The Research On The Relevance Of Corporate Social Responsibility And Non-efficiency Investment

With the development of economy, more and more enterprises begin to expand their understanding to the market. In this context, the concept of corporate social responsibility has caused more and more attention. Whether the enterprise can take social responsibility in social life, in the long run, it is not only very important for the maintenance of the overall social harmony, but also the important influence factors which can not be ignored for the enterprise’s own growth environment,. Enterprise management has its own characteristics, the characteristics of enterprises in the market economy conditions are characterized by autonomy, profitability, competition and equality, etc.. At the same time, enterprises are required to serve the public and existence with the public agreements. Therefore, only when the social public is satisfied with the products or services provided by the enterprise, the enterprise can survive and develop. In this sense, the fundamental task of the enterprise is to serve the society, to promote the progress of the society and the development of the social responsibility which are the inherent requirements of the enterprise. Non efficiency investment is divided into over investment and under investment. These phenomena, which make the enterprise lost the opportunities to invest or cause a waste, that is not conducive to long-term development of enterprises. View from the mechanism of the non efficiency investment, it can be divided into the will of the non efficiency investment and operational efficiency of the non efficiency investment. This paper attempts to study the impact of the enterprise’s non efficiency investment from the perspective of social responsibility, and combined with the inherent mechanism of the non efficiency investment, to further research in our country’s listed companies, in which way that the corporate social responsibility mainly affect the enterprise non efficiency investment. The significance of this paper is as follows:firstly, it is beneficial to improve the relationship between corporate social responsibility and corporate investment efficiency. The relationship between corporate social responsibility and corporate investment efficiency is conducive to the improvement of enterprises to fulfill the social responsibility with the enthusiasm, to make full use of the initiative of the enterprise, and promote the continuous development of enterprises. Secondly, combined with previous research results, from a new point of view to actively fulfill the social responsibility to the non efficiency of the role of investment, in order to improve the management level of enterprises as a reference.This article applies the method of Richardson’s residual model the best investment level measurement of listed companies, trying to estimate the optimal investment level, and the enterprise actual investment level compared with the best investment level, it is concluded the efficiency of investment,and find out the specific reason for the analysis of enterprise investment is insufficient or excessive.And then through the variable correlation analysis and multivariate linear regression analysis methods to analyze the listed corporate social responsibility information disclosure situation influence on enterprises investment efficiency.Through the study of the regression analysis of 1826 samples available find out following conclusions:The fulfillment of social responsibility and the efficiency of investment has significant negative correlation relationship.From the non efficiency investment which is caused by different mechanism, in the over investment condition and the under investment, divided the situation into willingness and operation of non efficiency investment separately and considered how does social responsibility make an effect on non efficiency investment doing the regression analysis. By the regression results, it is found that the performance of corporate social responsibility is different in the case of different non efficiency investment situation. Over investment, corporate social responsibility tends to enhance the internal control of enterprises, reduce the operational efficiency of investment. When the investment is insufficient, the corporate social responsibility tends to reduce the principal-agent problem, from the aspect of corporate governance, reduce the will of the non efficiency investment. As the principal part of practice of CSR, company should fully realize the complementary relationship between the company’s fulfillment of social responsibility and the company’s benefit. Regarding CSR as an important part of its own business development strategy. And through the comprehensive guidance of corporate philosophy, system, culture, make the consciousness of CSR is fully integrated into the company management. Considering the enhancement of the social total welfare as their own duty, to make efforts to reduce the negative externalities, improving the company’s positive externalities, to get greater level of return of social rewards, to increase the company with a better economic value.