A Study On The Impact Of Corporate Social Responsibility Fulfillment On Corporate Value Of Luxi Chemical

In recent years,with the rapid development of the global economy,the number and scale of Chinese enterprises have increased greatly.But at the same time,the government and the public have put forward higher requirements for enterprises to assume social responsibility.Some enterprises actively fulfill their social responsibilities,which are driven by improved corporate image,support for government policies,corporate leadership awareness and public pressure.By issuing social responsibility reports,enterprises can enhance their social image,attract foreign investment,improve risk management ability and enhance corporate value.At the same time,many enterprises believe that fulfilling social responsibility will add extra costs to enterprises and slow down the development speed of enterprises,which is contradictory to the vision of enterprises to pursue interests and enhance corporate value.In this paper,it can be found from the previous research of domestic and foreign literature that scholars have three opinions on how the fulfillment of corporate social responsibility affects its corporate value.First,they believe that the fulfillment of corporate social responsibility will have a positive impact on corporate value.The other holds the opposite view,that the fulfillment of corporate social responsibility will increase the cost of enterprises and have a negative effect on the value of enterprises;Third,the neutral view that there is no correlation between the two.Therefore,the relationship between fulfilling social responsibility and corporate value is worth further exploration and analysis.Based on the above background,this paper first analyzes the background of the chemical industry and the status quo of social responsibility performance.Then,according to the stakeholder theory,seven consistent indicators and 19 secondary indicators are selected for the chemical industry to objectively measure the performance of social responsibility.In this paper,Luxi Chemical Industry is selected as the case enterprise,and combined with the annual report data of the past five years,The entropy weight Topsis method is used to quantify the different dimensions and the overall performance of social responsibility of the case enterprise in the past five years,and the economic added value EVA is used to evaluate the enterprise value.Finally,the following conclusions can be drawn by comparing the performance of social responsibility and enterprise value of Luxi Chemical Industry:The performance of responsibilities to shareholders,creditors and suppliers has a very direct and positive effect on EVA.The three dimensions are basically consistent with the change trend of EVA.The performance of responsibilities to consumers and employees also has a positive effect on EVA,but this effect has a lag.To some extent,it also has a positive effect on EVA.In general,different dimensions of social responsibility fulfillment have different degrees of influence on corporate value,but basically have a positive effect.Enterprises’ active fulfillment of social responsibility will have a positive impact on corporate value.Combined with the conclusion of the above case study,this paper provides reasonable suggestions for actively fulfilling social responsibilities to realize the sustainable development of chemical enterprises,which has certain reference significance for future research.