The Study Of The Impact Of Social Responsibilities Fulfillment Of Food Industry On Company Value

In recent years,Shuanghui "clenbuterol",Shanghai "stained bread" and other food safety incidents cause people to concern the fulfillment of social responsibility of food enterprises.Enterprises neglect the implementation of social responsibility in order to expand market share as well as to improve profitability.In Enterprises' view,performance of social responsibility of may reduce the value of the enterprise.So,can the fulfillment of social responsibility of food enterprises really reduce the value of the firm? This paper explores how the performance of corporate social responsibility in the food industry affects the value of the firm under different stakeholder dimensions.This paper reviews the relevant research literature at our country and abroad,based on the theory of stakeholder theory,social contract theory.We analyze characteristics of the food industry and its implementation of social responsibility.This paper expounds the impact of social responsibility fulfillment on the enterprise value from the perspective of six stakeholders,such as shareholders,creditors,employees,suppliers,consumers and governments and conducts an empirical test to have a check then.In this paper,the Tobin Q value is used as a substitute variable for the company's value.Based on six different stakeholders on shareholders,creditors,employees,suppliers,consumers and government,we establish earnings per share,current ratio,wage rate,payable rate,sales growth rate,tax fee ratio.With respective social responsibility fulfillment evaluation indicators and social responsibility performance comprehensive score,we list five years of financial data of 2012-2016 of listed companies in Shanghai and Shenzhen A shares on China's food industry as the observation sample.As a whole,it is found that the social responsibility fulfillment of the food industry enterprises has a positive effect on the current and the next years enterprise value,but for different stakeholders,the impact is different through descriptive statistics,factor analysis and multiple regression analysis.On this basis,the article puts forward some countermeasures and suggestions on how to better fulfill food industry social responsibility from government and enterprises themselves to promote healthy development of the market and the entire industry.