企业社会责任的价值创造机制:基于内部控制视角的研究

Value Creation Mechanism of Corporate Social Responsibility: A Study Based on Internal Control

为公司创造价值是企业履行社会责任最根本的动力机制。本文理论分析了社会责任对公司价值创造的影响和内部控制在其中的调节作用,运用2009-2016年沪深上市公司的数据,基于内部控制视角研究社会责任与公司价值之间的关系,并考虑社会责任对公司价值的滞后效应,研究发现:(1)社会责任的履行对企业价值存在滞后的正向作用;(2)内部控制在社会责任与公司价值之间存在显著的正向调节效应,即内部控制能够强化社会责任的价值创造效应。

Creating value for the company is the most fundamental motivation mechanism for enterprises to improve their performance of social responsibility.Based on the theoretical analysis of the relationship between social responsibility and corporate value creation,and the role of internal control between them,this paper examines the effect of social responsibility on corporate value from the perspective of internal control and considers the lagged relationship between the two by using a samlpe of Shanghai and Shenzhen listed companies over the period 2009-2016.The study indicates:(1)the lag of corporate social responsibility variables positively affects corporate value;(2)internal control has a significant positive regulating effect between social responsibility and corporate value,that is,internal control can strengthen the value-creating mechanism of social responsibility.