Research On Whether Enterprises Can Create Value By Fulfilling Social Responsibility

Whether enterprises need to bear social responsibility has been a hotly debated issue.However,with the progress of society and the development of economy,stakeholders such as enterprises,government and the public all agree that it is the obligation of enterprises to undertake social responsibility.More and more enterprises realize the importance of fulfilling social responsibility for their sustainable development from a strategic perspective.So whether corporate social responsibility can enhance corporate value,how does social responsibility affect corporate value,and what is the potential impact mechanism?With the above problems in mind,this thesis examines the impact of CSR on corporate value and its potential impact mechanism.The analysis of the economic significance of corporate social responsibility is helpful to clarify the relationship between social responsibility and corporate value,and explore the dynamic mechanism of corporate social responsibility.Based on the review of relevant literature at home and abroad,this thesis firstly expounds the basic concept and development status of corporate social responsibility and corporate value.Secondly,based on the theoretical analysis framework of Stakeholder theory,Transaction cost theory and Signal transmission theory,it researches the effect and mechanism of corporate social responsibility on corporate value.Further,this thesis takes A-share listed companies from 2012 to 2021 as research samples to empirically test the impact of corporate social responsibility on corporate value.The potential impact mechanism of CSR on corporate value is tested from the perspectives of corporate financing cost,investment efficiency and R&D innovation.In addition,the heterogeneity test is also conducted from the perspectives of property right nature,corporate life cycle,regional differences and institutional environment.The results of this thesis are still robust after a series of robustness tests.The conclusions of this thesis are as follows:First,corporate social responsibility can effectively enhance corporate value.Second,CSR can enhance corporate value by reducing financing costs,improving investment efficiency and increasing R&D input.Third,in enterprises with non-state property rights,mature life cycle,eastern regions and good institutional environment,CSR has a more obvious effect on the improvement of corporate value.The research conclusion of this thesis has certain theoretical significance and practical value.First of all,there are still different conclusions on the correlation between social responsibility and corporate value at home and abroad.This thesis provides the latest empirical evidence of domestic listed companies,clarifies the relationship between the two,expands the relevant research on the economic consequences of social responsibility,and provides theoretical support for enterprises to fully understand and actively undertake social responsibility.Secondly,the value creation mechanism of social responsibility is discussed from financing cost,investment efficiency,R&D input and other channels,and the moderating effect of enterprise investment and financing behavior and R&D behavior on the relationship between social responsibility and corporate value is studied.This has an enlightening effect on how enterprises can better play the value creation mechanism of social responsibility,that is,by reducing financing cost,improving investment efficiency and increase R&D input,promote enterprises to actively fulfill their social responsibilities,and improve the effect of value creation.Finally,the research of this thesis can not only enhance the attention of the state and the public to the fulfillment of social responsibility,but also has great significance for improving the performance level of corporate social responsibility,promoting the highquality development of enterprises,implementing the investment concept of corporate social responsibility,and improving the construction of relevant systems.