企业创新、社会责任与企业价值——以中小企业为例

Corporate Innovation,Social Responsibility and Corporate Value——A Case Study of Small and Medium-Sized Enterprises

本文探讨中小企业社会责任的履行对企业价值的影响,分析企业社会责任履行与企业创新的关系,验证股权集中度在促进企业创新和企业价值的作用,并对1088家中小板企业和创业板企业2016—2018年数据进行线性回归分析。结果显示:企业社会责任的履行抑制了企业创新能力,促进了企业价值,而企业创新能力却能提高企业价值。在企业社会责任抑制企业创新过程中,股权集中度对这种抑制行为起到弱化作用。本文将企业创新、社会责任、股权集中度和企业价值统筹结合在一起,弥补以往研究两两之间关系的局限性,拓宽研究企业的视角,最后从企业经营者角度提出相关建议。

This paper discusses the impact of social responsibility fulfillment of Small and Medium-sized Enterprises(SME)on corporate value,analyzes the relationship between corporate social responsibility fulfillment and corporate innovation,and verifies the role of ownership concentration in promoting corporate innovation and corporate value.Based on the linear regression analysis of 1088 SME board and GEM board in 2016—2018,it shows that the performance of corporate social responsibility inhibits the corporate innovation ability,promotes the corporate value,but the corporate innovation ability can improve the corporate value.In the process of restraining corporate innovation of corporate social responsibility,ownership concentration prevents this restraining to some extent.This paper combines corporate innovation,corporate social responsibility,ownership concentration and corporate value,making up for the limitations of previous studies on the relationship between the two pairs,broadening the perspective of studying companies,and finally proposes relevant suggestions from the perspective of enterprise operators.