中文摘要：

本文基于利益相关者理论，选取上海证券交易所2008—2009年年度报告中披露社会贡献值的公司作为样本，实证检验该自愿披露行为的影响因素以及对非股东利益相关者的贡献值是否具有增量价值相关性。经验证据表明：规模较大，盈利水平较高，公司治理水平较高的上市公司更倾向于披露社会贡献值；投资者能够积极地看待公司对非股东利益相关者的贡献，该贡献值与股价显著正相关；当公司的盈利超过市场平均水平时，投资者对非股东利益相关者贡献值的关注程度会有所提高。

英文摘要：

In this paper, based on stakeholder theory, we select samples from Shanghai Exchange listing companies which disclosed social contribution in annual reports, then test the determinants of voluntarily disclosing this value and whether the contribution to other stakeholders has incremental value relevance. The results show that those companies disclosing social contribution are larger, more profitable and have better corporate governance. What＇s more, investors see the contribution to other stakeholders in a positive way, which is positively relevant to share price. When the companies＇ profitability is above market average, investors would pay more attention to their contribution to other stakeholders.