房地产业履行社会责任与企业价值的关系研究——基于上市公司面板数据的实证分析

The Research on Relationship between Social Responsibility and Corporate Value of Real Estate Industry

在基于利益相关者理论建立衡量房地产业履行社会责任的指标体系和用托宾Q值衡量企业价值的基础上,分别对2000—2009年房地产业履行社会责任和企业价值进行评估,并利用面板数据模型对中国2000—2009年房地产业履行社会责任和企业价值的关系进行实证研究。研究表明:企业社会责任履行情况越好,越被社会公众认同,企业价值就会越高。但是社会责任的综合表现对企业价值的提升作用十分微弱,整个社会对企业社会责任的履行情况关注程度还十分有限。

Based on the theory of stakeholders to construct social responsibility index system of real estate industry and the Tobin Q＇s to measure the corporate value, the author evaluated the situation of social responsibility carried out by the real estate industry and the corporate value from 2000-2009 and carried out empirical analysis by using Panel Data about relation between corporate value and social responsibility of real estate firms. The experimental results prove that the better the social responsibility of the enterprise performance, the more the social public recognition, and the higher the enterprise value. But the promotion function of overall performance of social responsibility to the enterprise value is very weak; the attention on the implementation of social responsibility of the enterprise is still very limited degree.