Abstract: With the background of mandatory corporate social responsibility disclosure in China at the end of 2008, we selected listed companies from 2009 to 2018 as the object to explore the economic consequences of corporate social responsibility disclosure through investment efficiency and corporate innovation. Study found that corporate social responsibility disclosure has promoted investment efficiency and corporate innovation, at the same time, the investment efficiency and the corporate innovation are the paths of corporate social responsibility disclosure improve corporate performance, but the intermediary role of investment efficiency on corporate performance lies only in the samples of excessive investment, and the intermediary role of corporate innovation on the corporate performance lies in not only innovation input but also innovation output. By examining the economic consequences of corporate social responsibility disclosure, this paper is a supplement to the theoretical research on corporate social responsibility disclosure, and provides a basis and reference for clarifying the economic consequences of corporate social responsibility disclosure.

Key words: corporate social responsibility disclosure, investment efficiency, corporate innovation, corporate performance