中文摘要：

文章以2009年沪市A股222家民营上市公司为研究样本实证检验了民营企业社会责任信息披露与股票价格的关系,结果表明,民营企业社会责任信息披露与股票价格负相关。结合企业社会责任实践及其信息披露现状、投资者基于企业社会责任的投资理念以及资本市场有效性,从作用机制视角分析了形成民营企业社会责任信息披露与股票价格关系的深层原因,并由此就改进企业社会责任及信息披露实践和促进资本市场健康发展为上市民营企业、资本市场投资者和监管者带来启示。

英文摘要：

Information disclosure of corporate social responsibility is a dramatically expanding area of activity for Chinese managers and academics.Our aim is to increase understanding of the potential effects of corporate social responsibility information disclosure of private enterprises on the stock market price in China.Using a sample of 222 A-share private companies listed in the Shanghai Stock Exchange（SSE） before 2009,this paper empirically examines the correlation between corporate social responsibility disclosure and stock market price.The result shows that corporate social responsibility disclosure has significant negative correlation with stock market price.From internal mechanism perspective,this in-depth study analyzes the effect of Chinese private enterprises＇ corporate social responsibility practice and information disclosure status,attitude of investors facing the corporate social responsibility disclosure and the effectiveness of the capital markets on stock market price.Finally,some proposals for the development of capital market and corporate social responsibility disclosure are put forward for listed private companies,investors,market regulators.