Study On Value Effect Of Enterprises Socially Responsible Investment

Nowadays,the reality that the shortage of natural resources in China result in that pattern of economic development which rely on huge sources consumption is no longer applicable.As the most important driver of economic development in our country high-tech enterprises should take social benefits and ecological benefits into the goal of technology innovation.So far,research on corporate social responsible investment remains more in its financial performance and consistent conclusion has not been formed.In addition,there are few study on the non-financial efficiency of corporate social responsible investment,also very few literature research on the influence that SRI exert on the sustainable development level of the enterprises.This article attempts to take high-tech enterprises as an example,to study the relations between enterprises SRI and financial performance,stakeholders perspective of comprehensive social performance,corporate sustainable development level.Furthermore this paper research on how corporate SRI promotion the sustainable development level of enterprises and the society.This paper applies both normative research methods and empirical research methods.Firstly,the background,research significance,basic framework,main innovation points and relevant concepts of the selected topic are introduced,and then it makes a collation of the current literature.Secondly,it analyzes the present situation and existing problems of innovation and SRI and corporate social responsibility reports in China's hi-tech enterprises.Thirdly,based on the stakeholder theory,the mechanism of SRI to its financial performance,comprehensive social performance and sustainable development level of corporate are put forward,and then proposes the corresponding hypothesis.In the end,the empirical study is conducted on the A-share high-tech listed companies in China from 2010 to 2015.The main contributions of this paper are as follows:1.The development of different industries of high-tech enterprises in our country differ greatly.The same as new product sales income of different industries.Innovation resources are concentrated on a few industries and resource input and innovation output ratio is out-of-balance.Besides,the regional difference existe also.It is noteworthy that the geographical advantage of Fujian province did not get full play.2.In the disclosure of corporate social responsibility report in in our country,the autonomy of enterprises is stronger,and the length of report and content quality differ greatly.Besides,the reference standard of disclosure is not unified.In general the intensity of high-tech enterprises SRI is increasing in recent years.However,the intensity of high-tech enterprises SRI of supplier is decreasing.3.The current corporate SRI comprehensive strength can promote the current and the later period financial performance of the enterprise,and the promotion on the later period is stronger.Moreover,the current corporate SRI toward different stakeholders can all promote the financial performance of the enterprises.Besides,the results of the sample in Fujian Province are different.4.The corporate SRI comprehensive strength can promote both stakeholders perspective of comprehensive social performance and corporate sustainable development level.In short,the enterprises SRI of the various stakeholders can not only improve their own financial performance,but also promote stakeholders perspective of comprehensive social performance and corporate sustainable development level.When financial performance improved by enterprises SRI,enterprises will tend to increase the strength of SRI,therefore can further enhance the comprehensive level of social performance and promote enterprise's sustainable development.So that enterprises and stakeholders in social environment can develop in the meantime.