Research On The Influence Of Corporate Social Responsibility Information Disclosure On Stock Price Synchronicity

The basic function of the capital market is to optimize the allocation of resources through the stock price signal mechanism.Stock price reflects the information of market,industry,and company.The stock price of emerging markets is more affected by the market level,which led to a high stock price synchronization.Corporate Social Responsibility(CSR)is an important part of social sustainable development More and more companies choose to disclose CSR reports.Also,CSR become an important way to deliver non-financial information to market.The non-financial information transmitted by CSR will affect the company-level information and reflected in the stock price,then affect stock price synchronicity.This paper uses the 2010-2017 A-share listed companies as a sample to empirically analyze the relationship between CSR and stock price synchronicity.The research findings in this paper are as follows:(1)There is a positive correlation between CSR information disclosure and stock price synchronization.(2)There is no significant difference in the impact of CSR under different disclosure motives on stock price synchronization.(3)The media will make use of mandatory CSR information and intensify the positive effect of CSR on stock price synchronicity.The institutional investors can negatively regulate the positive relationship between CSR and stock price synchronicity.The contributions of this paper are as follows:Firstly,according to the particularity of the CSR of central enterprise,this paper innovatively proposes the classification of semi-mandatory.Secondly,the research results of this paper show that the disclosure of CSR has a positive correlation with stock price synchronicity,indicating that China's CSR is more of a self-interesting tool for enterprises,and the quality of information disclosure is relatively low,which cannot change the pricing efficiency of capital market.Thirdly,the results show that institutional investors' trading behavior can inject more company trait information into the market,while the media is more of a touting report,conveying industry hotspot information.The conclusions of this paper have certain reference significance for the improvement of CSR disclosure system.Also,it provides policy recommendations for the guidance norms of institutional investors,the regulatory punishment of media reports and the industry norms of securities analyst.