Research On Social Responsibility Disclosure Of Listed Companies And Its Economic Consequences

In recent years,the frequent exposure of social responsibility and environmental pollution issues has prompted people to reflect on the role and the responsibility of enterprises in society.In 2008,China Securities Regulatory Commission required some listed companies to disclose corporate social responsibility(CSR)reports,forming two modes of CSR reports:compulsory disclosure and voluntary disclosure.So what kind of impact will CSR information disclosure have on corporate social responsibility commitment,and what kind of economic consequences will it have?Based on the theory of social responsibility and stakeholders,this paper takes a case study of JSAC.Through the study,we find:(1)Changes before and after mandatory disclosure.Enterprises in chemical industry are not positive on disclosing CSR reports.JSAC fulfills little social responsibility before disclosing its CSR report,but after the mandatory disclosure,great efforts have been made in various aspects of social responsibility,such as environmental protection,production safety,protection of workers' rights and interests,promotion of social employment and social public welfare.(2)Financial performance.After the disclosure of CSR report,its financial performance generally shows a downward trend,and the gap between JSAC and the average level of the industry is widened.Compared with the non-disclosed enterprises,the financial performance of enterprises that disclose CSR reports in the industry also presents a downward trend.(3)Non-financial performance.Corporate social responsibility performance of JSAC increases with the its CSR awareness,and on the whole,the satisfaction of institutional investors is on the rise.In order to avoid the particularity of the case study and make it more representative and instructive,this paper uses the empirical research method to further prove the negative relationship between mandatory social responsibility report disclosure and corporate financial performance,which is more obvious in state-owned enterprises.Mandatory disclosure of social responsibility makes enterprises' social responsibility subject to stricter supervision from the society and other stakeholders,which further influences its social responsibility awareness and willingness.The research of this paper puts forward corresponding suggestions on the problems existing in the fulfillment of corporatesocial responsibility in China,and also provides certain practical significance for improving the disclosure system of CSR report.