Research On The Influence Of Corporate Social Responsibility To Corporate Value In Stakeholder's Angle

Corporate social responsibility is that firm should bear social responsibility to other stakeholders when it chases the goal of "maximum stockholder's wealth",such as creditors,employees,suppliers,customers,government,public and ecological environment. Research on the influence of corporate social responsibility to corporate value in our country starts later,and mostly is theoretical research,empirical research is less.And the firm's consciousness of social responsibility is weak,many firms are not willing to fulfill social responsibility,because they think social responsibility will increase their cost thus reducing their interests.In such cases,this article researches the influence of corporate social responsibility to corporate value in our country's economic environment on the basis of the related research methods in our country and abroad.The research of the purpose is to prove that firms fullfill social responsibility to stakeholders will have positive effect for improving enterprise value,thus eliminating the enterprise's worries, encouraging them to bear its social responsibility more positively.Firstly,this article expounds the theory of corporate social responsibility and the theory of stakeholder respectively from theoretical aspects, and divides the corporate social responsibility into responsibility to shareholders,creditors,employees,suppliers,customers, government,public and ecological environment in the stakeholders's angle.Then it expounds the combination of the theory of social responsibility with the theory of stakeholder,the influence of corporate social responsibility to corporate value in theoretical analysis. Then,sets up index to measure social responsibility from the perspective of stakeholders,and selects 1041 companies which are public listing from 2007 to 2009 in Shanghai and Shenzhen as research samples,to reasearch the relationship between corporate social responsibility and corporate value,the data are statistically analyzed and multiple regression analysis used spssl7.0.Finally,the study result indicates that:earnings per share,current ratio,accounts payable turnover and environmental expenditure has significantly positive correlation with enterprise value, the regression coefficients of tax rates for pay is positive,but not significant. Employee profit level,the operating cost rate and enterprise value has significantly negative correlation with enterprise value,the regression coefficients of donation spending is negative,but not significant.