Empirical Analysis On The Correlation Between The Corporate Social Responsibility And Corporate Value

Take the global financial crisis as an opportunity, the Corporate Social Responsibility (CSR) movement is increasing fiercely in our world, the enterprise is changing from traditional enterprise to the new "social responsibility of the enterprise" road. In this revolutionary, they convey a voice to the whole world with all their strength that we have social responsibility, we can create the good relations with society. With the participation of the whole world, the CSR movement which devotes to promoting the sustainable development has gradually drive into the speedway, and is transforming the working rule of the enterprise. China has been committing themselves to. construct a harmonious society, and contributing her own strength to the CSR movement.From the Wenchuan earthquake on May 12th,2008, the SanLu powder events, the global financial crisis to the qinghai earthquake on, yushu dope-containing boat song super-large debris 8.7 gansu social events, enterprise's actions in social circles aroused to "corporate social responsibility" unprecedented attention. People realize that socialist market economy, construction and sustainable economic development and social progress all depend on corporate social responsibility, Chinese enterprises in the protection of labor rights, environmental protection and rational allocation of resources, honest reputation, high levels of employment and the promotion of residential stability and so on, are due to their responsibilities, and make due contributions. On November 2008, President hu jintao also stressed at the APEC meeting:"enterprise should value establish global responsibility, bring the social responsibility consciousness into business strategy,improve the management pattern and pursuit the unification of pursuit of economic efficiency and the social efficiency. From the above all, because more and more people pay attention to corporate social responsibility, it has become the compulsory for our country enterprise to survival and develop.So, how will be corporate social responsibility impact on the enterprise? Should State-owned enterprises take greater social responsibility than private enterprise? Are there different kinds of enterprise social responsibilities effect exist? This paper will base on different periods and different controller perspective on the issues mentioned above, emperical analysis whether corporate social responsibility of the early, middle and late has a significant impact on enterprise value and whether exists significant difference between private enterprises and state-owned enterprises. In accordance with the "raise a question-problem analysis-solve problem" of the logical sequence and via the method of combining normative research and emperical analysis, the article is divided into four parts:The first part is based on domestic and overseas scholars for social responsibility and the social responsibility and the enterprise value of the research situation of correlation. This part of the more abroad, because research about the social responsibility of the enterprise and foreign enterprise value relations and domestic research relatively mature for corporate social responsibility problems research just at the beginning, although developing faster, but the systematic research, strategic and self-consciousness is enough, but also needs to be further exploration and study.This is the second part of the social responsibility of the generation, development and summarizes status, this paper expounds the social responsibility of the enterprise and enterprise value relevance theory basis of main agency theory and stakeholder theory, signal transmission theory etc, for the analysis provides theory basis. This paper also to corporate social responsibility in the whole time and control point of view nature to corporate social responsibility and the enterprise value of the correlation analysis, and based on this two hypotheses:(1) the enterprise in the social responsibilities of significant positive correlation with the enterprise value, In the current and enterprise value to a significant negative correlation, In the late and performance is significantly and positively related to the enterprise value, (2) the state-owned enterprise social responsibilities of enterprise value than the influence of private enterprise performance more notable effect.The third part is the core part, in order to verify the correctness of the assumptions, this paper selects the shenzhen stock exchange between 952 listed companies as a sample, the sample and listed companies are ultimately controlled separately determined person shall 632 home state-owned enterprises and private enterprises, use house 320 empirical analysis of multiple regression analysis of the social responsibilities before, during and after the three periods of enterprise value what effect and state-owned enterprises and private enterprises of the effect of the social responsibilities.Empirical results show that:From the perspective of all the time, in the early period the CSR and enterprise value has a significantly positive correlation, In the current period has a significantly negative correlation, In the late period has a significantly positive correlation.From the perspective of the properties of ultimate controller, the influence of CSR to the state-owned enterprises of enterprise value is more significant than the private enterprise performance.The fourth part is on the basis of the empirical results, come to the conclusion of the paper and how to make the CSR preferably improve enterprise value, and some Suggestions the deficiencies and harvest.