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1、ABSTRACTNowadays,withtheadventofdeepeningadjustmentoftheworldeconomicpatternandthefierceinternationalcompetition,Chinaenterstheimportantperiodofstrategicopportunitiesstagewheretheindustrializationandurbanizationarecontinuouslypromotedwhichresultinabigleewayofregionaldevelopment.However,wea
2、restillintheperiodofstructuraladjustmentandtheshiftingofdevelopingpattern.Problemscausedbyeconomicdownturnaredeeplyexisted,especiallyinminingindustrywhichhasbecomethedisaster-zone.Thenegativeeffectofminingindustrymaynotonlydamagepeople’shealthandlife,butalsodestroystheenvironmentseverely.I
3、nordertorealizethehealthyandcontinuousdevelopmentofeconomyandtheharmonyandstabilityofsociety,enterprisesshouldundertaketheresponsibilitytoguaranteetheprofitofstakeholders.Asoneofthethreeimportantdecisionsofenterprises,thedecisionofinvestmentisnotonlythekeytothedecisionoffinancing,butalsoaf
4、fectsthedividendpayoutdirectly.Inrecentyears,thephenomenonofinefficientinvestment,includingover-investmentandunder-investment,iswidespreadinlistedcorporations.Thus,howtoimprovetheefficiencyofinvestmentanddecreasetheinefficientinvestmenthasbecomeanurgentproblemforenterprises.Researchesshowt
5、hat,thequalityofinformationdisclosurecanaffecttheimprovementofefficiencyofinvestmentandlowertheasymmetryofinformation.Butacademicresearchesabouthowsocialresponsibilityinformationdisclosurequalityaffectstheefficiencyofinvestmentoflistedcorporationsofminingindustryarefarmoreenough,whichprovi
6、detheresearchideaofthisarticle.Basedonthepreviousresearches,regressionequation,andRichardsonmodel(2006),thisarticleanalyzesthequantizationofefficiencyofinvestmentwiththelistedcorporationsinShanghaiandShenzhen,revealstheinformationofsocialresponsibilitythattheyshouldundertakefrom2011to2013.
7、Furthermore,applyingtheasymmetricinformationtheory,principleagenttheory,stakeholdertheoryandthebasicinformationofcapitalmarketofChina,thisarticleaimstoanalyzetheeffectoftheinformationdisclosureofsocialresponsibilitythatthelistedcorporationsshouldundertake,andt
