企业社会责任对股东财富影响的实证研究

企业社会责任在企业生产经营中的作用是不容忽视的,因此有必要分析企业社会责任对股东财富的影响,从而为我国企业主动履行社会责任提供理论支持.从利益相关者角度分析了企业社会责任与股东财富的关系,在此基础上提出了信号传递理论,即企业可以通过传递信号履行社会责任.以2005年沪深两市上市公司为数据样本,运用多元回归分析方法研究了企业社会责任与股东财富的关系,发现企业履行社会责任,满足了其他利益相关者的利益需求,有利于增加股东财富,实现"股东财富最大化".

Influence of Corporate Social Responsibility on Stockholder's Wealth:an Empirical Study

It is not allowed to ignore the corporate social responsibility(CSR) when a corporation handles its production and business.An analysis is therefore made for the CSR influence on stockholders' wealth,thus providing theoretically a support for China's enterprises to perform their CSR.The relation between CSR and stockholders' wealth is discussed with the signal transmission theory proposed,i.e.,an enterprise may perform its CSR through signal transmission.Taking the listed companies on Shanghai and Shenzhen stock markets as data sources in 2005 as example,a multi-element regression analysis is made to study the relation between CSR and stockholders' wealth.And it is found that if a listed company has performed its CSR to satisfy the interest requirements of other stakeholders,all stockholders' wealth will increase even be maximized.