| Since the concept of corporate social responsibility was put forward in the 20 th century,it has attracted wide attention from all walks of life.China’s research on corporate social responsibility started a little late,but after the reform and opening up,the rapid development of domestic enterprises at the same time,the concept of social responsibility has attracted more and more attention.However,there has been a great controversy in academic circles about the relationship between CSR performance and corporate value.Corporate managers often stop at the same time because they are worried that CSR performance will lead to a decline in corporate value.Therefore,as an important pillar of China’s economy,it is of far-reaching significance to study the impact of the fulfillment of social responsibility of state-owned enterprises on enterprise value.This article takes the important industry of state-owned enterprises-China Petroleum and Chemical Corporation in the petroleum industry as the research object,and uses a single case study method to analyze the status of social responsibility fulfillment of state-owned enterprises and the status of social responsibility fulfillment of the petroleum industry.On the basis of theory,the mechanism of the social responsibility of state-owned enterprises from the perspective of stakeholders to influence the value of enterprises through signal transmission is constructed,and the social responsibility indicators of state-owned enterprises are constructed through the content analysis method.The research problem is divided into three sub-sections: one is to analyze the performance of social responsibility in the three aspects of the market,environment and society through the indicators constructed above;the second is to evaluate the value of Sinopec’s enterprises using the EVA indicators;The impact of social responsibility on its corporate value.Through research,this article draws the following conclusions:Overall,Sinopec’s fulfillment of social responsibility has a positive impact on its corporate value.Among them,fulfilling the responsibilities to shareholders,customers,partners,employees,and the community has a positive impact on its corporate value,and fulfilling some of the responsibilities of the government and the environment,such as tax expenditures and precision poverty alleviation expenditures,will reduce corporate value in the short term,but From a development perspective,fulfilling these social responsibilities has created a good social image and reputation for the company and is conducive to the sustainable development of the company.To be specific,state-owned enterprises transmit feedback through signals to stakeholders after fulfilling their social responsibilities,thus influencing enterprise value.1)Establish trust and loyalty with shareholders,customers and partners by fulfilling social responsibility to the market.From the perspective of shareholders and customers,it will promote the generation of shareholder investment behavior,customer identification and purchase behavior,and improve corporate profitability.At the partner level,reducing corporate transaction costs and reducing the risk of corporate default is beneficial to the sustainable development of the enterprise and can increase the value of the enterprise;2)Establish trust and recognition with employees,governments,and communities by fulfilling social responsibility to society From the perspective of employees,strengthening employee’s sense of identity and belonging to the enterprise can promote the improvement of production capacity and production efficiency of the enterprise and enhance the value of the enterprise.From the perspective of government and community,fulfilling society Responsibility can establish a good corporate image for the public,potentially bring customers to the enterprise,and promote the enhancement of corporate value from both profitability and development capabilities;3)through investment in fulfilling social responsibility for the environment,through energy conservation and emission reduction Corporate costs,while establishing a positive corporate image and reputation value.This paper studies the impact of Sinopec’s corporate social responsibility on its corporate value,and analyzes the social responsibility of state-owned enterprises from three aspects: market responsibility,community responsibility,and environmental responsibility.The following suggestions and ideas on how state-owned enterprises can improve corporate value by fulfilling their social responsibilities have certain positive significance for advancing the construction of state-owned enterprises’ socialresponsibility. |
