Research On The Impact Of China's Multinational Corporations' CSR Performance On Corporate Value

In the past decades,China has enjoyed fast economic growth,which not only brought alone great opportunity for the development of Chinese enterprises,it also accelerated the expansion of Chinese Multinational Corporations worldwide.How can MNCs keeps adding their corporate values in the ever-changing international competition,has been an issue which caused the interests from academia,enterprises as well as governments.By examining current researchers,the following conclusion can be reached:Corporate social performance(CSP)has great impact on the change of corporate value(CV),technological innovation(TI)has important mediating effects on the relations between CSP and CV.However,how TI functions on the relations between CSP and CV,it is still a question worth further exploration.Therefore,this thesis will tackle this question from the angle of how TI will mediate the relations between CSP and CV,to explore the relations between CSP and CV.This thesis firstly reviews the literature on CSP,TI investment,and CV.In the discussion section,stakeholder theory,enterprise value maximization theory,reputation theory and signal transmission theory are utilized to support assumptions.The theoretical models are built based on the theoretical analysis of the relations amont CSP,CV and TI.Then we choose 38 manufacturing listed companies that disclosed these information during 2013-2016 as the study samples to conduct the empirical research.In the process,we firstly examine the relationship between CSP and CV of these multinational corporations,then we put the TI investment into the model as the regulating variable and verify it' s moderating effect.The empirical research results show that:(1)In general,Chinese MNCs' CSP can significantly promote the promotion of corporate value.(2)CSP can promote CV,and there is a lag.It can significantly improve the current and the lagging one period' s corporate value.However,in terms of the lagging two period' s corporate value,the promotion effect is not obvious.(3)TI investment has a positive effect on the relationship between CSP and CV.(4)The moderating effect of the TI investment has lag effect.It is significant during the current and the lagging one period and not obvious when it comes to the lagging two period.Finally,this thesis also offered some relevant suggestions from the perspective of corporate and government in order to enhance corporate value by improving CSP and increasing TI investment.The research limitations are discussed as well.