A Study on Relation of Corporate Social Responsibility and Corporate Value:Empirical Evidence from Shanghai Securities Exchange

作者以我国上海证券交易所2003年521家上市公司为样本,研究了企业社会责任活动与企业价值的相关性问题。结果表明,从当期看,承担社会责任越多的企业,企业价值越低;但从长期看,根据关键利益相关者理论与社会资本理论,承担社会责任并不会降低企业价值。同时,本文的研究也表明资产规模、负债比率、重污染行业因素与企业承担社会责任活动显著正相关;财务状况或其他状况异常的ST类公司、前一年的盈利能力与企业承担社会责任活动显著负相关。By using 521 companies listed in Shanghai Securities Exchange in 2003,I did empirical research on relationship between corporate value and corporate social responsibility(CSR).In 2003,the more of the CSR activities a corporate undertook,the less the corporate value was.However,in the long run,based on primary stakeholder theory and social capital theory,CSR activities don't decrease corporate value.I also found that the company's size,debt to asset ratio and highly polluted industry category positively affect CSR activities significantly.ST type of company,profitability of last year was negatively related to the CSR activities significantly