Corporate Social Innovation And Corporate Value

In recent years,driven by the spirit of innovation,social productivity has developed rapidly,and people's material and spiritual life has been greatly improved.Among them,as the basic unit of social development,corporations play an important role in meeting people's needs for a better life.How to promote the good development of the society and realize the growth of corporates themselves,and realize the improvement of their own value in the process of creating value for the society,has always been a big problem perplexing the academia and industry.Therefore,the concept of corporate social innovation began to emerge,and gradually became the frontier issue in the field of innovation.However,at present,the existing research still focuses on the relationship between traditional innovation paradigm such as technological innovation and corporate value,while corporate social innovation,as a new innovation paradigm,can provide a new research perspective and growth path for corporate value creation.However,there has been no breakthrough in corporate social innovation since it was proposed.The difficulty lies in that it is an interdisciplinary field covering many disciplines such as economics,management,sociology,etc.,and the relevant achievements have been relatively scattered,without forming a unified theoretical framework,which also hinders the research process of corporate social innovation and corporate value.To solve these research problems,this paper attempts to start with the theoretical study of corporate social innovation,and through empirical analysis of its impact on corporate value,in order to enhance the understanding of corporate social innovation and its value creation mechanism.On the whole,based on innovation theory and stakeholder theory,this study systematically sorted out relevant research results at home and abroad and distinguished the concept system of corporate social innovation.Then,the theoretical evolution of corporate social innovation was reviewed,and the theoretical framework of corporate social innovation was proposed.Finally,taking domestic ashare listed companies as research objects,this paper conducts exploratory empirical research on the influencing mechanism,moderating mechanism and mediating mechanism of corporate social innovation and corporate value.The main conclusions are as follows:Firstly,this study clarifies the concept and connotation of corporate social innovation,that is,corporate social innovation is a corporate behavior based on the innovation spirit to improve the degree of social happiness.Its goal is to improve social well-being through entrepreneurial behavior guided by the spirit of innovation.It includes innovation activities made by corporates in terms of technology,products,services and social commitments in order to improve the degree of social happiness.It is a change in research perspective,i.e.to examine the relationship between corporates,innovation and society from the perspective of "society".In terms of core connotation,it mainly includes five aspects: social factors,business factors,ability factors,identity factors and security factors.It can innovate the solutions to social problems,change the development mode of corporates and improve the degree of social happiness.Secondly,this study clarifies the theoretical evolution of corporate social innovation and puts forward the theoretical framework of corporate social innovation.By using the method of map analysis of scientific knowledge,this paper makes a scientific metrological analysis on corporate social innovation since 1999,and comprehensively clarifies the research context of corporate social innovation.According to the research findings,by 2019,the frontier research contents in the field of corporate social innovation are: the management of corporate social innovation,the impact of corporate social innovation and other aspects.Then,through sorting out 65 representative literatures,this study finds that corporate social innovation is in the period of theoretical system construction.Therefore,this study refined the theoretical framework of corporate social innovation from four aspects,including influencing factors,mechanism of action,boundary conditions and influencing results.Thirdly,based on the data of domestic a-share listed companies from 2013 to 2017,this study has answered the questions of whether corporate social innovation has an impact on corporate value and what factors moderate the relationship between them.It is found that corporate social innovation has a significant positive impact on corporate value,and this impact has a lag of one year.Political connection and prosocial preference have significant positive moderating effects on their relationship,while the development of civil society also positively moderates their relationship,but not significantly.This conclusion provides an empirical basis for academic research on the relationship between corporate social innovation and corporate value,conforms to the latest research trend in the field of corporate social innovation,and provides a new research perspective for the field of corporate value.Fourthly,taking domestic a-share listed companies as research objects,this study further makes an in-depth study on the mechanism of the impact of corporate social innovation on corporate value.The results show that corporate social innovation has a significantly positive impact on corporate economic value,and there is a lag of one year,and knowledge output has a mediating effect between the two.However,corporate social innovation also has a positive effect on corporate social value,but it is not significant,and knowledge output does not have a mediating effect between the two.This research not only explores the influence mechanism of corporate social innovation on corporate value from the two subdivision dimensions of corporate economic value and corporate social value,but also clarifies the mediating effect of knowledge output between them,providing empirical conclusion support for the theoretical framework of corporate social innovation proposed in this study.The main contribution and innovation of this study are as follows:Firstly,this study systematically reveals the phenomenon of corporate social innovation,clarifies the concept of corporate social innovation,and puts forward the theoretical framework of corporate social innovation,making some theoretical contributions to improve the theoretical system of corporate social innovation.This study clarifies the concept of corporate social innovation,and makes some contribution to solving the problem that the research progress in this field is slow due to the unclear concept.Then,the perspective based on the combination of factors systematically explains the connotation of corporate social innovation elements,providing valuable theoretical reference for clarifying the nature of corporate social innovation.Furthermore,the research context of corporate social innovation is systematically sorted out,and the theoretical framework is constructed from four levels of influencing factors,mechanism of action,boundary conditions and influencing effects,providing certain theoretical reference for the follow-up research.Secondly,this study systematically studies the relationship between corporate social innovation and corporate value from three aspects of influencing mechanism,moderating mechanism and mediating mechanism,providing a new perspective for enriching the research in the field of corporate value.By introducing political connection,corporate prosocial preference,development of civil society and other situational factors at the individual level,organization level,social level and explore knowledge output in both the mediating role between the relationship,this study preliminarily depicts the influencing mechanism of between corporate social innovation and corporate value,based on the frontier issues of corporate social innovation,and found a new path to improve corporate value,and made certain contribution to promote corporate social innovation and corporate value research.Thirdly,this study takes domestic listed companies as research objects for the first time,and makes an empirical exploration of the frontier topic of corporate social innovation,making positive contributions to the advancement of domestic research in this field.On one hand,different from traditional researches that take social corporates and newly established corporates as samples,or take the forms of case analysis,investigation and interview,this research goes deep into domestic listed companies,reveals their practice and effect of corporate social innovation,and expands new research objects for corporate social innovation research.On the other hand,on the basis of the theory,this study examines the relationship between corporate social innovation and corporate value of domestic listed company,using foreign emerging measurement methods,not only clarified the applicability of the abroad research in Chinese context,but also promoted domestic corporate social innovation research progress.