Research On The Impact Of Corporate Social Responsibility On Corporate Value

In recent years,China has begun to attach importance to strengthening social responsibility legislation.Enterprises adopt multiple methods to disclose social responsibility,the disclosure is gradually normalizing,the content is gradually improved,and the quality is continuously improved,which shows that Chinese enterprises’ awareness of corporate social responsibility(CSR)is gradually increasing.Academia’s research on the relationship between CSR and corporate value is rich,but the conclusions are quite complicated and even contradictory,such as positive correlation and negative correlation,U-shaped correlation and inverted U-shaped correlation or uncorrelated correlations.Scholars have tried to introduce intermediate variables to explain the mechanism between the two,technology innovation is one of the most important intermediate variables.When enterprises are in different life cycles,whether corporate social responsibility will affect corporate value,how corporate social responsibility affects corporate value,and whether the path of corporate social responsibility acting on corporate value all require the transmission of technological innovation,these questions need to be solved urgently.Based on the theory of CSR and the theory of corporate life cycle,this paper takes listed companies on the Main Board,GEM and SMEs as the research objects from 2012 to 2016,with a total of 1893 research samples.This article focuses on exploring the coupling path of CSR acting on enterprise value through the intermediate variable of technology innovation,so as to analyze the impact of corporate life cycle on this coupling path.The research results show that:(1)CSR has a significant role in promoting technology innovation,thereby increasing corporate value,technology innovation plays a part of the intermediary role in the coupling path of the two;(2)The corporate life cycle has a regulatory role in the above-mentioned coupling path: In the start-up sample,CSR promoted the increase of corporate value,but the effect was not significant.Among the sample enterprises in the growth period,maturity period,recession period and elimination period,CSR plays a significant positive role in corporate value.In the growth sample,technology innovation has a partial mediating role in this path.In the maturity sample,technology innovation has a full intermediary role in this path.In the samples of the recession and elimination period,CSR hasnot exerted a significant positive influence on technology innovation,and there is no intermediary role of technology innovation.Finally,Based on the empirical results,this article puts forward countermeasures and suggestions:enterprises should develop CSR and technology innovation in concert,cultivate a good corporate culture,raise the level of CSR awareness,innovate management ideas,cultivate innovation ability,and improve the innovation mechanism,which provides a certain reference for the theoretical and practical circles.