Research On Social Responsibility Fulfillment And Corporate Value Of Platform-Based Enterprise

Emerging digital technologies have brought about a new round of economic and social changes,and the trend of networking,digitization and platformization of the economy is increasing.Under the background of the digital economy driven by digital technologies,platform-based enterprises have become the market organization carrier of the new economy,featuring platformization,circling and value co-creation,etc.While optimizing resource allocation and creating win-win values,the problems of CSR(corporate social responsibility)deficiency and alienation are also more easily concentrated and magnified on the platform,the CSR of platform-based enterprises has therefore become a new focus.Since the concept of CSR was introduced in the 20 th century,the "shareholder supremacy theory" has been gradually overturned,and enterprises are required to be responsible not only to shareholders,but also to consumers,employees,the public and the government,and to change from simply pursuing the maximization of shareholders’ wealth to seeking to maximize the overall interests of all stakeholders.This requires platform-based enterprises to pay more attention to fulfilling their social responsibility and creating value for all stakeholders and even society.In this context,the CSR of platform-based enterprises has received attention from academia and society.However,compared with the reality,there are fewer studies on how platform-based enterprises can enhance corporate value through CSR fulfilling,and most of the existing studies take traditional enterprises as the research objects,the discussion on the CSR of platform-based enterprises is mainly deducted at the theoretical level,lacking in-depth investigation and generalization at the practical level,and the existing studies on the relationship between CSR and corporate value of platform-based enterprises are mainly based on empirical methods.Therefore,the path and mechanism for platform-based enterprises to influence corporate value by fulfill CSR is still unclear,and there is a lack of clear and mature experience for platform-based enterprises to draw reference from.In response to the above theoretical gaps and practical problems,this paper selects Meituan,a leading domestic O2 O life service e-commerce platform(corporate name "Beijing Sankuai Online Technology Co.")as a case study object to analyze the motivation of Meituan’s CSR performance.The CSR performance of Meituan is divided into two levels: independent operating entity and platform operating entity,and the CSR performance and management behaviors of Meituan are analyzed under the two levels respectively.Finally,from the perspective of six stakeholders: employees,shareholders and investors,government,merchants,customers,and riders,the specific mechanism of Meituan’s CSR fulfillment affecting corporate value is analyzed,and case insights are drawn to enhance corporate value by fulfilling CSR,strengthening management’s awareness of CSR,and improving the mechanism and ways of CSR fulfillment,which provide reference for other platform-based enterprises.The conclusions of this paper are as follows:(1)The motivation of platform-based enterprises to fulfill CSR includes improving corporate reputation,expanding financing scale,increasing platform’s volume of commuters,etc.(2)The CSR of platform-based enterprises can enhance corporate,the platform-based enterprise can fulfill the CSR of the independent operating entity and platform operating entity and in the process of satisfying the demands of the stakeholders,it creates economic,social and environmental values that have an impact on corporate value.(3)It reveals the mechanism of the impact of platform-based enterprises’ CSR performance on corporate value,as an independent operating entity responding to the reasonable demands of employees,shareholders and investors,the government,merchants,customers,riders and other stakeholders,as a platform operating entity executives responsible management of the three core participants of the ecosystem,including merchants,customers and riders,it can enhance the business efficiency,stabilize the fund supply,cultivate the external environment,improve the scale and reputation of the platform merchants,enhance the stickiness and volume of the platform users,and optimize the service quality of the platform,ultimately,it affects the corporate value.(4)By strengthening management awareness,platformbased enterprises can incorporate social responsibility into their long-term planning,engage more actors and use digital technology to empower them to improve mechanisms and methods of their CSR fulfillment,enhance their CSR performance and increase their corporate value.By studying the CSR fulfillment and corporate value of Meituan,this paper provides a new research perspective for the CSR and corporate value of platform-based enterprises,forms research conclusions based on realistic cases,can enrich the existing research literature,is conducive to promoting platform-based enterprises to actively assume social responsibility,enhance corporate value,realize the creation of sustainable value in the digital economy and platform economy,provides application value for other enterprises to establish social responsibility management system,provides policy reference for relevant departments to make CSR-related decisions,and drives more enterprises to create greater value through CSR fulfillment.