Empirical Study Of The Influence Of Corporate Corporate Value

Association between corporate governance and firm value is intricate and closely,any single corporate governance indicator cannot indicate the relationship betweencorporate governance and firm value directly, the overall investigation and study is need.In recent years，corporate social responsibility is attracted widespread attention.Enterprises as an important part of the market economy, and being involved in usingand allocating social resources, they also have obligation to fulfill social responsibilities.From the perspective of social responsibility, this article explores the relationshipsbetween corporate governance, firm value and corporate social responsibility, whethercorporate social responsibility to play an intermediary role in the relationship betweencorporate governance and corporate value, some assumptions are made.This article selects2012A-share listed company as the samples. Tobin’s Q is choseto measure corporate value; corporate governance is measured by6variables; corporatesocial responsibility is measured by4variables. Through empirical analysis thefollowing conclusions can be obtained:Any two of corporate social responsibility, corporate governance and corporatevalue exist significant positive correlation, which indicate a high level of corporategovernance will help enterprises fulfill their social responsibility better and enhance thecorporate value, and better fulfilled corporate social responsibility leads to a highercorporate value. Corporate governance variables have significant impact on corporatevalue, the shareholding structure, the proportion of independent directors andmanagement incentive have positive correlations with the corporate value, andownership concentration, the two roles of chairman and CEO to be one and capitalstructure have negative correlation with the corporate value. Indicators whichconstitutes corporate social responsibility, such as the contributions to investors,employees and government, also have positive correlations with the corporate value.The study indicate that corporate social responsibility as a mediating variable plays amediating role in the relationship between corporate governance and firm value, a goodcorporate governance structure can encourage enterprises to fulfill their socialresponsibility better, better fulfilled corporate social responsibility can promotecorporate value. From the child’s assumption of corporate governance, corporate socialresponsibility as a mediating variable plays a mediating role only in the relationshipbetween corporate value and ownership concentration, equity structure and the proportion of independent directors. From the child’s assumption of corporate socialresponsibility, in the relationship between corporate governance and the corporate value,corporates’ contributions to investors, employees and government as intermediaryvariables are playing intermediary roles. From the perspective of the related members,in order to enhance the value of the company through corporate governance andcorporate social responsibility, we must continue to fulfill investors, employees andgovernment responsibility, improve corporate governance mechanism, improverelations with related members with company, to enhance the value of the company.