The Empirical Study On The Relationship Of The Food Corporate Social Responsibility And Enterprise Value

Enterprise is a very important part of the economy. Its every moving does not only belongs to itself, but also related the whole society, including affecting the development of an area or a region, the development of one industry or the national economy, which means the enterprise must take the social responsibility during the process of pursuing economic interests. That is to ensure the enterprise grow healthy and normal.Internationally, Western countries own a complete theoretical system and long-term practical experiment on corporate social responsibility. Our country’s research on corporate social responsibility fall behind the western countries because of late starting of the modern enterprise, which caused problems in carrying out the corporate social responsibility and information disclosure. This paper focuses on the impact of food corporate social responsibility on the enterprise value with specification and empirical research.Firstly, this paper summarizes the research status on corporate social responsibility, corporate value and other related issues between home and abroad researchers. It easy to find that most scholars believe there exist relationship between the corporate social responsibility and corporate value but simple positive correlation or negative correlation. Instead, they believe some aspects of corporate social responsibility have a positive correlation with corporate value, some irrelevant or negative.Secondly, this paper defined the concept of corporate social responsibility and enterprise value. Reference Carroll’s pyramid model of social responsibility, this paper defined the corporate social responsibility as the economic responsibility, legal responsibility, ethical responsibility and philanthropic responsibility; the enterprise value as one ability that all stakeholders can obtain a satisfactory return through the enterprise’s business.Thirdly, on the basis of the pyramid model and stakeholder theory, this paper references Chen Yuqing’s research methods, Chen Junying, Feng Jian and other scholars’corporate social responsibility indicators, build the corporate social responsibility evaluation from the economic responsibility, legal responsibility, ethical responsibility and philanthropic responsibility four angles. With selecting the market capitalization-the carrying amount to measure the enterprise value and2010,2011,2012food industry companies as samples, this paper use the factor analysis method to get four common factors which named economic responsibility factor, legal responsibility factor, ethical responsibility factor and philanthropic responsibility factor. This paper takes them as independent variables, firm size as control variables, the enterprise value as the dependent variable to conduct multiple regression analysis.Through multivariate regression analysis, it turns out that:enterprises’economic responsibility, legal responsibility was significantly with corporate value which means the better performance in economic, the greater value the enterprise can get. However, there’s little relevance between ethical responsibility and philanthropic responsibility and enterprise value, which just explains the current situation of the enterprise in terms of social responsibility. Many companies only focus on performing well on the economic and legal responsibilities, while ignoring the performance of ethical responsibility and philanthropic responsibility. With the reason that the economic and legal responsibilities are binding on the enterprise management, but the ethical responsibility and philanthropic responsibilities lack of, which means to improve the binding of the ethical responsibility and philanthropic responsibility.Although the empirical results show that no relevant between corporate ethical responsibility, philanthropic responsibility and enterprise value, but it does not mean that companies fulfill the ethical responsibility and philanthropic responsibility has no effect to enhance the value of the enterprise, still not mean that companies can ignore the existence of the ethical responsibility and philanthropic responsibility. But now, our country lack of mandatory provisions about enterprises’fulfilling ethical responsibility and philanthropic responsibility, and the stakeholder also lack of power to bind corporate, which lead to the phenomenon for enterprises to delay fulfilling ethical responsibility and philanthropic responsibility.However, with the development of the times and the power enhance of the stakeholders, in order to gain a competitive advantage in the fierce market competition, enhance corporate value, the enterprise must fulfill the relevant social responsibility more seriously in order to protect business continuity healthy development.