Research On The Impact Of Listed Companies’ Corporate Social Responsibility On Corporate Value

Since the early1990s, the issue on corporate social responsibility (CSR) have been receiving increasing attention. More and more companies have realized that fulfilling corporate social responsibility actively is an effective marketing tool to shape and enhance the enterprise image, gain public trust and attract social capital, and strengthen market competitiveness and achieve sustainable development of enterprises.In recent years, with the deterioration of environment、the continuous consumption of natural resources、increasing natural disasters and the existence of unfair trade, the importance of corporate social responsibility are increasingly important for tourist business. For instance, the fog haze weather、the earthquake and the forced shopping in the process of travelling have a negative impact on the tourism industry.Tourist businesses also attach more and more importance on corporate social responsibility.On November8,2011, CTS group officially in Beijing released the report of the2010corporate social responsibility, which was the first time for tourist enterprises in China. China’s tourist enterprises have finally broken the history of zero public report on corporate social responsibility.The tourism industry is a new point of economic growth in China, even in some the provinces and cities which have become the pillar industry.It plays an increasingly important role on the cultural and economic exchange and political communication in the national economy.The research on the issue of corporate social responsibility is a relatively late start in China.There are a lot of problems in the implementation of corporate social responsibility and information disclosure, the tourism industry is no exception.Therefore, this paper pays attention to the theoretical analysis and empirical study on the issue of the relationship between corporate social responsibility of tourism listed companies and enterprise value.It is hoped that it will improve the awareness of social responsibility of tourist businesses and make them fulfill corporate social responsibility more positive through this study.The first part of the paper is the literature review of research on corporate social responsibility and the relationship between corporate social responsibility and corporate value, included domestic and foreign scholars’.Compared with more mature foreign studies about the relationship between corporate social responsibility and corporate value, our research is at the start stage.Most of studies are based on the foreign research methods and theory, then carried on combined with China’s actual situation.In the second part, the author elaborated theoretical basis of the paper on the relationship between corporate social responsibility of China’s listed traveling companies and corporate value, mainly included corporate social responsibility theory、stakeholder theory and corporate value theory.Then, it carried on the logic analysis on the relationship between the benefit of stakeholders and corporate value, which provided the theoretical foundation for the empirical analysis as follows.The third part is the empirical research design and analysis, the core part of this paper. Based on the above review of relevant research literature and elaboration and analysis of relevant theories, the author come up with the hypothesis of the paper:The corporate social responsibility of Travel listed companies and corporate value is positively correlated.Then it screened24tourism listed companies from Main-Board Market、Small plates and Growth Enterprises Market (GEM) of Shanghai and Shenzhen board as the study sample.At the last, it took advantage of multiple regression model to carry on the empirical analysis that how corporate social responsibility of tourist businesses affect their corporate value.In the last part, the author put forward proposals that how to fulfill social responsibility for tourist businesses will be better to enhance their corporate value based on the above empirical findings, then analysed the disadvantages and make prospects of this paper.