| Faced with the new development requirements put forward by the 20 th National Congress of the Communist Party of China,as indispensable participants in economic activities,enterprises should consider the win-win situation with nature and society with the thinking of a "community of destiny",emphasizing sustainable development,and towards high-quality goals in the development stage of the new era.Enterprise investment is related to strategic planning and long-term development,and its efficiency has attracted much attention.The fluctuation of investment efficiency is often related to information asymmetry.To view corporate accounting information,social responsibility information,which is a part of the non-financial information,reflects sustainable development thinking and can complement financial information to alleviate information asymmetry.Examining whether the disclosure of social responsibility information can motivate improvements in investment efficiency is a useful reference for corporate management to make strategic decisions.The provision of incremental information on social responsibility alleviates the information asymmetry for internal and external stakeholders of the enterprise.The good image created helps to further establish the mutual trust mechanism,reduces agency costs and resource constraints,and provides the basis for rational and scientific investment decisions of management.Analysts’ attention is an information mining and dissemination mechanism,while the social responsibility information which is disclosed by listed companies can attract higher and more accurate analyst attention.Subsequently,the dual role of information intermediary and analyst oversight mechanism acts as an important character in strengthening both internal governance and external oversight and makes the efficiency of investment boosted.This paper seeks to study the mechanism of influence of corporate social responsibility information disclosure on investment performance.At the same time,firms that are listed in Shanghai and Shenzhen A-shares are selected as the research sample for this paper,the data period is targeted from 2011 to 2021.Relevant theories are used as the foundations of the analysis,and afterward,empirical tests are conducted.The research results indicate the following points.Firstly,the investment efficiency of listed companies could be effectively improved by disclosing social responsibility information that has high quality.Especially,excessive investment is largely mitigated.Secondly,higher and more accurate analyst attention could be triggered by high-quality social responsibility disclosure and thereby inhibiting investment inefficiency,which is found through testing the mediating effect.As for excessive investment restraining,this effect has a much stronger impact.Thirdly,heterogeneity exists in the process of how disclosure of social responsibility information affects investment efficiency.Specifically,the companies which are classified as heavily polluting or non-state-owned,as so as in the growth or maturity stages,are more likely to gain efficiency-enhancing benefits from disclosing social responsibility information.The conclusions of this paper further develop the exploration of social responsibility disclosure in the field of economic consequences.It also expands on the factors which influence investment efficiency.Particularly,it demonstrates the mediating role of analysts’ attention.Furthermore,this paper is conducive to enhancing the level of disclosure regarding social responsibility,optimizing investment decisions of listed companies,and improving the supervision level. |
