企业社会责任与企业价值:营销竞争力与顾客意识的作用机理  

Corporate social responsibility and enterprise value:The mechanism of marketing competitiveness and customer awareness

作　　者：何音[1] 李健[2] 蔡满堂 张曦 HE Yin;LI Jian;CAI Mantang;ZHANG Xi(School of management and Economics,Beijing Institute of Technology,Beijing 100081,China;College of Humanities and Social Sciences,Beijing Institute of Technology,Beijing 100081,China;Capital Development Institute,Peking University,Beijing 100871,China)

机构地区：[1]北京理工大学管理与经济学院,北京100081 [2]北京理工大学人文与社会科学学院,北京100081 [3]北京大学首都发展研究院,北京100871

出　　处：《管理工程学报》2020年第2期84-94,共11页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71373022、71441007);社科基金重点资助项目(13ATJ003);教育部博士点基金资助项目(20101101110035)。

摘　　要：虽然企业社会责任与企业价值相关性的研究已有数十年,但至今仍未取得一致结论,更缺乏对影响两者关系的权变因素和中间变量的探讨。为了深入分析企业社会责任与企业价值的内在联系,研究以2013-2015年501家A股上市公司为样本,从企业竞争力视角出发,选择营销这一与企业价值密切相关的经营活动,首次将营销竞争力作为中介变量展开分析,同时检验了企业提高顾客意识对两者关系的调节作用,通过构建企业社会责任对企业价值作用机理的概念模型,并使用固定效应与随机效应模型来进行实证分析,研究结果证实:企业社会责任与企业价值正向相关,而营销竞争力在两者关系中发挥部分中介作用;顾客意识正向调节了CSR对企业价值的影响,但这种效应仅在广告强度代理顾客意识时体现。研究结论有助于企业积极履行社会责任,以实现顾客忠诚度与营销竞争力的提升,经济与社会共享价值的创造。Since the concept of Corporate Social Responsibility(CSR)was introduced to China in the 1990s,after nearly 30 years of rapid development,more and more scholars have realized that CSR has generated huge benefits for business operation and the correlation between CSR and enterprise value has been extensively studied,but no consistent conclusions have been reached thus far.The current body of research has identified varying relationships–among them positive correlation,negative correlation,and irrelevance.Therefore,in order to deeply analyze the intrinsic link between CSR and enterprise value,this study starts with intermediate variables that affect the relationship and identifies indirect influences on enterprise value.A sample of CSR-rated A-share listed companies from 2013-2015–published by Runling Global(RKS),China's most authoritative third-party CSR rating agency–is used to demonstrate the functional mechanism of CSR on enterprise value based on marketing information and economic theory.The internal relationship between CSR and enterprise value,and how it is indirectly affected by contingency factors and intermediate variables,is also explored.Based on the previous studies,this paper combines stakeholder and marketing information with economic theory to explore the indirect effects of contingency factors and intermediate variables in the relationship between CSR and enterprise value.From the perspective of enterprise competitiveness,the study selects marketing activities that are closely related to enterprise value,and analyzes marketing competitiveness as a mediator for the first time.Performance evaluation indicators of marketing competitiveness are measured using the growth rate of sales revenue,process evaluation indicators are characterized by innovation intensity(R&D intensity=net intangible assets/total assets),and the intermediary role of marketing competitiveness in the relationship between CSR and enterprise value is explored.At the same time,the moderating role played by customers’awareness

关 键 词：企业社会责任 企业价值 营销竞争力 顾客意识 

分 类 号：F270[经济管理—企业管理]