The Impact Of Social Responsibility Information Disclosure In Construction Industry On Corporate Financial Performance

In recent years,the level of corporate social responsibility performance in China’s construction industry has made considerable progress,and serious safety accidents caused by forced demolition,arrears of migrant workers’ wages,and cutting corners have been basically eliminated.Enterprises have also put environmental protection,charity,compulsory education and other undertakings on the agenda.However,along with this,the quality of corporate social responsibility information disclosure has not been improved synchronously.In addition to the mandatory requirements of stateowned enterprises and central enterprises on the disclosure of social responsibility reports,many private construction industry enterprises still regard the disclosure of social responsibility information as a procedural act that they have to do,are unwilling to disclose their true situation,and keep their social responsibility information secret.As of 2021,there are 155 A-share listed construction companies in China,88 of which have issued independent social responsibility information reports,accounting for 56.7%of all listed construction companies.For enterprises that have issued independent social responsibility information reports,there is still a lack of uniform caliber in the report and the level of detail is not the same;Enterprises subjectively adjust the description focus according to their own business purposes,resulting in the lack of comparability between the same industry;There are a lot of subjective whitewashing behaviors and other problems.The enthusiasm of corporate social responsibility information disclosure still needs to be promoted,and the overall quality still needs to be improved.Looking into the causes of this problem,we can find that it is largely caused by the meaningless expenditure of enterprises in preparing and disclosing social responsibility reports.Due to the unclear relationship between the quality of corporate social responsibility information disclosure and corporate development,the company’s managers lack the motivation to improve the relevant reports.For this reason,this thesis selects the relevant data of 88 listed construction companies from 2017 to 2021 as a sample,takes the enterprise size,property nature,financial leverage,etc.as the control variables,and takes whether the independent social responsibility report is used as the disclosure means as the adjustment variables,respectively The Tobin Q value of the financial performance of non-state-owned enterprises and the quality of corporate social responsibility disclosure under the index method are regressed.The following conclusions are drawn:(1)There is a positive correlation between the level of corporate social responsibility information disclosure in the construction industry and financial performance.(2)This correlation is more significant in the performance of private enterprises than that of state-owned enterprises.It is speculated that state-owned enterprises have a high reputation in China and do not need additional endorsement.(3)For enterprises that have prepared independent social responsibility reports,the marginal utility of optimizing the quality of their social responsibility disclosure is less than that of enterprises that have not prepared independent social responsibility reports.That is,the independent social responsibility report issued by listed companies has significantly improved their financial performance.