The Empirical Research on Mandatory Corporate Social Responsibility Disclosure and Corporation Value

In recent years, corporate social responsibility (CSR) has become a hot issue. By the end of 2008, the Shanghai and Shenzhen stock exchanges issued "Notice of Listed Companies' Preparation for 2008 Annual Reports", forcing Shenzhen 100 index plate, the Shanghai stock market governance sector, overseas cross listing and financial sectors listed companies issued CSR report disclosure. We based on China's capital market, use the efficient market theory, asymmetric information theory and stakeholder theory, and employ the DID model based on natural experiment to analyze the mandatory disclosure CSR report of listed companies. We selected 1,155 A-share listed companies in 2006-2014 as samples, The empirical study found that firms with mandatory CSR reporting experience a decrease in Tobin's Q after the mandate. Mandatory CSR disclosure increases the operation and cost burden of enterprises, and the government-led CSR activities have a negative impact on corporate value.