Social Responsibility、Media Coverage And Corporate Value

In recent years,with the introduction of the national "Healthy China" strategy,the full liberalization of China’s second child policy,and the aging of the population,the health awareness of the people has increased gradually.However,various security incidents are still happening,and the lack of corporate social responsibility is serious,causing widespread public concern.Academia has also researched the issue of corporate social responsibility.Many scholars are studying the relationship between corporate social responsibility and corporate value,hoping to guide enterprises to actively fulfill their social responsibility.At the same time,with the rapid development of media,it plays a role in the impact of corporate social responsibility on corporate value.As an industry closely related to people’s health,pharmaceutical companies perform social responsibility.During the Fourth Plenary Session of the 19 th CPC Central Committee,Comrade Xi Jinping emphasized the need to deepen the reform of the medical and health system,strengthen and improve the food and drug safety supervision system,and protect the people’s health and life.Therefore,this article selects China’s pharmaceutical manufacturing listed companies as a sample to explore the impact of its social responsibility on corporate value and the role of media reports in corporate social responsibility and corporate value in the rapidly developing "Internet +" era.This paper selects the listed companies in the pharmaceutical manufacturing industry from 2009 to 2018 as the research sample,and uses Stata14 and Excel to analyze and sort the data.By studying the domestic and foreign literature,and defining the concepts of social responsibility,media reporting,and corporate value,the stakeholder theory,information asymmetry theory,and corporate reputation theory based on this article are analyzed,four hypotheses are proposed.Then,do empirical research,as well as detailed exploration according to the nature of property rights and enterprise size.Finally,do robustness test.The empirical research conclusions are: for listed companies in the pharmaceutical industry,the performance of corporate social responsibility is conducive to the improvement of corporate value;the better the social responsibility fulfilled by the company,the more the media pays attention to the company;The higher media reports play a part of the mediating role in the impact of social responsibility of listed companies in the pharmaceutical industry on corporate value.In addition,this article puts forward relevant suggestions,including suggestions for pharmaceutical companies,suggestions for the government,suggestions for the media,and suggestions for the public.Looking forward to the research in this article,urging listed companies in the pharmaceutical manufacturing industry to change their old belief that fulfilling social responsibilities will lead to a reduction in their own profits,so as to actively assume social responsibilities,and use media reports to make themselves aware of the social responsibilities they perform,Reduce information asymmetry and increase corporate value in actively fulfilling social responsibilities.