Research On The Influencing Factors Of Corporate Social Responsibility Information Disclosure

With the continuous promotion of reform and opening up,Chinese enterprises have ushered in a new period of vigorous development.By 2019,China,one of the world’s top 500 enterprises,has accounted for 129 seats.However,the performance and disclosure of some corporate social responsibilities fail to keep up with the pace of economic development.Many enterprises fail to actively perform their social responsibilities,and the overall level of corporate social responsibility information disclosure is low.The research on the influencing factors of corporate social responsibility information disclosure can not only promote enterprises to fulfill their social responsibility,disclose social responsibility information and take the road of sustainable development,but also help stakeholders to obtain more comprehensive and reliable information,make correct decisions and maintain their own interests.From the perspective of policy,only when we really understand the driving mechanism of corporate social responsibility information disclosure,can we formulate corresponding policy measures and create a system environment conducive to the development of corporate social responsibility.Firstly,this paper combs the domestic and foreign literature about the concept of corporate social responsibility,the content of social responsibility information disclosure,the motivation of social responsibility information disclosure and the influencing factors of social responsibility information disclosure.Then,starting from the stakeholder theory,principal-agent theory,signal transmission theory,reputation theory and other theories,it analyzes the business reputation,the change of core management personnel Financing constraints,market competitive position and media attention have an impact on the level of corporate social responsibility information disclosure.Then,the panel data of A-share listed companies that continuously disclosed social responsibility reports in 2013-2017 were analyzed by regression analysis,and these companies were divided into two groups: the disclosure according to regulations and the voluntary disclosure for group regression,in order to test whether the impact of the above factors on corporate social responsibility information disclosure has heterogeneity characteristics.The results show that:(1)there is a significant negative correlation between corporate goodwill,changes of core managers and corporate financing constraints andsocial responsibility information disclosure.However,the relationship between the change of core managers and financing constraints and the disclosure of social responsibility information is not significant in the voluntary disclosure of social responsibility enterprises.(2)Media attention has a significant positive impact on the level of corporate social responsibility information disclosure.The market position of enterprises has no significant impact on the disclosure of social responsibility information.(3)Compared with enterprises that should disclose social responsibility information according to regulations,media attention and enterprise scale are more significant for enterprises that voluntarily disclose social responsibility information.According to the above conclusions,this paper puts forward countermeasures and suggestions from the perspective of enterprises and governments.