Research Into The Relationships Among Corporate Social Responsibility, Corporate Governance And Corporate Value

With the progress of the society and the development of economy in our country, a large number of companies have obtained considerable development. At the same time, the friction between the enterprise and market has also increased, such irresponsible behavior as destroying the environment and encroaching on consumers’ interests has done harm to the stability of the market, as well as the harmony of our social life, which in turn will go against their own development. All these phenomena owe to companies’ absence in bearing their social responsibilities.The theme of Corporate Social Responsibility(CSR) has been discussed for a long time. As it has borne the stakeholders’ expectation on firm value, CSR has been taken into account by different stake holders. As another way for the stakeholders to have an effect on corporate’s operation, Corporate Governance is also an important systematical mean to secure their value pursuit. Sharing a common theoretical foundation and value target, these two theories has intersects and integrations in enterprise operation and management, which jointly contribute to enterprise value at the last. Based on this thought, this thesis systemically examined the development of related theories, expounded their internal relation and mechanism action, and proposed hypotheses based on summarizing the predecessors’ achievements. An empirical analysis has been done to examine the hypotheses by using the Structure Equation Model(SEM) with the data of listed companies. The results show that both Corporate Governance and Corporate Social Responsibility have a positive effect on it value, a good performance on either aspects will contribute to enhance Corporate Value, and an indirect effect exists between the Corporate Governance and Corporate Value. It also has been indicated that, a good performance of CSR on shareholders, employees and creditors and a wildly absorbed board of directors, as well as a competitive Takeover Market, will significantly promote the Corporate Value.This paper has five main parts.Chapter one is about the introduction. It briefly introduced the background, significance and arrangement of the research.Chapter two is about the reviews. An intensive discuss about the connection within CSP,Corporate Governance and Corporate Value after a thorough inspection on their originations and development.Chapter three is about the research design. Hypotheses are proposed based on summarizing the predecessors’ research achievements. A theoretical model has been built based on SEM after the variables and indicator were set.Chapter four is about the empirical research. An examination on the previous model has been done in this part, with the data from listed companies. Then we analyzed and explained the results.Chapter five is about the summary. We summarized the content and result of the whole paper and gave our suggestions on policy recommendations. At last, we analyzed the inadequacies that may exist in this research and prospected the future research directions.