高新技术企业社会责任的市场价值效应研究基于企业创新能力的调节作用

本研究注重观察了企业社会责任的履行情况。基于此，选取2015~2019年的高新技术行业企业5年数据作为样本，就企业社会责任、企业研发创新能力以及企业价值三者间的关系进行了研究。研究结果表明：中国上市高新技术企业的社会责任与企业价值呈正相关关系；企业研发创新能力正向调节了企业社会责任与企业价值间的关系。首先，该研究展示了企业履行社会责任对于企业自身的重要性。其次，揭示了企业研发创新有助于价值创造的实现条件与局限性。最后，对企业履行社会责任时内外环境的影响作用进行了分析，以期为高新技术企业管理人员以及相关监管部门在优化和改善社会责任的履行机制上提供一些参考。

The Research on Market Value Effect of High-tech Enterprises' Social ResponsibilityBased on the Moderating Effect of Enterprise Innovation Capability

The attention was paid to the implementation of corporate social responsibility, based on this, the 5-year data of high-tech enterprises from 2015 to 2019 were selected as the sample to study the relationship among corporate social responsibility, R&D and innovation capability of enterprises and enterprise value. The results show that the social responsibility of listed high-tech enterprises in China is positively corrected with the corporate value. Moreover, the R&D and innovation capability of enterprises has a positive moderating effect on the relationship between corporate social responsibility and corporate value. Firstly, the study showed the importance of corporate social responsibility for enterprises themselves. Secondly, it revealed the realization conditions and limitations of the contribution of enterprise R&D innovation to value creation. Finally, this study also analyzed the impact of the internal and external environment when enterprises fulfill their social responsibility, hoping to provide some references for managers of high-tech enterprises and relevant regulatory departments to optimize and improve the fulfillment mechanism of social responsibility.