An Empirical Research On The Relationship Between Corporate Social Responsibility And Enterprise Value

When the enterprises are in the pursuit of economic interests，they promote the socialand economic development in the process， but also bring a lot of negative social impact.With the occurrence of " melamine "，"Sudan "，" pneumoconiosis " events such as fog andhaze， more and more people began to focus on business with the fulfillment of socialresponsibility， as China’s relevant laws and regulations are not sound currently it is onlymore attention to corporate social responsibility information disclosure of listed companies.At present， China’s listed companies to disclose social responsibility is also less， forthe relationship between corporate social responsibility and corporate value of the study alsoless time-sensitive data， most empirical research is not strong， and because of therelatively large amount of work for the cause of corporate social Research on the relationshipbetween responsibility and corporate value over the past year to use more data， which notonly can not accurately reflect the current situation， but not the value of corporate socialresponsibility and corporate conduct careful research in long-standing relationship.To solve these problems， the paper selected chemicals industry Shanghai StockExchange listed companies in147samples of previous experience in drawing premise analyzecorporate financial reports for2010-2012，the interim announcement， corporate socialresponsibility report， companies can environmental sustainability reporting and corporateresponsibility report， get the situation and characteristics of China’s listed companiesfinancial data and social responsibility information disclosure. On this basis， according tothe stakeholder theory and corporate social responsibility investment theory， reference andinformation networks CSR evaluation results， the use of multiple regression analysismethod to analyze the relationship between China’s listed companies and corporate socialresponsibility values. By regression analysis can be seen on the shareholders， creditors，employees， government， consumers， the environment and the public’s responsibility tofulfill conditions significantly affect the value of the enterprise. As the business as a buyer’smarket， companies will try to delay the payment of accounts payable vendors and not enough emphasis on the supplier， which causes the obligation on suppliers have negativeeffects on business value. As the chemicals industry are mostly state-owned enterprises， thetraditional governance structure of SOEs， state-owned enterprises to take their employees amore social responsibility and the burden of increased business costs affect net income， andultimately affect investors’ assessments of corporate stock， reduce the stock price， whichleads to corporate social responsibility to employees of the enterprise value of a negativeimpact.These conclusions drawn by the reasons put forward for the development of ourcorporate social responsibility-related proposals and make recommendations for futureresearch and the lack of this study，I hope to be helpful in future research.