| In order to achieve healthy and sustainable development, corporate, as an economic organization,must create economic profit for investors as well as to satisfy many other stakeholders'requirement and at the same time take corresponding social responsibility. Considering the late commence of the research about the corporate social responsibility in our country, there are still many problems in the CSR performance and relevant information disclosure in China. Thus this paper make standard and empirical analysis on account of the corporate social responsibility and corporate value, and based on the conclusion of the research we put forward policies and recommendations regarding strengthening our country's corporate social responsibility development and perfect corresponding information disclosure system.Firstly, we introduce relevant theories about corporate social responsibility, mainly including theories regarding CSR and stakeholders which may be divided into 7 parts that are shareholders, creditors, employees, government, society and environment and state the relevance between discharging every stakeholder's responsibility and corporate value.Secondly, according to Carroll's definition, we could divide the corporate social responsibility into four part:economic responsibility, legal responsibility, ethical responsibility and philanthropic responsibility. And we state the information disclosure about corporate social responsibility and some quantifiable financial indicators on account of every part. At the same time, we conduct the statistic analysis about the report that was issued by the company independently regarding the corporate social responsibility, pointing out problem about the CSR information disclosure in china.Thirdly, on the basis of the research by the predecessors about corporate social responsibility, and combining the interest of stakeholders and information disclosure,we construct the performance indicators evaluating the CSR. Using this performance indicators as the independent variable and the market added value of the company as the dependent variable, choosing the 71 listed companies from the medicine manufacture industry in 2010 as a sample, we conduct the empirical analysis and finally make a conclusion that there is a significant relevance between the performing the economic responsibility by the company and the corporate value, i.e when the company perform better of its economic responsibility, the company value is greater measured by the added value method. However, there is insignificant relevance between the other three aspect responsibility and the corporate value.Finally, we also put forward relevantly constructive suggestions and solutions, hoping through the government's enforcement, the corporate self-awareness of performance and the other third parts, such as media, monitoring and dissemination to improve the awareness of the CSR in our companies, strengthen the construction of the corporate social responsibility in China and perfect the information disclosure system continuously, eventually promote our company's sustainable development and the harmonious development between the social various aspects such as ecology environment and the corporation. |
