Since China began to study corporate social responsibility in the 1990 s,a large number of scholars have continued to explore and demonstrate,and made great achievements in the academic research field of corporate social responsibility.However,with the outbreak of COVID-19 in the early 2020,the external environment faced by enterprises is more complex and changeable,and the pressure of business circulation and production development is also increasing.At the same time,it also causes certain challenges to corporate social responsibility performance and social responsibility disclosure.Based on this,an in-depth and careful analysis of the impact of corporate social responsibility on corporate value and its internal mechanism can provide an empirical basis for enterprises to undertake social value more actively and actively.In the context of the new normal of economic development superimposed on the impact of the epidemic and Global trade protectionism,the development of Chinese enterprises needs to take a more holistic and long-term view.Therefore,the study of the impact of corporate social responsibility on corporate value can not only encourage enterprises to take more and more active social responsibility,but also help enterprises establish a good image and help them operate in a long-term and stable way.It can also promote the green and friendly development of China’s economy and society and realize the transformation and upgrading of economic development to a higher level.This paper focuses on the internal mechanism and action process of enterprises’ performance of social value affecting enterprise value.Firstly,it combs the relevant theoretical basis affecting enterprise value,deeply analyzes the internal mechanism of the effect of corporate social responsibility on enterprise value,and selects the panel data of listed enterprises in Shanghai and Shenzhen A-share market from 2013 to 2019 as the research sample for empirical test and analysis.The results show that although corporate social responsibility will have a negative impact on its financial value in the short term,there is a significant positive correlation between corporate social responsibility and corporate market value in the long term.At the same time,the positive promotion effect of corporate social responsibility on corporate market value is not all direct effect,but some indirect effect transmitted through corporate social capital as an intermediary variable.Moreover,corporate social responsibility still has significant announcement effect,and the release of corporate social responsibility report will obviously push up its stock price;The research results of intermediary effect show that corporate social responsibility will attract institutional shares,which indicates that corporate society and the public have a positive response to corporate social responsibility,and that the public has a strong sense of social responsibility.To sum up,based on the research conclusion,some policy suggestions are put forward for relevant subjects.Firstly,it is necessary to build a reasonable and effective corporate social responsibility disclosure system;Secondly,it is necessary to further improve the internal governance structure of enterprises in order to improve their social responsibility;Finally,we should pay attention to the balance between R&D investment and corporate social responsibility. |