Empirical Study On The Correlation Between The Social Responsibility And The Enterprise Value

With the development of economic and society, government departments, professional bodies, major companies, news media and public from all walks of life pained more attention to CSR (Corporate Social Responsibility).The content of CSR is constantly expanded and extended. Enterprise’s strategic goals and business decision is more deeply affected by the social responsibility. Whether can timely and deeply disclosure of social responsibility information has become the mark of the enterprise image. It’s important to measure of carrying out the CSR or management capabilities. Corporate social responsibility has become a strategic requirement of business development.In the related literature and research, the study of CSR has undergone a transition from theory to empirical. Previous empirical researches mostly concentrated in the correlation between corporate social responsibility activities and corporate financial performance. In recent years, some scholars believe that when companies accept social responsibility from a value perspective, enterprises can exhibit lasting behavior of social responsibility in the daily. That is to say, the research in the correlation can wholly render the impact of corporate social responsibility of the enterprise, which can actively promote corporate social responsibility. Therefore, it is necessary to resort to empirical research in the correlation between CSR and corporate value with further studies.For a long time, the research of corporate social responsibility more focused on state-owned enterprises in the main board of Shanghai and Shenzhen stock motherboard. For listed companies, they are characterized by transparency of information, dispersed ownership, numerous and complex stakeholders. As the industry leader, no matter the quality of products and service, or industry norms are the model of other small and medium enterprises.Therefore, they must pay more attention to their own image, and need to take more social responsibility.Although the growth enterprise market (GEM) listed companies started late,it is called "national strategy". According to the international advanced experience and the domestic economic development situation as some major strategic decisions, it is suitable for national strategy to raise the capacity of innovation, which has high strategic value in the long run. GEM listed companies has universal feature of innovative enterprises with new industry, new models, new ownership structure, new assets and financial structure, etc. Its prominent features of high growth and strong innovation ability require these companies to pay more attention to corporate integrity, investors, the public interest and environmental issues. Since the opening of the GEM in2009, most companies listed on GEM still believe disclosure information as one means of social public behavior or company propaganda, didn’t associate it with the company values or considerate its impact on the value of the company.Choosing the GEM listed companies as the research object, firstly, we follow the guidelines or rules of preparation of corporate social responsibility report and disclosed corporate social responsibility report. Secondly, we define the dimension of the gem listed companies’ CSR. Thirdly, we can establish a theoretical model.After that, according to the specific content of social responsibility report, we build a corporate social responsibility evaluation index framework. On the analysis of sample companies one by one for each index assignment, it is concluded that the CSR evaluation index of sample company. Calculated by Tobin Q value method can conclude the value of the sample company. The assumption of corporate social responsibility and corporate value is put forward, then trying to establish the relation model and using multiple linear regression method to test the model and assumptions. At last, by analyzing the conclusions, some relevant suggestions are put forward on how to take corporate social responsibility better, thus promoting the business value, enhancing the competitiveness of enterprises.