企业社会责任绩效：创造价值还是毁灭价值？——基于“两型社会”建设试验区上市公司的经验证据

以“两型社会”建设配套改革试验区上市公司为研究样本，以经济增加值、经济增加值率和市场增加值为被解释变量，研究了企业社会责任绩效对价值创造的影响。研究发现，上市公司的社会责任总绩效的提升会显著降低当期的经济增加值和市场增加值；具体到公司对各个利益相关者的贡献而言，对政府贡献的提升能显著地增加公司的价值创造能力，对投资者贡献和职工贡献的增加反而会降低公司的价值创造能力，而对供应商所做的贡献以及基于利他性动机对利益相关者所做贡献的增加则对公司的价值创造能力没有显著影响。这就解释了为什么上市公司更多地注重与政府关系的“和谐”而选择性地忽视其他利益相关者的诉求。因此，理顺企业、政府、投资者和其他利益相关者的关系，突破“股东至上”的逻辑，实施基于利益相关者价值取向的业绩评价对于促进企业的可持续价值创造十分重要。

Corporate Social Responsibility Performance： Creating Value or Destroying Value？-- Empirical Evidence from the Listed Corporations of Two-oriented Society Experimental Zone

Using the listed corporations of Two-oriented Society Experimental Zone as research samples from year 2007 to 2010 and taking economic added value （EVA） and market value added （MVA） as dependent variables, the authors studies the influence of corporate social responsibility performance on value creation. Research shows that the total social responsibility performance of the listed corporations significantly reduces the current economic added value and market value added; so far as every stakeholder is concerned, the ascension of contribution to government can significantly increase the value creation ability of corporations; the ascension of contribution to investors and employees may decrease the value creation ability; and the ascension of contribution to other remaining stakeholders does not have a significant effect on the value creation ability, which explains why listed corporations pay more attention to building the ＂harmonious＂ relationship with government and selectively ignore the demands of the other stakeholders. Therefore, it is very important for promoting the sustainable development of enterprises by straightening the relation among enterprise, government, investors and other stakeholders, breaking through ＂shareholder first＂ logic, and implementing the performance evaluation system based on the stakeholder＇s value orientation.