LAUSR

Corporate Social Responsibility (CSR) gradually deepens its influence on enterprises and rapidly becomes one of the important issues in the research field. This paper selects China’s A-share listed companies which issued social responsibility reports from 2011 to 2015, and studies the impact of state-owned shares on the disclosure level of CSR. Furthermore, this paper uses cross terms to study the role of different financing methods (issuing bonds and cross-listing) in the impact of state-owned shares on the disclosure level of CSR. The results show that state-owned shares and the proportion of state-owned shares have a significant positive impact on the disclosure level of CSR. Both the issuing of bonds and cross-listing can promote this positive effect. The results of robust test also support this conclusion. Finally, specific recommendations are put forward.