| Investment is the main financial behavior of a company to achieve sustainable development.However,there are many phenomena of non-efficiency investment in reality.Suppressing non-efficiency investments can help companies develop healthily.There are many factors that affect the efficiency of enterprise investment,and the mechanism of action of each factor is also different.Non-financial information contained in corporate social responsibility information disclosure provides conditions for relieving entrusted agents and information asymmetry,creating opportunities for stakeholders to protect their own rights and interests,and supervising business operations,and further affecting non-efficiency investments;Applying attention and exerting its role as an external supervisory function,thus affecting the effectiveness of corporate social responsibility information disclosure for non-efficiency investments.This paper takes the 2015-2017 A-share listing and disclosure of social responsibility information as the research sample,the non-efficiency investment as the explanatory variable,the corporate social responsibility information disclosure as the explanatory variable,the media attention as the adjustment variable,combined with the existing literature and related Theory,put forward relevant hypotheses,conduct hypothesis testing through descriptive statistics,correlation analysis and multiple regression methods,mainly forming the following conclusions:The first,corporate social responsibility information disclosure can effectively inhibit non-efficiency investment,that is,inhibit two kinds of non-efficiency investments.The second,the media pays attention to the positive adjustment of corporate social responsibility information disclosure and non-efficiency investment relationship.Under the media attention,it strengthens the inhibition of corporate social responsibility information disclosure on non-efficiency investment.The third,media attention can significantly regulate the relationship between corporate social responsibility information disclosure and under-investment,but it is difficult to significantly regulate the relationship between corporate social responsibility information disclosure and over-investment.The results of the study show that the suppression of non-efficiency investment by enterprises requires the joint efforts of the government,the media and enterprises.The government should establish a sound social responsibility information disclosure mechanism,pay attention to the basic role of market regulation,and encourage enterprises to change from mandatory disclosure to voluntary disclosure.Media organizations should promote the overall development of the industry,implement industry self-discipline and implement it.The external supervision role of media attention;enterprises should improve their understanding of social responsibility information disclosure,optimize and upgrade the internal governance structure of enterprises,strengthen the management incentive supervision mechanism,and solve the problem of enterprise non-efficiency investment in multiple dimensions. |
