企业社会责任、股权结构对企业价值的影响研究——以我国A股石油石化上市公司为例

Research on Impact of Corporate Social Responsibility and Equity Structure on Corporate Value——Taking Petroleum and Petrochemical Companies as Examples

以我国A股石油石化上市公司为样本,对它们的企业社会责任、股权结构与企业价值现状进行分析,研究企业社会责任与股权结构对企业价值的影响。结果表明:①企业社会责任与企业价值呈正相关关系;②股权集中度与企业价值呈倒"U"型关系,股权制衡度、国有股比例和管理层持股与企业价值呈正相关关系;③股权集中度与企业社会责任呈负相关关系,股权制衡度与企业社会责任关系并不显著,国有股比例、管理层持股与企业社会责任呈正相关关系;④股权集中度、股权制衡度、国有股比例、管理层持股与企业社会责任交互作用对企业价值有积极影响。在研究的基础上,提出积极引导企业社会责任履行,优化股权结构的相应建议,进而提升企业价值。

Taking a-share listed petroleum and petrochemical companies as examples,the current situation of corporate social responsibility,equity structure and corporate value were analyzed,and the impact of corporate social responsibility and equity structure on corporate value were studied.The results showed that:①Corporate social responsibility had positive correlation with corporate value.②There was aninverted"U-shaped"relationship between equity concentration and corporate value;equity balance,proportion ofstate-owned shares,management share holding ratio were positively correlated with corporate value.③Equity concentration and corporate society responsibilities were negatively related,and the relationship between equity balance and corporate social responsibility wasn’t significant.Proportion of state-owned sharesand management share holding ratio was also positively related with corporate social responsibility.④Interaction between equity concentration,equity balance,proportion of state-owned shares,management share holding ratio and corporate social responsibility had a positive impact on corporate value.Finally,the corresponding suggestions for actively guiding the implementation of corporate social responsibility and optimizing the equity structure were proposed to further enhance corporate value.