An Empirical Study On The Impact Of Corporate Social Responsibility To Real Estate Companies’ Growth

Reform and opening policy has gone through more than thirty years, Chinese market economy system has been gradually developed and continuously improved. With the growth of enterprises, corporate social responsibility has gained more and more attention, both in theory and practice community. Accompanied by the gradual development of Chinese urbanization process, the real estate industry has become a pillar industry of economy development, real estate enterprises has developed into the outstanding representative of Chinese enterprises and the main force. In the real estate companies continue to grow and process, to fulfill the social responsibility will impact its growth or not is becoming the focus of many real estate companies. This paper chooses listed real estate companies of Shanghai and Shenzhen market as object, to study the impact of real estate corporate social responsibility to its growth.In the theoretical part, first examine the relevant theoretical research status:including the concept of corporate social responsibility, content, evaluation system, as well as stakeholder theory. Explore the domestic and foreign scholars’research on growth of enterprises, including the current situation of corporate growth, as well as research on growth evaluation.The empirical research section is divided into the following three processes.First is the factor analysis of real estate corporate social responsibility. Choose a sample of80listed real estate companies,10representatives of corporate social responsibility indicators are classified into four categories of factors, and were named as the social responsibility factor of the shareholders, the responsibility factor of the contribution to society, corporate social responsibility of creditors factors as well as corporate staff social responsibility factor, and the establishment of the evaluation system of the real estate corporate social responsibility.Second is the establishment of the real estate companies’growth evaluation system. Based on the same80companies, choosed nine key indicators of the growth of real estate companies, and then use of relevant data in the2009and2010statements, taken to the principal component analysis extracted three key factors operating capacity, profitability and expansion capacity. Use the importance of the variance contribution of each factor as weights, then established the growth indicators system of the real estate companies.Third, studies the research of real estate corporate social responsibility to companies’ growth, use correlation analysis to analyze real estate Corporate Social Responsibility Index and its four dimensions, with the real estate companies’growth score and its three dimensions; then use regression analysis to analyze the impact of each dimension of the research of corporate social responsibility to companies’ growth.Finally is conclusion and outlook, to sum up this study and propose future research directions.