Empirical Research On The Correlation Between CSR Fulfillment And Enterprise Value

The rapid development of China’s economy in the past two decades has caused some social problems,such as labor disputes and corporate dishonesty,while satisfying the growing material and cultural needs of its people.The enterprise blindly pursues profit maximization,does not pay attention to the interests of stakeholders except shareholders,disregard social responsibility is the crux of these social problems.Economic globalization makes more and more foreign capital get into China,and the foreign capital’s enterprise has bring the advanced corporate governance concept to our country,including social responsibility idea,enterprise production and operation must be affected by the idea.In order to have a good performance on the international economic stage,Chinese enterprises must integrate the concept of social responsibility into the process of strategy formulation and daily operation.But at present most enterprise in our country bear the negative attitude to the social responsibility,the reason is their misunderstanding of social responsibility-social responsibility is the obstacles to increase enterprise value.In order to correct enterprises’ misunderstanding of social responsibility,this paper empirically studies the correlation between social responsibility performance and enterprise value.Firstly in this paper,we define the relevant concepts and divide corporate social responsibility into seven dimensions,and then we introduced impact of fulfilling responsibility to the enterprise value and the function mechanism of the effect of the former to the latter.Secondly,this paper designed a set of evaluation system for enterprises of various dimensions of social responsibility,and the comprehensive score is obtained by using the factor analysis method to measure corporate social responsibility,and it will be used as a social responsibility variable in the following empirical analysis variables.Then,in order to avoid industry factors on the relationship between social responsibility and corporate value,this article selects 681 manufacturing listed companies’ s data in 2012-2016 as sample for empirical analysis,finally it is concluded that corporate social responsibility is positively related to enterprise valueconclusion.Finally,this paper summarizes the research conclusions and puts forward some suggestions on improving the status of social responsibility in China.