CAJ | 학술논문

企业社会责任在企业生产经营中的作用是不容忽视的，因此有必要分析企业社会责任对股东财富的影响，从而为我国企业主动履行社会责任提供理论支持。从利益相关者角度分析了企业社会责任与股东财富的关系，在此基础上提出了信号传递理论，即企业可以通过传递信号履行社会责任。以2005年沪深两市上市公司为数据样本，运用多元回归分析方法研究了企业社会责任与股东财富的关系，发现企业履行社会责任，满足了其他利益相关者的利益需求，有利于增加股东财富，实现“股东财富最大化”。
기업사회책임재기업생산경영중적작용시불용홀시적，인차유필요분석기업사회책임대고동재부적영향，종이위아국기업주동리행사회책임제공이론지지。종이익상관자각도분석료기업사회책임여고동재부적관계，재차기출상제출료신호전체이론，즉기업가이통과전체신호리행사회책임。이2005년호심량시상시공사위수거양본，운용다원회귀분석방법연구료기업사회책임여고동재부적관계，발현기업리행사회책임，만족료기타이익상관자적이익수구，유리우증가고동재부，실현“고동재부최대화”。
It is not allowed to ignore the corporate social responsibility（CSR） when a corporation handles its production and business. An analysis is therefore made for the CSR influence on stockholders＇ wealth, thus providing theoretically a support for China＇s enterprises to perform their CSR. The relation between CSR and stockholders＇ wealth is discussed with the signal transmission theory proposed, i.e. , an enterprise may perform its CSR through signal transmission. Taking the listed companies on Shanghai and Shenzhen stock markets as data sources in 2005 as example, a multi-element regression analysis is made to study the relation between CSR and stockholders＇ wealth. And it is found that if a listed company has performed its CSR to satisfy the interest requirements of other stakeholders, all stockholders＇ wealth will increase even be maximized.