Research On The Impact Of Corporate Social Responsibility On Corporate Value

With the increasing uncertainty risk of economic and social which is caused by climate change and social emergences,people’s awareness of risk aversion is enhanced.And the society pays more and more attention to enterprises to reduce risks by performing social responsibilities.Comprehensive performance of corporate social responsibility began to become one of the references for investment and financing decisions of various stakeholders.However,enterprises need to invest more costs in fulfilling their social responsibility.So it is necessary to quantitatively analyze the final direction and results of the impact of corporate social responsibility on enterprise value,and understand the action mechanism,so as to provide corresponding reference for the decision-making of enterprise management,external investors,government departments and other stakeholders.Through literature review,this paper puts forward the hypothesis that there is a positive correlation between corporate social responsibility(CSR)performance and corporate value.Then,we select 153 companies in China’s A-share listed new energy industry as the research sample.Through the factor analysis method,this paper constructs the enterprise value index as the proxy variable and Hexun’s CSR evaluation as the core explanatory variable to construct the two-way fixed effect model of enterprise and time,and makes an empirical analysis to verify the correctness of the hypothesis.Four different Tobin Q values are calculated as alternative indicators of enterprise value for robustness test;At the same time,the ESG rating of Huazheng is selected as an alternative variable of corporate social responsibility for robustness to determine the effectiveness of the model.In order to make the following policy recommendations more targeted,this paper also tests the heterogeneity of enterprise scale.The results show that good corporate social responsibility performance can enhance corporate value.At the same time,the test results of intermediary effect reflect that financing constraints play a partial intermediary effect in the impact of corporate social responsibility on corporate value.Therefore,excellent corporate social responsibility performance can reduce the capital cost of enterprises and enhance the value of enterprises by alleviating their own financing constraints.At the same time,the heterogeneity test of enterprise scale shows that the social responsibility performance of small businesses has a greater effect on the promotion of enterprise value than large and medium sized enterprises.Therefore,enterprises pay attention to their own social responsibility(CSR)performance in operation,which will not inhibit the value of enterprises,but also promote the promotion of enterprise value to a considerable extent.