An Empirical Analysis Of Relationship Between Corporate Social Responsibility And Corporate Value, Based On Life Cycle Theory

Research on the relationship between corporate social responsibility and corporate value in recent years gradually by scholars concerned about whether the researchers are both positive and negative and statistically significant relationship between the significant relationship trying to clear answer to the question, and the introduction of the corporate life cycle theory of their relationship discussion, based on the life cycle of the enterprise to classify discussion conducive to study the relationship between them fine, but also conducive to the life cycle of business in different policy recommendations were put forward. In this paper, China’s industrial listed companies as the research object, using the interests of corporate social responsibility stakeholder theory, to build enterprise value to reflect changes in the relationship between social responsibility and its intercept fixed effects model, the variables in the model introduced in the form of virtual enterprise life cycle factors, analyze the impact of its effect on the business value of corporate social responsibility industry listed companies at different stages of development, to determine whether a significant influence, influence the direction and influence of significant differences in the degree of the problem, and accordingly conclusions and policy recommendations.Model building. First, according to the stakeholder theory, corporate social responsibility into concrete governmental responsibilities, staff responsibilities, investors and legal responsibilities for each stakeholder responsibilities proposed econometric indicators, the above variables as independent variables; secondly, Tobin’s Q is measured by enterprise value, as a model for the dependent variable; Finally, according to the business enterprise life cycle theory of "life" into the development of growth, maturity and decline of the three life-cycle, and a combination of cash flow method judgment, whether they are mature businesses, whether it is a recession as a virtual variables into the model.Model estimates. First, the use of the unit root test method test data for each variable of stationary and non-stationary data conversion process to smooth the data; secondly, whether the introduction of the model life cycle dummy variable is introduced into the life cycle regulation, the use of hybrid or variable cross-section model intercept model, using a fixed effects model or random effects statistical test to determine the optimal form of the model, and finally, parameter estimation, heteroscedasticity, serial and model autocorrelation and more from the inspection and correction of linear, too the final research model of this paper.Model parameters indicate that companies at every stage of development, we must strictly follow the social responsibility to fulfill better the extent to enhance the corporate value of the better; particular, companies in the maturity to deal with the responsibility to fulfill its customers increased attention, the customer affect the responsibility of the enterprise value than other times much more pronounced; in a recession, the responsibility to deal with shareholders, employees and creditors responsibility to strengthen the responsibility seriously affect the value of these three corporate responsibility than any other period to be much more significant. Since the data limitations and other reasons, the study also expand the range of data available from the introduction of a variety of aspects of the dependent variable-depth exploration.