The Research Of Responsible Investment Funds And Corporate Value

As of January 1,2015,the formal implementation of the new Environmental Protection Law in our country shows that the cost of illegal business environment will be significantly increased.On January 14,2016,the World Economic Forum released the 2016 Global Risks Report,disclosing that the current global climate change mitigation and under-mitigation measures are the most immediate risks.In today's China,haze,desertification,PM2.5,water pollution,soil pollution,food safety and other issues have become an important bottleneck restricting China's economic development.The issue of social responsibility has become the focus of global attention.However,the research on social responsibility in academia has never ceased.However,a large number of literatures mainly include theoretically demonstrating how CSR plays a role in the value of a company or examining the impact of corporate social responsibility rating and corporate social responsibility disclosure on corporate performance(Di Giuli and Kostovetsky,2014;Du Jian et al.,2017;Tan Xue et al.,2017;Qiao Hong et al.,2017;Wang Shihong et al.,2017;Institutional investors are an important part of China's social responsibility investment.Responsible investment funds are important institutional investors with screening and governance effects.More and more agencies are paying attention to and researching SRI,with only 275 organizations paying attention in 2002,1,240 SRI-related institutions,423 related conferences and events in 2010,1,742 institutions in 2013,related conferences and events 1251 To 1,195 institutions in 2014,with 1399 related conferences and events(Emerging Markets ESG,2015).What is the relationship between responsible investment funds and corporate social responsibility and company value? At present,there is little literature to study.In view of this,this article uses the 2009-2015 Shanghai and Shenzhen A-share listed company data analysis of the relationship between the responsible investment fund and the value of the company and this effect is more obvious in private enterprises.The study found that responsible investment funds play the role of screening function,governance to improve the level of corporate social responsibility value.This article exposed the specific path of reducing WACC,increasing company cash flow,increasing operating income growth rate to improve the company's value.The research not only broke the limitation of studying the disclosure and rating of social responsibility in China,but also enriched the relevant theoretical results.Further revealing the relationship between the responsible investment fund and the value of the company? As well as how it works with the company's value,to provide a useful reference for management.