Research On The Impact Of CSR Of Chinese Forestry Companies On Corporate Value

With the accelerating process of economic globalization and the continuous improvement of the living standards of people, corporate evaluation criteria is not limited to economic aspects,but also includes the fulfillment of corporate social responsibility. Due to the forestry industry has a special feature that combines economic benefits, social benefits and ecological benefits,the forestry company as its carrier is also unique. Forestry companies should not only to undertake the general social responsibility of all companies, but also bear the specific social responsibility because of their own characters, which are different from other industries. At the same time,with the constant improvement of China's capital market, the objectives of corporate management has changed, from the profit maximization into the maximization of corporate value. The forestry company as a profitable economic organization, its management goal is the maximization of corporate value. However, forestry companies, especially those engaged in forest cultivation, their ability to create value is low compared with other industries. Some forest managers think that forestry companies take on social responsibility in the activities of the production and operation. These social responsibility increase the operating costs of forestry companies, which is not conducive to the creation of corporate value in the absence of the perfect compensation mechanism, resulting in a lower value creation. Some people believe the forestry company bear social responsibility will bring a lot of added value in the long term, such as improving corporate image and reputation, bringing brand benefit, increasing sales of forest products, the most important is the concern and attention of investor, thereby helping to maximize corporate value. In this context, the impact of CSR of forestry companies on corporate value is a problem worthy of study. The current domestic research on CSR in forestry industry are mainly concentrated the contents, information disclosure, and evaluation and so on.However, the basic problem that the CSR of forestry companies whether has economic effectiveness has not been studied in phase. Therefore, the research about the impact of CSR of Chinese listed forestry companies on corporate value of empirical research could fill this academic blank, and has important theoretical and practical significance.First, the paper reviews the domestic and foreign corporate social responsibility, and its relationship with the corporate value. Secondly, based on the stakeholder theory, the corporate value theory and the signaling theory, the research theoretically analyzes the relationship and the mechanism of CSR and corporate value of forestry listed companies. Then, on the basis of the analysis of content of CSR of forestry companies and its fulfillment status, the article constructs social responsibility evaluation index system of forestry companies from the perspective of stakeholders, and then makes an measurement and evaluation of CSR of 20 forestry listed companies during 2010-2014 by using the index composite weighting method that determined by the entropy method, the CRITIC method, the Gini coefficient method. The results show environmental responsibility is the basic social responsibility of in the forestry industry,and the overall level of CSR of forestry listed companies is better during five years(2010-2014). Finally,according to the analysis and results above, the paper puts forward the research hypotheses,constructs the panel data model, and empirically analyzes the impact of CSR of forestry listed companies on corporate value. Conclusions are drawn as follows:(1) From the perspective of the different dimension of CSR, the impact on corporate value is different(2) From the perspective of integrated CSR, the current CSR has an uncertain impact on the current corporate value,but has a positive impact on the lag corporate value. Finally, based on the conclusions of the study, it puts forward the corresponding recommendations from three aspects of government, society and corporate themselves and some prospects for future research.