| With the rapid development of China’s economy, disharmonious factors become more and more obvious in our society, like the pollution of the environment, food safety, debt escaping, the interests of the employees are not protected and other phenomena, emerging in an endless stream and even intensified. In this kind of macroscopic environment, corporate social responsibility will undoubtedly become the focus of public discussion between the community than ever before, and it becomes much more necessary to explore it, also research into this problem. Studies in the western countries have shown that, the movement of corporate social responsibility and the country’s level of economic development have a close relationship, at the same time, the study also found that, the implementation of corporate social responsibility has a positive contribution to enterprise’s value. In addition, foreign scholars’ researches on corporate social responsibility has entered the mature stage, although theories still have differences, but now western countries are more concerned about corporate social responsibility practice, such as corporate social responsibility report, the different national entrepreneurship, enterprise culture and the social responsibility of latitudinal comparison. While in China, theoretical innovation results are less, quantitative studies are focus on the correlation between corporate social responsibility and corporate financial performances, related researches need to be widened. Therefore, this paper will put corporate social responsibility and corporate value as the breakthrough point, using empirical and theoretical research on the combination method to study the relationship between them. First of all, this paper gives the definition of corporate social responsibility and determines the latitude of social responsibility, i.e., shareholders, creditors, employees, government and community. Then discusses its responsibility of the impact on enterprise value. And later, elaborates the enterprise value and its influencing factors and also enterprise value’s connotation, as well as this paper’s theoretical basis " stakeholder theory".Secondly, based on the induction and the summary of literatures, this paper selects the previous application of most of the financial indicators to measure corporate social responsibility performance, at the same time chooses enterprise value indicators and establishes of empirical model. According to the study of C4industry, using multiple linear regression method, inspects the relationship between corporate social responsibility and corporate value.Finally, according to the empirical results, this paper gives the explanation and analysis of the impact that fulfilling the social responsibility to corporate value, and then gives the suggestions of how to fulfill social responsibility effectively. |
