Research On The Relationship Among Corporate Social Responsibility, Marketing Performance And Enterprise Value

Whether the enterprises should fulfill their social responsibilities, the domestic and international mainstream view is that enterprises should fulfill their social responsibilities, and must fulfill the social responsibility in the long run. And the relationship between fulfillment of the corporate social responsibility and improvement of the enterprise value that is the ultimate goal of the existence of enterprises has become the focus of scholars. At present, the research for the relationship between enterprise social responsibility and corporate value mainly include: positive correlation, negative correlation and a U-shaped relationship. Based on a recognition of the relationship between the two has not been unified, this paper mainly studies whether there is correlation between enterprise value and corporate social responsibility and what type of correlation.Through combing the status, related concepts and theoretical basis of domestic and foreign research, and analyzing the mechanism how social responsibility of the enterprise impact on the enterprise value through the marketing performance, the paper puts forward the research hypothesis.This paper selects the panel data of A-share listed companies in Shanghai and Shenzhen stock market, from 2008 to 2013, first of all, the data are standardized, weights are given to the dimensions of corporate social responsibility, and the CSR index is constructed by using variation coefficient method. At last, Spss19.0 is used to do correlation analysis, and Eviews 6.0 is applied to make regression analysis for data model. The results show that:(1) corporate social responsibility have significant positive effects on marketing performance;(2) the relationship between corporate social responsibility and corporate value is an inverse S type.(3) different dimensions of corporate social responsibility have different degree of influence on the enterprise value: fulfillment of corporate social responsibility for shareholders, employees, creditors, government these four stakeholders will have a significant positive effect on the enterprise value, and the correlation between other dimensions and the enterprise value is negative or not significant.(4) corporate value has a significant positive correlation with corporate social responsibility, which can provide strong financial support for enterprises to fulfill their social responsibilities.