Research On Investment Strategy Of CSR From The Perspective Of Enterprise Value Enhancement

With the continuous development of corporate social responsibility theory,corporate social responsibility practice is becoming more and more important for corporate.Although enterprises will bear the loss of resources when undertake social responsibility,it is also an investment,efficient and reasonable social responsibility investment can improve enterprise value,while inefficient and blind social responsibility investment will bring a waste of enterprise resources.The object of corporate social responsibility investment is the stakeholders of the enterprise,which is mutually cooperative and restricted by each other,showing the diversity、hierarchy、coordination and opposition.Corporate social responsibility investment strategy is to allocate enterprise resources among stakeholders,different types of enterprises will have different investment strategies,and result in different investment efficiency.Therefore,finding out the optimal investment strategy of different types of enterprises will help to improve the level and quality of Chinese corporate social responsibility practice activities.In this context,this paper takes corporate social responsibility investment as the starting point,with fully combing the relevant research methods and theoretical models of corporate social responsibility investment in existing research,analyzes the reasons for the classification criteria and the choice of qualitative comparative analysis for the competition degree and the competition status of the enterprises,determined the evaluation of the efficiency and inefficiency of the social responsibility investment strategy and the proxy indexes of each variable,then made empirical analysis on 1862 listed companies from 31 industry in 2015 as samples,studied the enterprise social responsibility investment strategy of whole sample、the social responsibility investment strategy of heterogeneous industry 、 the social responsibility investment strategy of heterogeneous competition status of enterprises,and the social responsibility investment strategy under the interaction of heterogeneous industry competition degree and heterogeneous enterprise competition status.In addition,considering the rigor,this article has conducted the robustness test in three aspects: firstly,the sample data from 2015 were replaced by 2014 and 2013 and reanalyze;secondly,replace the financial indicators of enterprise value and reanalyze;thirdly,the optimal investment strategy combination and general investment portfolio of each type of enterprise are analyzed and cross-checked.Finally,taking the food industry as an example,more situational factors were introduced to further analyze and discuss,and further deepened the research contents of this paper.The results show that: 1.enterprises need to highlight investors’ primary position in carrying out social responsibility investment,and carry out centralized and integrated stakeholder investment strategy;2.after introducing two heterogeneous situational factors,the choice of investment strategy combination shows obvious difference.The contribution of this research and innovation mainly in the following four aspects:(1)innovatively apply qualitative comparative analysis method into the corporate social responsibility research field,the results show that the qualitative comparative analysis method is more suitable to study corporate social responsibility of the complex social problems;(2)innovatively combine the corporate social responsibility investment and enterprise strategic decision-making process,and analyzes the social responsibility investment from the level of competition and the degree of competition of enterprises,making the enterprise’s social responsibility investment more easily integrated into the enterprise strategy making processegy formulation process;(3)enrich the theoretical research of corporate social responsibility theory,especially in the field of corporate social responsibility investment;(4)deepen the understanding of corporate managers’ investment in social responsibility,and the conclusion can also be helpful to the formulating of CSR investment strategy.