapid development of science and technology and the rapid economic growth,the market environment in which companies are located has become very different,and business operations are faced with enormous challenges,There may be certain risks in the stable operation and sustainable development of enterprises.At this time,the risk management of enterprises should become an important strategic plan.In essence,the importance of risk management has attracted the attention of governments,and governments have accordingly introduced relevant policies.Enterprise risk include system risk and non-system risk.System risks are caused by changes in the external environment such as external markets and economic factors.This risk is not controlled by the enterprise itself,and it cannot be offset by hedging.It can only be based on its influence factors.The risk transfer mechanism is effectively responded to beforehand.Therefore,it is very important for the development of modern enterprises to study effective prior response measures.The system risk is the sensitivity of the company to external economic factors or market factors.The higher the sensitivity,the higher the system,risk of the company.Drawing on Jiang Guohua and Rao Pingui(2011)macroeconomic policy and micro-enterprise risk transmission mechanism-the external economy,market and other factors will affect the company through capital cost.This paper wants to disclose high-quality social responsibility report and good corporate governance from the enterprise.Two aspects of the level,study the effective measures of enterprises to deal with systemic risks.By disclosing high-quality social responsibility reports,enterprises can provide more comprehensive,reliable and clear corporate information for market investors,creditors and other stakeholders,reduce the asymmetry of internal and external information,and reduce the uncertainty of investors or creditors' expected risks.In turn,it reduces the financing cost of enterprises and provides a possibility for enterprises to effectively deal with system risks.Not only that,the company's disclosure of high-quality social responsibility reports also meets the social responsibility value preferences of investors and creditors,which can also help companies reduce financing costs and help companies effectively cope with systemic risks when external factors change.The establishment of a good corporate governance level can effectively alleviate the company's principal-agent problem,reduce the agency cost,increase the confidence of investors and creditors and other stakeholders,thus reducing the company's financing costs,making it possible for the company to deal with systemic risks.However,the current academic research on high-quality social responsibility report,good corporate governance and effective response to systemic risk is relatively small.Therefore,based on the theory and practical significance,this paper starts the relationship between the three.This paper first summarizes the basic theories related to research,then defines and summarizes the related concepts and measurement methods involved in this paper,and finally summarizes and reviews related research at home and abroad.By combing the literature,this paper finds that theories related to systemic risk,social responsibility report,and corporate governance are relatively mature.There have been more studies on these three separate studies,and there are few studies linking them.Among them,in terms of system risk,the existing literature mainly studies the estimation technology,effectiveness,stability and system risk influencing factors of the systemic risk metrics ? value;in the social responsibility report,the existing literature mainly focuses on its concept and quality assessment method.Research on disclosure of influencing factors and economic consequences of disclosure,while economic consequences are mainly focused on financial performance,financing costs,information disclosure,risks,etc.;in corporate governance,for corporate governance and corporate risk relationships,The existing literature mainly studies the company's overall risk,financial risk,information risk,etc.The theoretical basis is the agency theory;the relationship between corporate governance and social responsibility report,the existing literature from the specific internal and external aspects of the corporate governance mechanism The mechanism studies the relationship between the two.Based on one of the systemic risk and micro-enterprise transmission mechanism:capital cost,this paper studies the relationship between high-quality social responsibility report,good governance level and systemic risk response,and uses the Shanghai-Shenzhen A-share listed companies as 2009-2015.The research samples are empirically tested.The results show that:(1)The higher the quality of the social responsibility report disclosed by the enterprise,the more effectively the enterprise can effectively deal with the system risk;(2)the higher the corporate governance level of the enterprise,the more effective the enterprise can deal with the system risk;(3)the good corporate governance level,It plays a positive role in regulating the systemic risk by publishing high-quality social responsibility reports.The research in this paper enriches the systemic risk response mechanism,the economic consequences of corporate disclosure of high-quality social responsibility reports,and the literature research on the impact of corporate governance on enterprises;and studies social responsibility reports and companies through the level of capital cost.The relationship between governance and systemic risk extends the research perspective of systemic risk response mechanisms.In addition,in response to corporate social responsibility behavior,active disclosure of high-quality social responsibility reports and improvement of corporate governance,this paper proposes corresponding policy recommendations from three levels:government departments,social responsibility report professional rating agencies,and enterprises themselves.Realistic guiding significance.