Research On The Relationship Between Corporate Social Responsibility Level And Value Creation

With the rapid development of China’s economy,enterprises continue to pursue profit and create value. But it also brings a series of social problems, such as the problems of environmental pollution and labor rights disputes. Corporate social responsibility has become the consensus of the theoretical and practical circles.How to use its limited resources to ensure the steady development of the enterprise and meet the demands of the stakeholders of the enterprise is very important. Based on the essential requirements of the enterprise, corporate social responsibility should have hierarchy, each level of the social responsibility should have different contribution to the essential requirements of the enterprise.Through the profound analysis of the literature, combined with the stakeholder theory, the enterprise stakeholders is divided into investors, employees, consumers, suppliers, government, environment and vulnerable and public welfare group. After the factor analysis and cluster analysis on the social responsibility report and annual financial report data of 271 sample enterprises,the corporate social responsibility is divided into three levels, namely the basis of liability, key responsibility and moral responsibility.Take the entropy weight method to calculate the score of hierarchical corporate social responsibility and comprehensive corporate social responsibility. The score as an explanatory variable, the value creation as the explained variable, through the regression analysis, study the impact of different levels of social responsibility on the value creation. Results found:corporate social responsibility to the stakeholders have hierarchy, and each level of the social responsibility have different influence on value creation.The key level of social responsibility is significantly positively correlated withcurrent and future phase corporate value creation.Basic responsibility and moralresponsibility is not significantly positively correlated with current and future phase corporate value creation.Comprehensive corporate social responsibility is significantly positively correlated with current and future phase corporate value creation.Based on the above, it is proposed that enterprises should continuously improve and deepen the social responsibility consciousness, and put the hierarchical social responsibility into the enterprise’s long-term sustainable development strategy. The government should take the form of laws and regulations to fulfill the requirements of corporate social responsibility, and strengthen the supervision of enterprises to fulfill their social responsibility.