Research On The Effect Of Corporate Social Responsibility And Technology Innovation To Corporate Value

In recent years,the national regulations related to social responsibility constantly improved,three national standards about social responsibility implemented;Corporate Social Responsibility Report number increasing,the content becomes to full,format becomes to specification,Corporate Social Responsibility in China is developing at a high speed.However,the academic research conclusion on Corporate Social Responsibility impact on Corporate Value is inconsistent:positive,negative or not related,in the process of exploring the relationship between Corporate Social Responsibility and Corporate Value,scholars joined the intermediate variable,and technological innovation is one of the most important intermediate variables.So,what’s role did the technological innovation played in the relationship between Corporate Social Responsibility and Corporate Value?the moderation effect or the mediation effect?At present,our country is in the process of economic transition,the government is still strong controlling economic development,the different ownership of enterprise to the social responsibility will have different understanding and response,so that the different ownership of enterprises,the mechanism of its Corporate Social Responsibility through technology innovation to affect Corporate Value have changed?How to change?Based on stakeholder theory,resource-based theory and the theory of rent-seeking,this paper obtained 1157 study samples from 2011 to 2013 a-share listed companies in stock markets of Shanghai and Shenzhen,studied the mechanism of Corporate Social Responsibility through technology innovation to affect Corporate Value,in addition,further analysis the impact of different ownership on this mechanism.Results shows:(1)Corporate Social Responsibility can positive influence on the Corporate Value.Technology innovation plays a partial mediating role in the relations(2)Under the state-owned enterprises,the mediating effect of technology innovation does not exist,but present a negative moderate effect between Corporate Social Responsibility and Corporate Value;To the non-state-owned enterprises,the mediating effect of technology innovation between Corporate Social Responsibility and Corporate Value is more significant,present completely mediating effect.