中文摘要：

2009年,中国资本市场开始执行强制导向的社会责任信息披露新规定。本文基于新规定执行后2010年至2013年上市公司数据,对社会责任信息披露与公司投资效率的关系进行分析,发现披露社会责任的公司投资效率更高,尤其是在过度投资情境下。进一步,本文发现在公司财务信息质量较差的公司中,社会责任信息披露对投资效率的提升效应更为显著。以上实证结果表明,中国强制导向下进行的社会责任披露信息对于缓解信息不对称,提升投资效率具有积极作用,尤其是在传统财务信息无法满足市场需求时,此类非财务信息的补充作用尤为重要。

英文摘要：

Since 2009,China Securities Regulatory Commission has begun to require listed firms on the specified boards to disclose their corporate social responsibility（ CSR）,and encouraged others to report CSR voluntarily. Based on a set of unique data from Chinese listed firms during 2010 to 2013,we find that higher investment efficiency exists in the CSR reporting firms,especially in the overinvestment ones. Moreover,this association is more pronounced in the firms with lower financial reporting quality. This result indicates that the CSR disclosures can provide effective incremental information to help reducing the information asymmetry,especially when the financial reports cannot match the need from capital market.