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

In recent years, with the rapid growth of economy and the swift development of society, more and more social issues caused by enterprises are emerging endlessly, ranging from the tide of entrepreneurs’Run-away to deterioration of physical environment. Attentions are being paid to these social responsibility issues increasingly and importance has been attached to such issues both academically and entrepreneurially. The traditional financial theory holds the viewpoint that in pursuit of Enterprise Value Maximization is duty-bound; therefore other stakeholders’interests will be neglected, even compromised, which will definitely give a rise to the absence of CSR (Corporation Social Responsibilities).All those phenomena are epitomizing that a lot of enterprises are unconscious of Corporation Social Responsibilities, namely, they’re reluctant to perform their duties, thinking that will cost more and thus both shareholders and enterprises will suffer. Does it necessarily mean bad to both shareholders and enterprises by conducting Corporation Social Responsibilities? Is there any equilibrium point between Corporation Social Responsibilities and Enterprise Value Maximization? Questions like that is becoming focus for enterprises. This text is going to answer such questions by researching the relationship between Corporation Social Responsibilities and enterprise’s value.By reviewing and commenting Corporation Social Responsibilities research from academia and referring to relevant research methods both domestic and abroad, this text is from the view of stakeholder, arguing that except for holding responsibility for shareholders, enterprises should also be responsible for stakeholders. This text mainly analyses the responsibilities enterprises hold for shareholders, creditors, employees, clients, supplier and government.First of all, this text will recapitulate the Corporation Social Responsibilities Theory and Stakeholder Theory academically, then analyze the convergence of them theoretically and make some brief discussion about Enterprise Value Theory. After that, the definition of Corporation Social Responsibilities from both domestic and abroad will be sorted out and parsed and give the definition by this text. Finally, measure gauge will be defined for both Corporation Social Responsibilities and Enterprise Value and based on the analysis from context I make reasonable posit and test the model. I screen out the data from those listed company in SSE ranging from2006-2010as the research sample and use statistic analysis and regression analysis to test the relationship between Corporation Social Responsibilities and Enterprise Value.This text shows that the correlation between Corporation Social Responsibilities and Enterprise is remarkably positive, which means by taking responsibilities for all stakeholders can gain the enterprise value, thus enterprises should be in pursuit of stakeholders’value maximization. The conclusion this text comes to is helpful for domestic enterprises to be aware of Corporation Social Responsibilities and meaningful for motivating them to perform social responsibilities.The shortcomings of this paper lie as follows:Theoretically, though Corporation Social Responsibilities originates from Economics, it contains so many disciplines, such as Management, Ethics, Laws, Philosophy and Sociology, which can be seen from the researchers’discipline backgrounds. As a student of Accounting major, I can’t know all those disciplines well, so it’s impossible for me to thoroughly understand all the literatures which written by all kinds of researchers. Apparently, exploring the relationship between Corporation Social Responsibilities and Enterprise Value is like a little boat in the gigantic ocean, so it’s inevitably flawed.Methodologically, the measuring indicator is not perfect. As Corporation Social Responsibilities was introduced to China is late and research is limited, companies hold unconcerned attitude to Corporation Social Responsibilities. What’s more, there’s lack of Corporation Social Responsibilities Report or Sustainable Report, so for the convenience of gathering data and feasibility of research, the Corporation Social Responsibilities measuring indicators are totally from the listed companies’financial reports and here comes the problem:For now, listed companies are only forced to release the financial report, so the companies’ activities of Corporation Social Responsibilities can be barely seen from it, especially those social responsibilities which are not quantitative can hardly be estimated and how’s such social responsibilities’proportion in the whole Corporation Social Responsibilities is vague. So, this paper’s Corporation Social Responsibilities measuring indicator is all form the data of listed companies’ financial reports and the all can be measured by monetary unit. So the paper’s Corporation Social Responsibilities measuring indicators’design is lack of objectivity and comprehensiveness.