导　　师： 宋献中

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 鉴于现有研究对于企业社会责任表现与企业价值关系并没有取得完全一致的研究结论,并且只是孤立地考察这两者之间的关系,本文试图以企业声誉作用机理来解释企业社会责任表现对企业价值的影响并进行关系检验。 首先,本文介绍了中国企业社会责任实践活动和企业声誉两个方面的环境背景。其次,从企业社会责任表现与声誉、声誉与企业价值两方面进行文献梳理,从而构建基于“企业社会责任表现、声誉与企业价值”的理论分析框架。最后,分别对企业社会责任表现、社会责任信息披露与声誉的关系以及声誉、行业竞争程度与企业价值的关系进行理论分析并提出研究假设,以2007-2009年间中国沪深两市非ST上市公司为研究对象,利用logistic回归分析法、多元回归分析法,对企业社会责任表现影响企业价值的路径进行了实证检验。 本文研究表明,企业的社会责任表现通过形成声誉有助于提升企业价值。在仅考虑单一关系的情况下,企业社会责任表现与声誉的正相关关系不显著；企业社会责任信息披露在社会责任表现与声誉的关系中起到了显著的中介作用；声誉对企业价值有显著积极影响作用；声誉与企业价值的关系受到企业所处行业竞争程度的影响：在高竞争行业中,声誉的价值创造机制作用非常显著,而在低竞争行业中,声誉的价值创造机制效果则不明显。 The research on the relationship between corporate social performance and corporate value is motivated by the desire to provide a convincing rationale for managers to adopt socially responsible practices. However, the aggregate results of this work are contradictory and ambiguous. The objective of this study is to put forward a theoretical model of the process of value creation from the corporate social performance through corporate reputation as the vehicle, and empirically test the relationship of corporate social performance, corporate reputation and corporate value. First of all, the literature review is provided by two parts, one is about 'corporate social performance and reputation', the other is about 'reputation and corporate value' in order to build the theoretical analysis framework to the relationship between corporate social performance, reputation and corporate value. Secondly, in order to formally investigate the research questions, two regression models are employed. One is to test the relation between corporate social performance and corporate reputation, and the moderating effects of social disclosure, by the logistic regression model; the other is to examine the relationship of corporate reputation, competitive intensity and corporate value by a multiple regression model. Both are using the data of list companies operating in China during 2007 to 2009. The results show that the relation between corporate social performance and corporate reputation is positive but insignificant; however, corporate social report can affect the relationship between corporate social performance and corporate reputation, with social disclosure contributing to the promotion of a positive reputation. Moreover, corporate reputation is also positively related with firm value. Firms in highly competitive industries are more likely to have a positive relationship between corporate reputation and firm value. This suggests that the relationship between corporate social performance and corporate value is not only conditioned on reputation but also influenced by the environment of information and competition.

关 键 词： 企业社会责任表现 企业声誉 企业价值 社会责任信息披露 行业竞争程度

分 类 号： [F270 F279.2]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]