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1、TheCpateSocialResponsibilityInfmationTransparencyZHANGQian1YAOLijie2ZHENGShen31.ChinaPetroleumMaterialsCpationChina1000292.SchoolofEconomicsManagementBeijingJiaotongUniversityChina1000443.GuangdongExperimentalHighSchoolG

2、uangdongChina510055Abstract:TheCpateSocialResponsibility(CSR)infmationtransparencyisincreasinglyimptantfcompanies.CSRreptenrichescpateinfmationdisclosurewhilereflectingthefirm’ssustainabledevelopmentcpaterisklevel.Thisst

3、udydemonstratesthatwiththehigherqualitycpatesocialresponsibilityreptsthebetterinfmationtransparencyaspossibleenablesstakeholderstoreduceinvestmentriskincreasebusinessconfidence.Theallocationofresourcesbecomesmeefficientt

4、hemarketizationoftheeconomyisstrengthened.Therefecompaniesneedtoactivelytakesocialresponsibilitiestoattachhighimptancetothequalityofreptsofdisclosuretherebystrengtheningcpategovernanceimproveenterprisevalues.Keywds:CSRCS

5、RReptQualityInfmationTransparency1IntroductionWiththedeepeningofmarketientedeconomycpatesocialresponsibilitytransparencyofcpateinfmationarememeimptantfenterprises.McDonaldsKFCexpiredmeatincidentSanlumelamineincidentofmil

6、kpowderJinhutirerecallcrisiscrisiseventssuchasPetroChinascrudeoilpipelineexplosioninDalianfrequentlyexposedtheenterpriseshavebeenputinthefefrontofCSRtotture.Statecpateleaderscometorealizethatthesimplepursuitofprofitignin

7、gimplementationofcommunalresponsibilityisnotconducivetothesustainabledevelopmentofenterprises.WeshouldpaygreatattentiontoCSRscientificallyinthelongterm.TherefeinJanuary2008thestateownedassetssupervisionadministrationcomm

8、issionissued“TheguidelinesontheprincipalenterprisestofulfillCSR”.AttheendoftheyeartheShenzhenShanghaistockexchangeaddedtheconditionallymatydisclosureofcpatesocialresponsibilityoftheenterprisereptingrequirementsnewpolicyi

9、ndertourgecompaniestobettermeettheirsocialresponsibilities.ThefraudonthefinancialinfmationdisclosureoftheBritishSouthSeaFirmin18thcenturytheseriouseconomiccrisiscausedbymanyAmericancpatedisclosurefraudoffinancialinfmatio

10、nin20thcenturytheoutbreakoftheAsianfinancialcrisisin1997thecollapseoftheEnronfirmtheseventhwldtopfirmin2001soonalltheseeventswereboileddowntotheopaqueinfmationdisclosure.Theseriesofeventsmadetheenterprise’infmationtransp

11、arencybecomethefocusofeconomictheypracticetogethermadetheinfmationtransparencybecomeoneofthemostconcernedaboutftheinvests.Atthesametimetheseseriesofeventsalsoreflectthatthefirmsdidn’tfulfilltheCSR.Socouldfirmsimprovethei

12、nfmationtransparencybycarryingoutCSRCouldfirmsimprovethequalityofinfmationdisclosurebydisclosureofCSRreptcouldthesecontentsleadtotheinvestsattentionTheresearchisofgreatsignificancetheyaretheprincipaltopicsinthispaper.Ont

13、heanalysisofthetheeticwerequireasampleofAsharelistedfirmsontheShanghaiShenzheninChinain2012.WetrytheeffectofCSRdisclosureoninfmationtransparencyusingthescesofthelistedCSRreptbyRankinsCSRRatings(RKS).Inadditionweobtainsto

14、cktradingdatafinancialinfmationfromtheSecurityMarketAccountingResearch(CSMAR)database.WehavecarriedonboardtheempiricalresearchontherelationshipbetweenCSRinfmationtransparency.Evidenceshowsthatbettercpatesocialresponsibil

15、itydisclosureoncomprehensiveevaluationintegrationcontenttechnicalscesthehighertransparencyofinfmation.Theempiricalresultsareveryconsistentwiththehypothesis.Inthispaperthesecondpartistheliteraturereview.Thethirdpartisther

16、esearchhypothesis.Themanagementstaffgovernmentthecommunitywhoenjoytherighttoparticipatetherighttoclaimtherighttoknow.MemefirmschoosetorevealtheCSRreptunderthepressureofinvestsconsumersotherstakeholdersftheenterpriseopera

17、tionitself.Usuallyonlywhenbusinessesactivelybearcollectiveresponsibilitycanallstakeholdersgetrightstoparticipateclaimtherighttoknow.(WangJianqiong2009).Oneoftheguaranteesoftherighttoknowofstakeholdersiscpateinfmationtran

18、sparency.Thusitcanbestatedthatthemetransparenttheinfmationthebettercpatesocialresponsibility.Ontheotherhaccdingtotheefficientmarkettheyininfmationhighlytransparentstockmarketeachinvestmanagerbigsmallareabletogetthesameam

19、ountofinfmationnamelythemetransparentinfmationthemeeffectivemarketallocationofresourcesthemeeffectivemarket.Cpatesocialresponsibilityreptdisclosureoneconomicenvironmentalsocialgovernanceperfmanceofnonfinancialinfmationis

20、themosteffectivewayfeveryinvesttounderstthedirectionofenterprisedevelopmentthedevelopmentpotentialthusimprovetransparencyofcpateinfmation.Furthermedependingonthetheyofinfmationasymmetrywheninvestsmakeinvestmentdecisionsb

21、asedoninfmationtheyalreadyhavetheirconfidenceleveldependsontheavailabilityofinfmation.Asitisdifficulttodissolvetheestimatedriskinvestsmanagers(enterprisesofextradinaryrisk)cannotpredictpreventrisksenterpriseshave.Cpatead

22、optionofenterprisesocialresponsibilityinfmationdisclosureincreasesinvestsinfmationsetreducesthedegreeofasymmetryofinfmationbetweenownersmanagementreducesuncertaintiesabouttheirfutureprospectstherebyenhancingthemotivation

23、ofmanagementsocialresponsibilityinfmationdisclosuretherebyenhancingthetransparencyofcpateinfmation.TherefethehypothesisofthispaperisthecasethatthebettertheCSRperfmancethehighertheinfmationtransparency.4ResearchDesignInde

24、rtostudytherelationshipbetweenthemthispaperestablishedtheregressionmodelaboutinfmationtransparencyCSR.Itisasfollows.tititititititititiLEVPIMBTURNOVERDRVOLYRCRETCSRsceTR76543210??????????????????Thevariablesaredefinedasfo

25、llows.（）istheinfmationtransparencyindex.WeusehighfrequencytradequotedatatotiTRLogPI?constructourproxyfinfmationtransparencybasedonmarketmicrostructuremodels.Ourproxycapturesthepriceimpactofatradebasedonthetheeticalmodeli

26、nKyle(1985)’sseminarpaper.SpecificallyKyle(1985)proposesalinearrelationbetweenderflowspricechanges(i.e.priceimpact)withalowerpriceimpactindicatinghigherinfmationtransparency.FollowingGlostenHarris(1988)Chanetal.(2008)wee

27、stimatethepriceimpactmeasureusingthefollowingstructuralmodel:wherePistransactionpriceVistradesizeQistttttteQQVQP??????)(1??tradesign(i.e.1fabuyerinitiatedtransaction1fasellerinitiatedtransaction).istheprice?impactcoeffic

28、ientthatcapturesthedegreeofinfmationtransparency.Chanetal.(2008)documentthatftheirsampleof76ChinesefirmswithABsharesthemeanestimateofis?YuanpershareftheAsharemarketfromJanuarytoDecember2000.Giventhesmall71066.9??valueofw

29、ecalculateourpriceimpactmeasurebytakinganaturallogarithmofmultipliedby10^7.?Specificallywedefineourpriceimpactmeasureasfollows:)10(7??????LogLogPITRtiistheoverallsceoftheCSRrept.tiCSRsceisthemacrocosmsceoftheCSRrept.tiMs

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