Research On The Relationship Between Social Responsibility And Enterprise Value Of SMEs

The research on corporate social responsibility has been rising in the world since the middle of the last century.After more than half a century's development,there has been no authoritative conclusion about whether undertaking social responsibility will increase the burden of enterprises or contribute to the long-term development of enterprises,especially for small and medium-sized enterprises.However,it is undeniable that there is a close relationship between undertaking social responsibility and enterprise value,exploring the relationship between corporate social responsibility and corporate value The relationship between enterprise values has an important guiding significance for promoting the long-term development of enterprises.At present,China's small and medium-sized enterprises have the typical characteristics of "56789",contributing more than 50% of tax revenue,more than 60% of GDP,more than 70% of technological innovation,more than 80% of urban labor employment,more than 90% of the number of enterprises.They are the main force of national economic and social development,an important foundation for building a modern economic system and promoting high-quality economic development,as well as an expansion The important support for employment and improvement of people's livelihood is an important birthplace of entrepreneurship,which is of great significance to enhance the long-term competitiveness of the economy.Most of the private enterprises are composed of small and medium-sized enterprises.However,due to their small scale,large number,nonstandard governance,imperfect system and incomplete data,most of them are ignored by scholars,resulting in a gap between the research on the social responsibility and enterprise value of small and medium-sized enterprises.In this paper,from the perspective of stakeholders,combined with the theory of social capital,we explore the impact of SMEs' social responsibility on their enterprise value,in order to clarify the relationship between SMEs' social responsibility and enterprise value,enhance the importance of SMEs' socialresponsibility,better guide SMEs to fulfill their social responsibility,and then create value for enterprises and make contribution to society.First,this article summarizes domestic and foreign literature on corporate social responsibility and its relationship with corporate value.Second,it analyzes SMEs from the perspective of stakeholders based on the carded social capital theory and value creation theory.The internal mechanism between social responsibility and corporate value,then combining the characteristics of SMEs,using expert scoring and analytic hierarchy process to build a set of corporate social responsibility evaluation system.A sample of 277 companies operating continuously,using Eviews 8.0 to conduct an empirical analysis,draw the following conclusions:1.The overall corporate social responsibility of SMEs in the current period is significantly positively correlated with the current corporate value.Actively fulfilling social responsibilities to various stakeholders will contribute to the enhancement of corporate value.2.Except for employees,the corporate social responsibility of SMEs to various stakeholders in the current period is significantly positively related to the current corporate value.Although the regression coefficients for employees ' fulfillment of corporate social responsibility and current corporate value are negative,it cannot be concluded that the fulfillment of employees' social responsibility for paying wages and benefits will reduce corporate value,in other words,Can not prove that actively fulfilling their social responsibilities to employees can not increase the value of the enterprise.