Corperate Social Captial Investment Enterprise Competitive Adveantag And Enterprise Value

With the development of The Times,the key factors to improve enterprise value are also gradually changing.From the beginning which should be to pay more attention to the investment and optimize the configuration of the material capital,to later which should be also pay more attention to the optimal allocation and use of material capital and human capital.Each scheme was put forward is deeply in line with the background of the Times.The current era has entered the Internet of things which has a rapid development;keep the overall coordination is the only way to improve the enterprise value.However,keep the overall coordination must be on the basis of information flow and trust.Therefore,in addition to pay more attention to material capital and human capital,enterprises should also be paying more attention to the importance of social capital in current.With a review of the literature can be found that there are few studies on social capital investment.So,the research of this paper has a rich theoretical and practical significance.In this paper,on the basis of related literature review,from the perspective of stakeholders,analyzed the source and composition of enterprise social capital,and constructed the theoretical framework of enterprise social capital investment-competitive advantage-enterprise value,research the function mechanism of enterprise social capital investment to the enterprise value in-depth.At the same time,based on the basic theory of stakeholder,social capital,enterprise resource and competitive advantage,taking listed small and medium-sized private enterprises in Shanghai and Shenzhen as the research sample,using SPSS 22.0 and Excel as statistical tools,and the regression analysis method is used to verify the relevant hypothesis,the mainly research work as following:(1)Reveals the diversity of corporate social capital investment.Enterprise social capital is not a single one,but a variety of forms.In addition,corporate social capital is not innate,but also need enterprise's constant investment can be obtained.Therefore,based on the perspective of the stakeholder,illustrates that the enterprise social capital investment is the investment of the enterprise to build relationships with various stakeholders,so the enterprise social capital investment are diverse.(2)Constructed the index system to measure corporate social capital and enterprise competitive advantage.On the basis of stakeholders,defining and measuring of corporate social capital.In this paper,combined with the perspective of stakeholder,to define and measure the enterprise social capital investment.Based on the source of corporate social capital,and combining the research achievements,according to the investment object and the direct degree of investment results,the corporate social capital investment is divided into two dimensions: direct and indirect investment,to measure with spending and donate respectively.At the same time,according to the forms of enterprise competitive advantage,build the index system of it,including three indicators: market share,and excess profit rate of main business profit margins and return on assets,through the factor analysis shows that the index system has good reliability.(3)Empirically the mechanism of action on the enterprise social capital investment to enterprise value.Based on social capital investment as the starting point,and then constructed enterprise social capital investment,enterprise competitive advantage and enterprise value theory model exploratory,the enterprise competitive advantage as a intervening variable,using the method of regression analysis to reveal the intermediary role of enterprise competitive advantage.The research has shown that: corporate social capital is the result of enterprise's constant investment;the acquisition of competitive advantage can promote the promotion of value;at the same time,corporate social capital investment can bring enterprise competitive advantage and promote the enterprise value creation;in addition,the enterprise social capital through the mediation of enterprise competitive has an advantage on the enterprise value than the indirect effect,and the investment in enterprise social capital to increase the enterprise competitive advantage more than in improving the enterprise value in benefit.The study on the relationship of corporate social capital investment and enterprise value in this paper,not only extended related research of corporate social capital,but also provide a new way of thinking to enhance the value of enterprises.