An Empirical Study On The Corporate Social Responsibility,Reputation Capital And Corporate Value

With the rapid development economy after the reform and opening up of China,Corporate Social Responsibility(CSR)has attracted widespread attention.In recent years,a series of sensational events had occurred,such as food safety problems,environmental pollution,and community safety concerns,which have led to conflicts between enterprises and the various stakeholders.These events exposed CSR lack of enterprises.For enterprises,the exposure of these events has caused bad effects,brought serious management risk,and greatly affecting the performance and value of them.The fulfillment of Corporate Social Responsibility can improve the Corporate Value;however it is still a controversial topic about the relationship between Corporate Social Responsibility and Corporate Value.And it is also an important and difficult focus in the research area of CSR.Follow the main logical line of “CSR—Reputation Capital—Industry Competition—Corporate Value” and the theory framework of “CSR—Reputation Capital—Corporate Value”.This paper tries to study the relationship between the CSR of the Corporate Value.This Research aims to explore the factors which can influence enterprise' behavior and actively fulfill the social responsibility,which has an important theoretical and practical significance.Using the study sample data of the listed companies of A shares listed on the Shanghai and Shenzhen stock exchange in China from 2013 to 2015,excluding the ST companies,the article adopts the method of multiple regressions normative research,empirical research,qualitative analysis and quantitative analysis to explore the mechanism of corporate social responsibility performance on corporate value.First of all,the article cards and comments the existing literature on the evolvement of domestic and foreign concept of CSR and the relations of CSR,Reputation Capital and Corporate Value.Secondly,based on the related basic theory,the paper analyzes the relations between CSR and Reputation Capital firstly,and then analyzes the relations among Reputation Capital,Industry Competition and Corporate Value.And put forward the hypothesis of each stage.Then,the article mainly uses data to do the empirical test for the hypotheses proposed by the two progresses.Logistic regression analysis is used to examine the internal relationship between CSR and Reputation Capital.Then the relationship of Corporate Reputation Capital,the degree of Industry Competition and Corporate Value is tested by multiple regression analysis.Finally,the paper describes the results of the research based on the empirical conclusions,and points out the current limitations and further directions of this study.The results show that with the help of the reputation information transmission mechanism,CSR sets up Corporate Reputation.Enterprise will improve own value if it can form a Reputation Capital.Reputation Capital is an intermediary variable quantity in the mechanism between CSR and Corporate Value.And the mediation effect will be affected by the degree of competition in the industry,which will further impacts on the relationship of CSR and Corporate Value.The higher Industry Competition,the greater Reputation Capital impact on Corporate Value.And then the influence of the social responsibility on Corporate Value is greater.