Research On The Impact Of Social Responsibility Information Disclosure Quality On Investment Efficiency

Investment efficiency is a key indicator to measure managers' abilities of listed companies.Efficient investment activities help to maximize the value of the company and maximize the shareholders' equity.Information asymmetry and principal-agent costs can affect the managers' decision-making.At present,listed companies have a relatively mature financial information disclosure system,thus capital market investors can analyze and interpret financial information to determine and identify high-quality investment targets;listed companies can also use the financial information system to disclose high-quality financial information,which help to ease the degree of information asymmetry,standardize the managers' decision-making on investment.Due to domestic related regulatory measures and guidelines are consummating in recent years,the impact of CSR report quality on investment efficiency of listed companies have become a new academic research hot spots.CSR report has become the main transmission channel of social responsibility information of domestic listed companies,and it is also a normative announcement document to supervise the listed companies to fulfill their social responsibilities and ameliorate the corporate governance mechanism.Since 2012,with the aggrandizement of the universality,normalization and comparability of CSR report quality of listed companies,the research on its influencing factors and economic consequences has been paid more and more attention by academics at home and abroad.The influence of CSR report on reducing capital costs,ameliorating operating performance and corporate value has always been the focus of domestic and foreign scholars.Hence,the research on investment efficiency of listed companies is also relatively scarce.Therefore,the paper shifts the research perspective to the impact of managers' investment behavior.The paper uses the methods of literature reading,normative research and empirical research to carry out related research.First of all,the paper uses the theoretical basis of organizational legitimacy and other theoretical basis to interpret the reasons for the emergence boom of domestic CSR reports;by using information asymmetry and other theoretical basis to explain the lack and excessive of investment behaviors;summed up the listed companies' CSR reports adopting the external capital market and internal corporate governance two path mechanisms to curb the managers' inefficient investment behaviors.Secondly,the paper uses the RKS Rating Index to measure the quality of CSR reports of the domestic A-share listed companies in 2012-2014 and uses the Richardson model to measure the investment efficiency of the listed companies in 2013-2015.Finally,by constructing the OLS multiple regression model of sample companies,the paper examines the influence of the quality of CSR report from three aspects:investment efficiency,under investment and over investment.The paper finds out that the quality of CSR reports of domestic listed companies have a observably positive influence on the investment efficiency.Moreover,the quality of CSR reports of domestic listed companies have a observably negative influence on inefficient investment.Besides,the technical quality also has a observably positive effect on investment behaviors.The external stakeholders of listed companies with accurate interpretation and analysis CSR reports is conducive to reducing the companies,information asymmetry in the capital market;when it comes to the internal corporate governance,the managers would pay more attention to the regulatory authorities and the public demand,which could reducing moral hazard and curbing inefficient investment.Based on the results of empirical research,the paper points out the countermeasures and suggestions to the supervisors,listed companies and investors in order to urge the managers to pay attention to CSR report and actively carry out relevant disclosure work.