Corporate Social Responsibility, Internal Control and Enterprise Value—Based on the Chinese Stock Market

Abstract

Taking China’s A-share listed companies as the research sample, this paper studies the relationship between corporate social responsibility, internal control and enterprise value. The research results show that there is a positive correlation between the corporate social responsibility and the enterprise value. It shows corporate social responsibility behavior will enhance the enterprise value. At the same time, the behavior of corporate social responsibility also contributes to the improvement of enterprise internal control. Internal control has a partial intermediary role in the process of social responsibility affecting enterprise value. In that way, the corporate social responsibility can affect enterprise value by improving enterprise internal control. Further research shows that compared with the private enterprises, the internal control in the state-owned enterprises has a more significant partial mediating effect in the process of corporate social responsibility affecting enterprise value.