Research On The Relationship Among Corporate Social Responsibility,R&D Investment And Corporate Value

With the rapid development of the economy,enterprises pursue the maximization of their profits,but they neglect social responsibility,which leads to a series of social problems such as environmental pollution,waste of resources and quality defects.The government and society are gradually aware of the importance of corporate social responsibility.In 2007,the Central Economic Work Conference clearly put forward the strategic requirements which are aimed at guiding enterprises to establish modern management concepts and earnestly assume social responsibility.The Shanghai Stock Exchange and the Shenzhen Stock Exchange also issued a series of documents to encourage enterprises to disclose reports of social responsibility.At present,there are relatively many literatures on the relationship between corporate social responsibility and corporate value,but the literature on how corporate social responsibility affects corporate value is not sufficient.With the rapid development of technology,strengthening R&D investment has become an important path to enhance corporate value.Enterprises which fulfilling their social responsibility with stakeholders will gain more external information and resources needed for R&D,continuously promote R&D investment,thereby enhance corporate value.According to the Reports of Corporate Social Responsibility in Database of RKS,this thesis takes 2442 samples of R&D investment disclosed between 2013 and 2017 as the research object,and introduces R&D investment as a mediator variable to empirically test the current and intertemporal impacts of corporate social responsibility on corporate value.Here are some research results.Firstly,the current impact of corporate social responsibility on corporate value is not significant,but the corporate social responsibility under the first lagging phase has a significant positive impact on corporate value.Next,the current impact of corporate social responsibility on R&D investment is not significant,but the corporate social responsibility under the first lagging phase has a significant positive impact on R&D investment.Thirdly,the R&D investment of the enterprises has a significant positive impact on the corporate value.Finally,the mediating effect of R&D investment between current corporate social responsibility and corporate value is not significant,but there is a partial mediation between corporate social responsibility and corporate value under the first lagging phase.Considering that the heavy pollution industries face more stringent environmental regulations and assumes more social responsibility in environmental protection,this thesis further analyzes the differences between heavy pollution industries and other industries.First,the current and lagging period of social responsibility has a significant positive impact on corporate value for heavy pollution industries,but only the lagging period of social responsibility has a significant positive impact on corporate value for other industries.Then,the current and lagging social responsibility of heavy pollution industries has a significant positive impact on R&D investment,and the result of other industries is not significant.Thirdly,R&D investment has a significant positive impact on corporate value in heavy pollution industries or other industries.Finally,there is a partial mediation of R&D investment between the current and lagging period of corporate social responsibility for heavy pollution industries,but data of other industries does not support this conclusion.This thesis conducts research from the perspective of R&D investment,expands the perspective of existing researches on the relationship between corporate social responsibility and corporate value,further analyzes the differences between heavy pollution industries and other industries,and enriches existing researches in heavy pollution industries.According to the research conclusions,targeted suggestions were proposed from both the aspects of enterprises and the government.