Social Responsibility, Ownership Structure And Ability Of Enterprise Value Creation

The value create ability has direct impact to the market competitiveness and sustainable development of the enterprise, and optimizing equity structure, improve corporate social responsibility is an important factor to enhance company value create ability. Among them, the good ownership structure can attract more investors and improve the company's operating condition, so as to improve the ability of value creation; And corporate social responsibility could help improve enterprise's image and reputation, to help enterprises construct well interaction relationship among stakeholders. Especially for Internet companies, since it has the characteristics of light frequent assets and frequently changes in equity, corporate image and business reputation plays a more important role in the process of operation, so the enterprise's value creation have been effect by equity structure and social responsibility. There is no unified definition about social responsibility in academic circles currently, the social responsibility in this article is based on the stakeholder theory, and have defined it from five dimensions such as shareholders, creditors, employees, consumers, government, so it belongs to the relatively narrow definition of social responsibility. The Internet industry, as an important force to promote social development in current economic society, enhance the nation's economic vitality, promote the national innovation ability in a great extent. As the core carrier of Internet information technology industry, Internet companies undertake the dual role to promote the development of their own development and the social. And the key of these enterprises development is how to improve the ability of value creation.For that, this paper used the DEA model to measure the domestic listed Internet enterprise value creation ability, and found the high average technical efficiency in these listed companies, but with less number of enterprises to achieve technology effectively. Then, using Tobit and fixed effect model analyzes the relationship of corporate social responsibility, ownership structure and value creation ability, found that in domestic listed Internet companies, there is inverted u-shaped relationship between ownership structure and value create ability, and the first big shareholders holding haven't reach the optimal level, the restrict degree of top five shareholders and first big shareholder is slightly higher than that of the optimal restrict degree; Corporate social responsibility for shareholders, creditors, consumers has positive influence to value create ability, and corporate social responsibility for the employees and the government has a negative influence on value create ability. According to these conclusions, the article also put forward the corresponding countermeasures and Suggestions from the management and scale efficiency, equity structure, the social responsibility of stakeholders, in order to enhance China's Internet enterprise value create ability. At the same time, provide certain reference for the development of other industries.