Research On Port Enterprise Value Evaluation From The Perspective Of Social Responsibility

With the continuous development of society and economy,corporate social responsibility movements concerning environment,labor,human rights and other aspects have gradually emerged in European and American developed countries,which has triggered people’s attention to corporate social responsibility.The double waves of reform and opening up and economic globalization have promoted the continuous development of corporate social responsibility in China.Since the beginning of this century,the outside world has increasingly raised the voice for enterprises to fulfill social responsibility.The Company Law implemented in 2006 clearly stipulates that enterprises need to undertake social responsibility.At the same time,a large number of studies show that good performance of social responsibility will be conducive to the healthy development of the internal enterprise,thereby contributing to the improvement of enterprise value.However,the traditional enterprise valuation methods generally do not take corporate social responsibility into account,which may lead to the misestimation of some enterprise values.Port has been an important infrastructure and basic industry for the national economy and social development of a country since ancient times.The mobility,sociality and serviceability of port enterprises determine that they have a broader and more significant social impact than general manufacturing and circulation industries,which requires them to better perform diversified and significant social responsibilities.Based on this,this paper has certain theoretical and practical significance to study the port enterprise value assessment from the perspective of social responsibility.This paper reviews the existing relevant literature from three aspects: research on enterprise value evaluation methods,research on corporate social responsibility,and research on the relationship between corporate social responsibility and enterprise value.The review of corporate social responsibility research focuses on the definition of corporate social responsibility related concepts,the composition of corporate social responsibility,and the evaluation methods of corporate social responsibility.Then the concepts and theories directly related to the research topic are sorted out to support the subsequent research.Then,based on reality,it analyzes the characteristics of Chinese port enterprises and the performance of social responsibility,combined with the analysis of the driving factors of enterprise value from the perspective of social responsibility,reveals the influence of enterprise social responsibility on enterprise value path.Based on the above influence path,the social responsibility coefficient is used to modify the relevant parameters in the two-stage discounted economic value added model applicable to port enterprises,and the port enterprise value evaluation model from the perspective of social responsibility is designed.Then,the paper introduces the method of determining the coefficient of corporate social responsibility in detail.Firstly,the evaluation index system of social responsibility is constructed,then the expert weight is determined by the way of objective weighting,and the index weight is obtained after integration.Finally,the qualitative and quantitative indexes are processed by fuzzy comprehensive evaluation method.In the last part of this paper,the representative enterprise of the port industry--Ningbo Zhoushan Port Co.,Ltd.is selected to apply the port enterprise value evaluation model from the perspective of social responsibility,and compare and analyze the evaluation results before and after considering social responsibility,and finally draw the research conclusion.Through research,this paper draws the following conclusions: First,the performance of port enterprises’ social responsibilities will indeed have an impact on their value.The performance of port enterprises’ responsibilities to stakeholders will affect their income,cost and other elements,and then affect the enterprise value.Second,the port enterprise value evaluation model from the perspective of social responsibility is theoretically superior to the traditional evaluation model.Its advantages are that it not only fully considers the impact of social responsibility,but also can guide enterprises to actively fulfill their social responsibilities and further enhance enterprise value.Third,objective weighting and fuzzy comprehensive evaluation can reasonably determine the corporate social responsibility coefficient.Objective weighting overcomes the strong uncertainty of subjective weighting,and fuzzy comprehensive evaluation can effectively handle both qualitative and quantitative indicators.Fourth,the case study shows that the port enterprise value evaluation model from the perspective of social responsibility is practical.The evaluation result after considering social responsibility is significantly higher than that before considering social responsibility,and the former is closer to the market value of the case enterprise on the benchmark date.The innovations of this paper are mainly shown in the following two aspects: First,the port corporate social responsibility and value evaluation are innovatively combined.Through the analysis of port corporate value drivers from the perspective of social responsibility,the impact path of port corporate social responsibility on its value is revealed,and then the corresponding evaluation model is designed and the evaluation results are obtained.Second,a new method to determine the coefficient of social responsibility is proposed.This paper first constructs an evaluation index system based on the characteristics of port corporate social responsibility,then objectively determines the weight,and finally uses the fuzzy comprehensive evaluation method to process the index to obtain the corporate social responsibility correction coefficient.