Corporate Social Responsibility、Corporate Govenrance And Enterprise Value In The Heavily Polluting Industry

In recent years，corporate social responsibilities have become an increasing emphasis bybusiness and management scholars.Therefore as an important component of social economy，in the pursuit of corporate interests to maximize the process. and for being involved in usingand allocating social resources,they also have obligation to shoulder social responsibilitiesBased on the stakeholder theory, corporate social responsibility will enhance enterprise value.Corporate governance,as a solution to the separation of ownership and control of theinstitutional arrangements,corporate governance is concerned by all of countries in theworld.The establishment of effective corporate governance is a modern market economysystem and efficient operation of the foundation and development of the system of a companythat is to maximize value for listed companies to participate in the market and balance theinterests of allparties.As independent entities in the market economy,companies have theright to pursue profit maximization.This paper studies the corporate social responsibility、 corporate governance andenterprise value in the heavy polluting industries.enterprises that fulfill their socialresponsibility can make the corporate value improved，corporate governance can promoteenterprise to assume their social responsibility better and enhance corporate value.This article consists of three parts:Firstly,review the relevant literature and theory of the domestic and internationalcorporate governance and corporate social responsibility. Secondly, This paper took highpolluted corporations in Shanghai&Shenzhen as samples, combining the motheds of bothqualitative and quantitation to build the indexes which are used to described the level ofgovernance and the level of taking the enterprise social responsibility. By constructing thestructural equations, this paper empirically analyzed how enterprises governance and socialresponsibility impact enterprise value. The research shows that: generally, the fulfillment ofsocial responsibility and the governance of enterprise are of positive correlation with theenterprise value. The more perfect level of governance, corporation social responsibility tofulfill the degree of positive correlation with the enterprise value.Finally, the empirical results of analysis based on the above conclusions, from theindustry point of view of the heavy polluting industries in China, China’s heavily pollutingindustries and enterprises must pay attention to employees and the importance of the futurelong-term development, compling with the national development strategy proposed in the areaof social responsibilityindustrial upgrading, in order to build environment-friendly enterprises. Heavily polluting enterprises must improve the internal corporate governance, supervisionand incentives to reduce agency costs, and promote the interests of the managers andcorporate harmony and unity. Based on these conclusion and analysis,author made somesuggestions for the government,enterprise and related organization references.