| In recent years, the emergence of a series of social problems has pushed corporate-social-responsibility study to the state of incandescence. Third Plenary Session of eighteen clearly declared that enterprises should undertake social responsibility and corporate social responsibility had risen to the level of national strategy. This study takes exploring the factors which affect corporate behavior and encourage enterprises to actively fulfill their social responsibility as a cut-in point, follows the logical mainline of "social responsibility performance-social responsibility information disclosure-reputation-industry competition-corporate value" and obeys the research framework of "social responsibility-reputation-corporate value" to explore the underlying mechanisms among social responsibility, reputation and corporate value. That is of great theoretical and practical significance for better promoting function from government and the public and for companies to fulfill corporate social responsibility more consciously.In this paper, literature research, normative and empirical research, qualitative and quantitative analysis methods are all adopted. On the basis of reading extensively and combing the relevant literatures, this paper conducts a comprehensive review about domestic and foreign literature, points out deficiencies and elaborates the significance and value of this research firstly. Then it explains the concepts and measure methods of social responsibility, reputation and corporate value. And some theories like stakeholders’ theory, asymmetric information theory and enterprise resource-based theory are elaborated to lay the theoretical foundation for the theoretical analysis and empirical testing. Again,the paper describes and analyses theories about social responsibility and reputation, reputation and corporate value. Social responsibility information disclosure is joined in the relationship between CSR performance and reputation. And industry competition is considered as an intermediary factor between reputation and corporate value. The assumptions between variables are ultimately made to form a "social responsibility-reputation-corporate value" overall theoretical framework. Next step is to test Theoretical hypothesis. In order to make sure research findings of different phasic researches are reliable and comparable, research sample is the same one all the time, which is the non-ST A share279companies listed in Shanghai or Shenzhen and issued corporate social responsibility report from2010to2012continuously. Logistic regression analysis and multivariate regression analysis are used to test the influence of social responsibility performance to reputation, the effect of information disclosure to the relationship between social responsibility performance and reputation, how reputation affect corporate value, and how industry competition affect the relationship between reputation and corporation value. Test result shows that, corporate social responsibility performance can form reputation through information disclosure transmission mechanism. And once the reputation can be formed, corporate value must be enhanced. So, reputation is the intermediary conduction between corporate social responsibility and corporate value, and this effect will be affected by industry competition, the greater the degree of competition, the greater the positive impact of reputation on the corporate value. Therefore, in the highly competitive industry, enterprises should be concerned more about reputation management. Finally, this paper draws conclusions,points out suggestion, raises defects and future outlook. |
