Abstract

Under the international background of“sustainable development”and“global compact plan”, the traditional theory of“shareholder centralism”has been questioned more and more, and the theory of corporate social responsibility（hereinafter referred to as CSR）based on triple bottom line（hereinafter referred to as TBL）was put for-ward. The 18th congress of CPC proposed that all of the people“must more consciously take overall coordination and sustainability as the basic requirements of thoroughly practicing scientific view of development, and fully implement the five in one overall layout about the economic construction, political construction, cultural construction, social construction, ecological civilization construction”. China is in a golden age in the development of corporate social responsibility, and the enterprises are the most direct force in promoting economic and social development, and undertak-ing the social responsibility, and is of great significance to the sustainable development of enterprises and the construction of socialist harmonious society. The goal of the study is to construct a scientific evaluation index system of corporate social responsibi-lity in China. And it discusses the relationship between corporate social responsibility and corporate value, studies the influence mechanism of corporate social responsibility and corporate value, in order to put forward the strategy of strengthening corporate social responsibility and improving corporate value（hereinafter referred to as CV）. This study enriches the theory of corporate social responsibility evaluation standard, and is combined with the actual situation of Chinese enterprises to carry out the study, the results are not only conducive to guide the practice of corporate social responsibility, provide theoretical guidance and practical basis for the government to improve the eva-luation standards of corporate social responsibility and for enterprises to effectively fulfill their social responsibility, but also has great practical significance to build a socialist harmonious society and to promote the development of social civilization, and plays a positive role to promote the development of the enterprises, to establish a brand image and a good effect.

The core idea of this study is to establish a set of CSR evaluation index system which includes economic, social and environmental performance, and apply the evaluation index system to research CSR with specific data, analyzes the relationship between CSR and CV, the interact between corporate social performance（hereinafter referred to as CSP）and financial performance（hereinafter referred to as CFP），in order to find the mechanism of coordination of CSR and CV. Then this study puts for-ward to the strategies to strengthen the social responsibility of enterprises and to im-prove the CV according to the conclusions. The main contents are as follows: Firstly, the study analyzes the basic theories, such as stakeholders theory, slack resources theory, good management theory, corporate value theory, and sustainable development theory, to define the concept of CSR, CV, CSP and CFP, and to expound the essen-tial characteristics of CSR and CV. Secondly, the study reviews the literature about both CSR and CV, and constructs a set CSR evaluation index system from the TBL perspectives based on the actual situation of China, which includes 8 level-1 indexes and 10 level-2 indexes covering economic, social and environment performance. Thirdly, the study selects A share listed companies in Shanghai and Shenzhen Stock Exchange as the sample data, analyzes the total CSR situation by using factor analysis method. The study uses SPSS software for processing the sample data, the selected in-dicators are summarized and extracted, then based on the sample of enterprises to re-search the annual comprehensive performance, and analyzes and evaluates the CSR status in China. Fourthly, the study emploies CSR and CV as dependent variables and independent variables, risk, industry type, firm size, ownership structure as a control variable, and uses two stage least square method and multiple regression analysis method to analyze the mutual influence of CSR and CV, to find the causal relationship. The fifth is to analyze the influence of corporate social responsibility on the investment decision and behavior choice of stakeholders. The sixth is to use the da-ta of listed companies in China to research the relationship between CSP and CFP, in-cluding the interaction and the lag effect. The seventh is to analyze the dual characteris-tics of contradiction and unity between CSR and CV, and to put forward the strategy of strengthening corporate social responsibility and improving corporate value.

The conclusions are as follows: ①the study applys the evaluation index system of CSR based on the TBL framework to analyze the listed companies and we find that there is a large difference of the CSR in different industries, a large difference between the factors of the CSR in different industries, a large difference between the factors of the CSR in same industry; ②By empirical analysis of the interactive relationship be-tween CSR and CV, the study finds that the listed company's current corporate social responsibility score and current corporate value is positively related, the listed company's current economic performance, social performance and environmental per-formance and the current enterprise value is positively related, the relationship between social responsibility score of listed companies in China and the lag of corporate value is positively related; the economic performance, social performance and environmental performance and the lag of corporate value of listed companies in China have a significant positive correlation; ③ the study analyzes the questionnaire about fulfilling the social responsibility of the enterprise, and finds the enterprises'op-erators have a high degree of awareness to fulfill CSR, and knows that fulfilling CSR is helpful to improve the CV, the performance is better for the economic responsibility, the social responsibility fulfillment situation needs to be improved, the performance for the environmental responsibility is relatively poor; ④ with the interaction models and the lead-lag models about the correlation between CSP and CFP, the empirical a-nalysis finds that the CSP-CFP relationship is negative in China and Tobin's Q and CSP exists a significantly negative relationship; CSP based on different stakeholders has different impacts on CFP based on market. CSP based on government has a positive impact on CFP, CSP based on suppliers has a negative impact on CFP, and CSP based on employees, customers, creditors and social philanthropy has no signifi-cant impact on CFP. The study shows that there are the dual characteristics of contra-diction and unity between CSR and CV, which is that in the short-term management of enterprises, corporate social responsibility and corporate value are contradictory, however, in the long-term operation of the enterprise, corporate social responsibility and corporate value are unified.

Capital operation abides by ethics, and business follows moral principles. The study proposes that China's enterprises, regulators, investors and other stakeholders should be actively involved in the implementation of corporate social responsibility and the supervision, and they should be fully aware that the corporate social responsibility is not only of great significance to the enterprises, but also is closely related with vari-ous stakeholders' interests. Enterprises, government departments and the public might go far in the fulfillment of social responsibility and increasing social welfare. Specific-ally, the enterprises should enhance the sense of social responsibility, strengthen cap-ital investment for social responsibility, impove social responsibility information disclo-sure, develop ecological environmental protection industry by depending on the ad-vanced science and technology, and enhance the ability of comprehensive development; the government should establish and improve laws and regulations and incentive mechanism, strengthen corporate social responsibility publicity, establish and perfect the information disclosure system of social responsibility, strengthen the supervision to fulfill corporate social responsibility, boost development of enterprise by system innovation; the public and investors should form the cultivation of the con-sciousness of corporate social responsibility, and play the supervision role as stake-holders.

Key words: Triple Bottom Line; Corporate Social Responsibility; Economical Performance; Social Performance; Enviromental Performance; Evaluation System; Corporate Value; Corporate Financial Performance; The Listed Company