利益相关者压力、企业社会责任与企业价值
Stakeholders Pressure, Corporate Social Responsibility, and Firm Value

摘要 以“外部压力-企业行为-市场反应”的研究范式，研究利益相关者压力、企业社会责任及企业价值三者之间的关系，并以2011~2013年CASS-CSR研究中心发布百强企业榜单上市公司为研究样本进行了实证分析。研究表明，企业社会责任在利益相关者压力到企业价值的关系中起到中介作用。利益相关者压力激发企业对资源及合法性的需求，会促使企业积极履行社会责任，而企业履行社会责任又将有助于企业价值的提高。此外，媒体关注度不仅直接影响企业社会责任的履行，同时调节影响其他利益相关者的压力效果及企业社会责任到企业价值的关系。
Does stakeholder pressure be the pressure or force driver for firms? Based on previous studies on stakeholder pressure and firm values, and using the paradigm of “external pressure-firm action-market response”, we explore the relationships between stakeholder pressure, corporate social responsibility (CSR), and firm value.
Stakeholder pressure stimulates the requirement of resources and legitimacy to firms, and fosters firm’s to proactively take CSR, and CSR will improve firm values as a result. Meanwhile, media attention will not only directly influence firm’s CSR activities, but also affect other stakeholders’ pressures and the moderate the relationship between CSR and firm values