Shenzhen Stock Exchange listed companiesresponsibility guidelines releasedon September25,2006and Shanghai Stock Exchange listed companies environmentinformation disclosure guidelines released on May14,2008encouraged listed companies toactively fulfill their responsibility, disclosure social responsibility reports voluntarily.At the same time, the overall level of fulfilling corporate social responsibility is still low,self-consciousness is not strong. In listed companies’ opinion, fulfilling social responsibilitywill increase cost, reduce profit, and conflict with the goal of maximizing corporate value. So,fulfilling social responsibility is seen as a burden and companies try to avoid it. In this context,whether fulfilling social responsibility will reduce corporate value is a problem worthy ofstudying, the study has important theoretical and practical significance.First, the paper describes the background and significance, research status both domesticand foreign, content and method, and designs the framework. Second, the paper describes thepresent situation and problems in fulfilling social responsibility of listed companies. Third,the paper puts forward hypotheses combined with stakeholder theory, reputation theory,transaction cost theory. Fourth, the paper collects the data of A-share (823), analyzes theimpact on corporate value of fulfilling social responsibility. Fifth, the paper analyzes the resultand proposes the revelation of the study. My finding suggests that: fulfilling socialresponsibility will have significant and positive impact on corporate value.The study has the following meanings:(1)Correct the misunderstanding that fulfillingcorporate social responsibility will reduce corporate value;(2)Support the decision-making ofthe securities regulatory authorities that requires listed companies to fulfill socialresponsibility;(3)Enrich the domestic literature about the impact on corporate value offulfilling social responsibility.
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