Research Of Effects About Corporate Social Responsibility On Investment Efficiency Of Real Estate Listing Company

As one of the important engines of the national economy,the real estate industry has gone through the “golden decade” to make a significant contribution to promote and boost the rapid development of China's economy.In the process of rapid development of the real estate industry,it also led to some serious problems,such as overheated investment,soaring house prices,arrears of wages,environment,noise pollution,housing quality failure and frequent accidents.These problems have triggered extensive attention and denunciation about the lack of social responsibility awareness of real estate enterprises,which seriously affected the realization of enterprise value.How to enhance the value of enterprises is the core of all activities of enterprises,and the promotion of corporate value and investment activities are inseparable.Investment activities is the main carrier of realizing enterprise's economic goal and fulfilling social responsibility.Therefore,it is of great practical and theoretical value to research the relationship between social responsibility and investment efficiency of real estate listed companies.This thesis analyzes the impact of social responsibility of real estate listed companies on investment efficiency from two aspects of theoretical analysis and empirical research.Firstly,it introduces the research purpose and significance of this thesis,summarizes the research status of social responsibility and investment efficiency of domestic and foreign scholars,and defines the related concepts of social responsibility and investment efficiency,and describes the methods of social responsibility and investment efficiency and related theories respectively.Based on the above theoretical overview,this thesis analyzes the disclosure status of social responsibility of real estate listed companies and clarifies the content of social responsibility of real estate listed companies from the perspective of stakeholders and analyzes the correlation between social responsibility and investment efficiency of real estate listed companies.On this basis,this thesis uses Richardson model to quantitatively analyze the investment efficiency of real estate listed companies from 2011 to 2015 and constructs the regression model of social responsibility and investment efficiency to research the effect of real estate listed companies on social responsibility for the current and later investment efficiency;Finally,the results of robustness test,the empirical conclusions are drawn and the corresponding policy suggestions are given.The empirical results show that:(1)the real estate listed companies are in the form of inefficient investment,the overall investment in the state of overheating;(2)Real estate listed companies on the implementation of social responsibility of various stakeholders vary greatly,which attach particular importance to the fulfillment of shareholder social responsibility and the lack of social responsibility awareness among other stakeholders;(3)Real estate listed companies to fulfill their social responsibility on the efficiency of investment by the time limit.The impact of the implementation of social responsibility on the investment efficiency in one period is greater than that on the current investment efficiency,and gradually diminishes with the extension of the lag.The innovation of this thesis is mainly reflected in the following aspects:(1)the thesis chooses the data of real estate listed companies as a sample to research the impact of the implementation of social responsibility on the investment efficiency,refine the scope of the research,and provide the basis for the real estate enterprises to actively fulfill their social responsibility;(2)through the establishment of the regression model,the thesis researches the impact of the social responsibility of the real estate listed companies on the late investment efficiency,which proves that the implementation of social responsibility can make a positive effect on the future investment.