An Research About The Effect Of Corporate Value On Corporate Social Responsibility

With the further development of economic globalization and the deepening reform of China’s economy, the competition between companies has become increasingly fierce. The competition is no longer about price, but the deep-seated aspects, such as the performance of social responsibility, as a result, more and more companies have turned to the implementation of business strategy for sustainable development. But most companies lack a correct understanding of corporate social responsibility, they think that the performance of social responsibility increases operating cost, doesn’t conform their aim of profit maximization. These misconceptions of corporate social responsibility lead to a series of serious incidents, such as the problem of food safety, safety accidents, tax evasion, all of these incidents seriously affect the healthy and orderly development of the economy and social harmony and stability. So we need to deeply study the influences about the performance of social responsibility.At first, this paper reviews and summarizes the literature about this field both at home and abroad. Secondly, this paper analyzes related theories and concepts, including the corporate social responsibility theory, the stakeholder theory, the theory of enterprise value, during this process, the meaning of Corporate Social Responsibility, Stakeholder, and Enterprise Value have become clear. This paper also analyzes the reason of the combination between corporate social responsibility theory and the stakeholder theory, and the factors that influence the enterprise value, according to the analysis of these factors, based on stakeholder perspectives, This paper proposes my hypothesis. Then This paper determines the financial indicators to measure the enterprise value and the corporate social responsibility, choose 1408 samples from 352 Shanghai and Shenzhen A-share listed companies 2009-2012, and build the mold about the relation between the corporate social responsibility and the enterprise value, use the method of descriptive statistics, correlation analysis, and multiple linear regression, to study the influences on the enterprise value bring by the corporate performance the social responsibility for stakeholder. The empirical results show that the corporate performance of social responsibility for shareholder, creditor, supplier and government will generate a significant positive impact on enterprise value, which is helpful to improve the enterprise value. The corporate performance of social responsibility for staff will generate a significantly adverse impact on enterprise value, which is not significant. The corporate performance of social responsibility for consumer will generate a adverse impact on enterprise value. This paper also analyzes the results that contradict with the above hypothesis. At last, the conclusion is, generally speaking, the corporate performance of social responsibility for stakeholder helps to improve corporate value. Combined with China’s national conditions, This paper makes suggestions from the two aspects of enterprise and government.