社会责任投入权衡、信誉资本和公司价值创造

On the basis of Exchange View of corporate social responsibility (CSR) (Godfrey et al., 2009), and combining theories of institutional, organizational, and individual levels together, and adopting methods of normative analysis, model building, field surveys and empirical studies, this research focuses on four key CSR issues as follows: (i) establish a theoretical path to explain the relationship between CSR investments and firm value, that is "stakeholder pressures →CSR investments→stakeholder perception→reputation capital formation→active exchange achievement→firm value creation"; (ii) deconstruct reputation capital measures and propose the Investment Trade-off Hypothesis by analyzing specific paths and time-points of value creation of different CSR investments; (iii)under the framework of the Investment Trade-off Hypothesis, establish a decision-making system of CSR investment policies, design three-dimensional indicators to measure CSR investment policy, construct a theoretical CSR value creation model to reflect the effects of different CSR investment policies on firm value from three angles-investment level policy, investment concentration policy, and investment focus policy, and conduct the empirical testing work; and (iv) study the applicability and implementing conditions of CSR value creation model in different industries. By clarifying the understanding of the processes and underlying mechanisms through which CSR activities and policies lead to particular outcomes, this research aims to (i) expand the research scopes and approaches in the field of CSR; (ii) provide theoretical supports for companies to properly conduct CSR activities; and (iii) provide references for market regulators to develop policies accordingly as well.

本课题在Godfrey等（2009）的社会责任交易观的基础上，结合制度、个体、组织三个层面理论的学术思想，采用规范理论分析、模型构建和实地调查等方法，研究以下四个重要内容：（1）构建"利益相关者压力-社会责任投入-利益相关者感知-信誉资本形成-积极交易实现-公司价值创造"理论路径解释社会责任投入与公司价值的关系；（2）解构信誉资本，分析不同维度的社会责任投入创造价值的路径和时点，提出"投入权衡"假说；（3）在"投入权衡"假说框架下，建立社会责任投入政策的决策框架，设计立体化衡量指标，从投入水平、集中度和偏重方向三个角度构建社会责任投入价值创造的理论模型，并对模型进行实证检验；（4）研究社会责任投入价值创造模型的行业适用性和实现条件。本课题通过厘清从社会责任行为、政策到结果的过程和潜在机制，拓展了社会责任领域的研究范围和思路，为企业正确承担社会责任提供理论支持，也为市场监管者制定政策提供参考

本项目在我国企业社会责任运动迅速兴起但相关理论研究严重滞后于实践发展的现实背景下，从资源投入视角探索企业社会责任对公司价值的影响机理和实现路径，以解决长期困扰学界的企业社会责任的价值效应不确定问题。项目结合制度、个体、组织等多层面理论，构建一个全新的社会责任投入决策框架，创新性地界定和度量企业社会责任，详细论证企业社会责任价值创造的非线性、多层次复杂机理；提出社会责任“投入权衡”假说，建立社会责任投入价值创造的理论模型；手工收集上市公司数据对理论模型进行实证检验；探讨社会责任投入价值创造模型的行业适用性、实现条件及价值创造强化机制。 . 本项目共发表标注了课题号的国际重要刊物论文4篇，在审2篇；国内权威期刊论文8篇，核心期刊论文13篇；出版专著1部。已发表论文被引用200多次，下载12000多次。. 本项目的研究意义在于：（1）在理论上，通过厘清从社会责任行为、政策到结果的潜在机制，拓展了企业社会责任理论研究领域的思路和范围，是相关理论文献的一个相当有价值的补充；（2）在实践上，帮助管理者将创新、协调、绿色、开放、共享的发展理念融入决策过程，为企业正确履行社会责任提供理论支持和实践指引，也为市场监管者制定政策提供参考。