Research On The Impact Of Corporate Social Responsibility Information Disclosure On Corporate Value

In the context of intensified environmental problems and social emergencies,the concept of sustainable development is gaining popularity among the people,and the public is increasingly concerned about corporate social responsibility.How to find a sustainable development path has become an urgent problem for managers to solve.Listed enterprises,as the "bellwether" of Chinese enterprises,should actively integrate into the development of The Times,bravely shoulder social responsibilities,proactively disclose relevant information,strive to realize the organic unity of corporate value and social value,make greater contributions to the society,highlight the mission and responsibility of enterprises in the new era,and write a new chapter with practical actions.Therefore,this paper analyzes the effect of social responsibility information disclosure of listed companies on corporate value and discusses its mechanism,in order to provide reference for more companies willing to participate in this activity.In this paper,literature related to corporate social responsibility information disclosure,corporate value and default risk is reviewed,and information asymmetry theory,stakeholder theory and signal transmission theory are sorted out and summarized,so as to provide guidance for the follow-up verification hypothesis and empirical analysis.Then,it analyzes the influence channels of corporate social responsibility information disclosure on corporate value and the existence of group effect of social responsibility disclosure.This paper empirically tests the impact of social responsibility information disclosure of A-share listed companies on corporate value,and finds that strengthening social responsibility information disclosure and mitigating default risk is A key link to enhance corporate value.Heterogeneity analysis was conducted to study the inconsistencies under the circumstances of enterprise nature difference,time difference and environmental protection difference.It was found that the disclosure of social responsibility information of non-state-owned enterprises was more likely to promote the improvement of enterprise economic benefits.After the revision of the Corporate Governance Code for Listed Companies in 2018,The disclosure of social responsibility information has more significant value effect.The value enhancement effect of the disclosure of social responsibility information of heavy polluting enterprises is not significant after classification according to the difference of environmental nature,which is inconsistent with the expected situation.Further analysis shows that the disclosure of corporate social responsibility information has an industry group effect,which has an obvious effect on the development of enterprises.Finally,this paper puts forward the following suggestions:(1)Relevant departments should strengthen the system construction to standardize the disclosure of CSR information;(2)Each subject should strengthen the examination of default risk;(3)Enterprises should appropriately learn from the behavioral decisions of peers.This paper discusses the value formation mechanism of corporate social responsibility information disclosure from different perspectives,which enriches the economic consequences of non-financial information disclosure to a certain extent,and provides useful arguments for standardizing information disclosure of listed enterprises and preventing and resolving the risk of default.