A Study on Relationship of Corporate Social Responsibility and Corporate Value in Listed Companies: Empirical Evidence from Chinese Real Estate Enterprises

摘要

Along with the universal enhancement of social consciousness, many enterprises begin to pay great attention to the fulfillment of corporate social responsibility. Academic circles also start to focus on the research of the enterprise development after the enterprise fulfills the social responsibility and publishes the social responsibility report. The fulfillment of corporate social responsibility has profession characteristic, as the important industry of China national economy, the real estate enterprises social responsibility is especially paid more attention to. This article uses the real estate enterprises in Shanghai and Shenzhen securities exchange as the research samples, establishes the indicator system basing on financial reports of the listed companies, and takes the Tobin's Q to measure the corporate value, by using the principal component analysis method, carries out empirical research on relationship between corporate social responsibility and corporate value. The experimental results prove that the fulfillment of the corporate social responsibility reflected in the financial report have significant relationship with the corporate value, this also indicates that social responsibility plays a more and more important role in the course of enterprise survival and development.