Research On The Influence Of Ownership Structure And Social Responsibility On Corporate Value Of Petroleum And Petrochemical Enterprises

With the development of economy,China is facing increasingly complicated and severe situations,and the downward pressure on economy is gradually increasing.As an important strategic resource industry in China,petroleum and petrochemical enterprises are facing the challenges of resource replacement,diminishing output and diminishing cost-effectiveness in the current economic environment.It is of great significance to strengthen innovation and scientific management.As the two hot issues of management,the ownership structure and corporate social responsibility have attracted more and more attention.Whether the ownership structure is perfect and the social responsibility is well performed have important impact on corporate value.By constructing a multiple regression model of ownership structure,social responsibility and corporate value of petroleum and petrochemical companies to research the relationship between the three,so as to promote the improvement of ownership structure and good performance of social responsibilities,which will not only help to enhance the value of petroleum and petrochemical enterprises,but also help to enrich the relevant theories of corporate value.This paper intends to use methods such as literature research,comparative research,empirical research to study the influence of ownership structure and social responsibility on corporate value of petroleum and petrochemical enterprises.First,the concepts of research objects such as ownership structure,corporate social responsibility,and corporate value are defined.Based on the research results of scholars at home and abroad,the stakeholder theory,principal-agent theory,social contract theory and information involved in the research process are summarized;Secondly,data on ownership structure,social responsibility and corporate value of petroleum and petrochemical companies from 2010 to 2019 are collected,and the current status of ownership structure,social responsibility and corporate value are analyzed;Again,by constructing a multiple regression model to empirical analysis the relationship between ownership structure,corporate social responsibility and corporate value.Studies haveshown that: There is an inverted U-shaped relationship between equity concentration and corporate value.Equity balance,management shareholding ratio are positive correlated with corporate value,and proportion of state-owned shares is not significantly related to corporate value;Corporate social responsibility has positive correlation with corporate value;Equity concentration,proportion of state-owned shares and management's shareholding ratio are positively related with corporate social responsibility,while the relationship between equity balances and corporate social responsibility is not significant;Interaction between equity concentration,equity balance,proportion of state-owned shares,management shareholding ratio and corporate social responsibility has a positive impact on corporate value.Finally,combined with the results,the corresponding recommendations are put forward: from the perspective of equity structure,petroleum and petrochemical enterprises need to appropriately arrange the equity structure according to the organization structure and management characteristics to form a moderately concentrated shareholding structure.Then the equity check and balance system,the proportion of state-owned shares and management's shareholding ratio need to be improved to promote the enhancement of the value of petroleum and petrochemicals.From the aspect of corporate social responsibility,petroleum and petrochemical enterprises should strengthen their internal awareness of social responsibility performance,expand the disclosure of social responsibility-related information,perform social responsibilities reasonably and take into account the interests of all partiesat the same time.