The Relationship Between Social Responsibility? Innovation Input And Enterprise Value Of Listed Companies In China

In today's highly volatile environment,the enterprise in order to more deeply involved in the development of global economy,to establish a sustainable competitive advantage,promote enterprise value,more than ever more emphasis on building partnerships with various stakeholders,in order to achieve the unity of the social value and economic value.Enterprise as social economy,is an aggregate of the various stakeholders,based on provide enterprises with different types of resources is divided into external stakeholders and internal stakeholders.Enterprises have different influence on the value creation of enterprises by fulfilling social responsibility to various stakeholders.Faced with the constraints of increasing resources,enterprises attach more and more importance to innovation to improve the efficiency of resource utilization and satisfy stakeholders to achieve the purpose of enhancing enterprise value.Enterprise's innovation and social responsibility behavior belong to the strategic choice of the enterprise,all need enterprise input resources.But the resources of the enterprise are limited.In this paper,from two dimensions to analyze the internal and external stakeholders of corporate social responsibility and enterprise value relations,and from the perspective of resources integration,to study how to balance the relationship between the corporate social responsibility and enterprise innovation investment,to increase the value of the enterprise.This paper firstly combed the corporate social responsibility theory,stakeholder theory and the definition and development of the enterprise value theory,and the social responsibility,innovation,investment and enterprise value of the relationship between the research literature review.Then starting from the actual situation of enterprises,to get rid of the past a single study of corporate social responsibility impact on enterprise value model,studies the innovation investment as an intervening variable,respectively,to the enterprise internal and external social responsibility and corporate value relationship adjustment.This paper selects 645 ShangHai-Shenzhen a-share manufacturing listed companies from 2013 to 2016,continuously disclosing social responsibility information and research and development information of listed companies.For enterprises to fulfill social responsibility and innovation investment's influence on the enterprise value existence lag effect,this paper studies the current and lag of phase I and phase ii data,respectively by stepwise multiple regression method validation based on internal and external stakeholders of corporate social responsibility,innovation input and the current and the relationship between the lag enterprise value.And compared with the result of regression analysis,according to the results of theoretical analysis and empirical research,from the perspective of corporate social responsibility to fulfill and innovation investment cooperation to promote enterprise value policy Suggestions are put forward.