Corporate Social Responsibility,Media Reports And The Value Of The Company

Our country is in economic transition period that the new company rise ceaselessly,a lot of industry business performance have changed,Corporate goveruance has been advancing with the times.Some companies are doing their own business,at the same time,they continuously bear the social obligations.Also some companies has violated the social morality in the fierce market competition,such as reducing cost in food safety and other hazardous substances,causing some issues and social unrest,such as food safety,the company usedhazardous substancesin order to reduce the cost.Nowdays the media is more and more open.Under the circumstances of the media supervision by public opinion,the company's major initiatives,responsibility mission and the infamous incident will efficiently transfer to the publicthrough the media.Based on this,this paper combine with the economic market,the listed company to perform the social responsibility and the behavior of investors,contacting moderm financial theory to find the influence of the corporate value,and try to explain it.On the research content,this articleanalysis theory from the corporate social responsibility theory,stakeholder theory,reputation mechanism theory,media theory and investors limited attention theory,researches the influence of the media coverage and social responsibility,for the value of the company.The paper determine the information in the capital market transmission mechanism,thinkingof the introduction of behavioral finance way to combine the enterprise behavior,the media information,investors and the stock priceof four maintogether.This article selected the 2012-2013 corporate social responsibility report issued shares of the listed company and screen to determine the 416 listed companies data of 816 samples for two years,and then establish multiple linear regression model.The dependent variable is the value of the company namely tobin Q value,.Then we descriptive statistics for each variable and draw two conclusions through the empirical analysis:Companies actively fulfill the social responsibility is conducive to increase the value;Media reports for the company‘s level and company to perform the social responsibility to promote each other,work together in the value of the company.At the same time,this paper also found that,investors always play important role in share price volatility because of cognitive limited attention in the market.In this case,media reports have the effect of enlarge enterprise performance of the corporate social responsibility behavior and affect the value of the company whether space and nature.Based on the research conclusion above,this paper put forward the proposal respectively for the company,the media,regulators and investors:Companies should pay more attention to corporate social responsibility,make full use of media to publicize their appropriate;Media reports should be carried out objectively and fairly,and not with the company jointly issued false information to mislead the market,and monitor actions of the firm;Regulators should separate the connectionbetween the media and the company,pay attention to guide the company actively fulfill the social responsibility,promote localeconomic development;Investors should constantly improve their professional skills to control their own emotions,invest value,do not chase after stock price volatility.