An Empirical Research About The Effect Of Enterprise Value On Corporate Social Responsibility Of Food Listing Corporations

Along with the incidents about food safety happened one after another, more andmore people focus on the corporate social responsibility of food enterprises, foodenterprises should undertake corresponding social responsibility or not has become ahot topic. In addition to the pursuit of economic profit, food enterprises also shouldundertake the corresponding social responsibility to other stakeholders, such asgovernment, employees, shareholders, creditors, customers, business community,environment.Social responsibility, such as enterprise allocation shareholder profits, maintainthe legitimate rights of creditors and suppliers, ensure the health and safety ofemployees, improve product quality, maintain good community relations, payattention to environmental protection and rational use of resources, will increase thevalue of the enterprises.In order to realize the sustainable development of thecompany, shareholders invested equity capital, creditors invested debt capital,customers and suppliers joined the market capital, government invested publicenvironmental capital,employee invested human capital, the natural environment hasinvested resources and so on. Those who provide resources to enterprise, whetherindividuals or collectives,should have power to control or affect the enterprisebehavior. So the enterprise ownership arrangement should follow the " stakeholders"logic, feedback stakeholders, so as to play the various stakeholders of enterprisefeedback effect, in which realize benign loop between stakeholders and enterprise.To overcome the one-sidedness that traditional single financial indexmeasurement of enterprise social responsibility, based on the view of corporate multisocial responsibility, according to corporate responsibility in economic relations,social relations and the nature relations, set nine independent variables. At the sametime, introduce the ownership structure as moderating variable to constructmultivariate regression model about corporate social responsibility and enterprisevalue, to expand the research category of corporate social responsibility. The mainresearch contents and results are as follows:1. The enterprise value is determined by the enterprise market value, profitabilityand growth ability,so select four indicators which are enterprise’s book to market, Tobin Q, corporate profitability index and enterprise development capability index tomeasure enterprise value.2. To construct a multiple regression model which has nine independent variables—the social responsibility of shareholders, creditors, suppliers, employees, customers,government, society, environment and energy—and two control variables(theenterprise scale and capital structure) about the enterprise value.Than introduce theownership structure as moderating variable to research if exist the moderating effectbetween the social responsibility to the shareholders,creditors, suppliers, employeesand the enterprise value or not.3. Through the theoretical analysis and the literature review, this paper putsforward ten hypotheses. Than through the analysis of multiple regression equationmodel, tow hypotheses are not established.The eight conclusion conform to theoriginal hypothesis: the social responsibility to the shareholders, creditors,customersand society are significant positive related to the enterprise value; the socialresponsibility to suppliers and government are positively correlated with theenterprise value, but not obvious; the social responsibility to engry has significantnegative correlated with the enterprise value; ownership structure as playing amodulatory role between the corporate social responsibility and the enterprise value.In addition,there are two conclusion do not conform to the original hypothesis: thesocial responsibility to employees are significant negative correlated with theenterprise value; the social responsibility to environment has positive correlated withthe enterprise value, but not obvious.In this paper, the main innovation is:In the context of building a resource-saving society,this paper based on thestakeholder theory,get energy saving which variable is one of corporate socialresponsibility.Through the accounting annual report and social responsibility reportget the data of energy saving by hand.Enrich non-financial index of the corporatesocial responsibility variables.In addition, based on the stakeholder theory,this paperget the hot topic of food safety, combined with the fact that how food listingcorporation did with the corporate social responsibility,to find out the effect ofenterprise value on Corporate social responsibility of food listing corporations.