An Empirical Study On The Relationship Between The Corporate Social Responsibility And Corporate Value Of Listed Companies

In recent years, with the development of economic and changes in social environment,corporate social responsibility catches more and more attention. In the pursuit of maximizingcorporate value, Many enterprises begin to protect the environment and safeguard the legitimaterights of workers and consumers. Enterprise should bear the cost when it invest resources to fulfillits social responsibilities. Therefore, it is important to know how different social responsibilitiesenterprise takes influences its value creation，because it will provides a reference for enterprise totake the social responsibilities.Firstly, based on the perspective of corporate life cycle, this paper carries out theoretical studyon the relationship between social responsibility and corporate value in different life cycle. Then,this paper takes A-share listed companies in2009-2011as the object of study, uses the combinationmethod of cash flow and multivariate sort method to define life cycle stages of the samples. Fromthe perspective of social responsibility costs, this paper designs a set of index system to evaluatesocial responsibility and proposes assumptions and theoretical models.Secondly, Based on the perspective of corporate life cycle, this paper uses the method ofempirical analysis to study the relationship between social responsibility and corporate value in thegrowth and mature stage. This paper uses factor analysis to optimize the evaluation index system.Then, regression analysis is tested with corporate value as dependent variable, CRS as independentvariables. The purpose of regression is to collect Key indicators, affecting the corporate value, indifferent life cycle.Finally, the regression result is: Enterprises fulfill social responsibilities actively is good toenhance corporate value in the growth and mature stage; In order to maximize corporate value,enterprise should fulfill the social responsibility of creditors at first; In the growth stage, enterpriseshould fulfill the social responsibility of employees and suppliers, however, enterprise should fulfillthe social responsibility of consumers and social public in the mature stage.