Abstract: This paper studies the impact of the process of China’s economic marketization on behaviors of micro-enterprises. We find that in areas with a higher level of marketization, listed companies’ remuneration assessment policies are based more on profit indexes, with no emphasis put on the non-financial indexes related to social responsibility assessments. Then we analyse the ex post economic consequences and find that in areas with a higher level of marketization, the sensitivity of pay-for-performance of the listed company executives, which is related to the accounting profit is higher, and the information disclosure of social responsibility doesn’t increase. The study of macroeconomic phenomena and microcosmic corporate behaviors shows that the process of marketization could indeed enhance corporate governance capabilities, but it cannot encourage companies to assume more social responsibilities for production safety and environmental protection.

Key words: marketization process, financial indexes, nonfinancial indexes, social responsibility