Research On The Relationship Between Social Responsibility And Value Added Of Listed Companies In Heavily Polluting Industries In China

With the development of global economic integration,the connotation of corporate social responsibility has been accepted and recognized by more and more people,strengthening the corporate social responsibility is the trend of time.In the past thirty years,the researches about corporate social responsibility were the researches on the relationship between the social responsibility of the enterprise and financial performance,which produced different conclusions,including positive correlation,negative correlation and uncorrelated,various research conclusions were supported by some empirical tests,The main reason for these different conclusions is that there are differences in the formulation of financial performance indicators.In this paper,the author thinks that corporate financial performance which basic on the enterprise stakeholders can reflect the performance of the enterprise more comprehensively,value added is an representative financial performance indicator that based on the stakeholders,the research between corporate social responsibility and corporate value creation activities will become more meaningful.In this paper,we put heavy polluting industries in Shanghai and Shenzhen A-share listed companies as the research sample,explore the correlation between corporate social responsibility and its value added,try to prove that the enterprises with better performance of social responsibility will increase their value added,we hope to encourage enterprises to improve their awareness of fulfilling social responsibility,voluntary disclosure social responsibility report,and consciously assume the social responsibility of stakeholders.In this paper we review the former domestic and foreign research literature and theoretical basis at first,it is found that the majority of scholars at home and abroad were measuring financial performance based on the maximization of shareholder value,some scholars believed that these indicators are excessively one-sided,they were difficult to reflect the interests of other stakeholders,and easy to be manipulated.Therefore,based on the stakeholder perspective,in this paper,we analyze the action mechanism between corporate social responsibility and corporate value added.Secondly,we systematically construct the index system of corporate social responsibility and value added on the basis of previous studies,Finally,according to the regression model,the fixed effect regression analysis was used to verify the interaction between them.The analysis shows that: first,the fulfillment of CSR in the current period will have a positive impact on the value-added creation of enterprises,and it is effective in the long run,which verifies the hypothesis of "social influence";Second,the increase in the value added of the previous phase of the enterprise will further promote the enterprise to improve social responsibility more complete and comprehensive,which verifies the "capital support" hypothesis.