Research On The Impact Of New Energy Vehicle Corporate Social Responsibility On Corporate Value

In the beginning of 2020,the infection speed of Novel Coronavirus Pneumonia(NCP)has been rapidly increasing within mere one month all over the world,conducting that the global economy is confronted with severe challenges.Taking advantage of the support from national policies,strategic emerging industries,especially the new-energy vehicle(NEV)industry,become newly-rising pillar power to the economic recovery.Benefiting from the prevalence of artificial intelligence and the internet of things,as for most of new-energy vehicle enterprises,depending on the development of high technology,they are no longer primarily aiming at chasing high profits,instead treating the achievement of social responsibilities and cultivate their innovation capabilities as the intermediate target to enhance enterprises' value.In the severely competitive market,enterprises in the industry of the NEV take tremendous social responsibilities when they make the win-win relationship between chasing for the sustainable development of society and making great contribution to economic prosperity.From the perspective of high-tech enterprises,science and technology constitutes a primary productive force.Whether the high-tech enterprises are competitive enough to gain more market share amid a progression depends on whether they are equipped with strong capability of innovation.Therefore,it is vital for the NEV enterprises,on the premise of enhancing enterprises'value,to integrate their innovation capabilities and social responsibilities with the corporate strategic plan of sustainable development.On the basis of theoretical analysis,conceptual definition and methodological application,this paper reviews and sorts domestic and foreign literatures on the aspects of social responsibility,corporate innovation capability and corporate value.In the level of theoretical analysis,investigating on the study of how corporate value is affected by the values of corporate social responsibility and innovation capability as well as their lag values,this empirical study puts forward the hypothesis and constructs the model of corporate social responsibility-corporate innovation-corporate value when the variable of corporate innovation plays the role of intermediate factor in this research.At the aid of Stata15.1 software,this study,in the period from 2014 to 2018,uses the panel data of Shenzhen and Shanghai A-share in the industry of the NEV to construct mediator model,which carries out the empirical analysis of researching how corporate value is affected by the values of corporate social responsibility and innovation capability as well as their lag values.The following conclusions are drawn:(1)The negative correlation exists between the current period value of corporate social responsibility and corporate value,but the one period lag value of corporate social responsibility is positively related to corporate value.(2)Either the current period value of corporate innovation capability or the one period lag value of that plays the positive impact on corporate value.(3)In the progression of corporate value affected by corporate social responsibility,whatever the current period value of corporate innovation capability or the one period lag one,the effect is partially mediated by the value of corporate innovation capability.Influenced by the value of corporate social responsibility,the one phase lag value of social innovation capability is far more closely correlated to corporate value.In brief,the mediating effect between corporate innovation capability and corporate value is more significant than the direct effect between them when the corporate innovation capability is positively related to the corporate value.The research result of this paper plays the meaningful guideline for the NEV enterprises to enhance corporate value.First of all,enriching the research theories in the aspects of investigating corporate social responsibility,corporate innovation and corporate value provides the theoretical support and suggestion for the perfection and regulation of policy-making mechanism in terms of corporate social responsibility.Secondly,taking the further step of investigating on the relationship between corporate social responsibility and corporate innovation capability as well as how to make the correlation mechanism function,which facilitates the enterprises to better obey social duties from their intrinsic incentives and promotes the comprehensive competitiveness of the NEV industry.In the layer of theoretical support,it's beneficial for them to gain profits and actively take part in promoting the sustainable development of society and economy.