Advances in Social Science, Education and Humanities Research, volume 554

Proceedings of the 7th International Conference on Humanities and

Social Science Research (ICHSSR 2021)

Research on the Influence of Real Estate Listed

Enterprises to Fulfill Social Responsibility on
Enterprise Growth
liu fu min1, Ding wei tong2*
1
School of Management, Xi'an University of Science and Technology，Wild Goose Pagoda，Xi'an， China
2
School of Management, Xi'an University of Science and Technology ，Wild Goose Pagoda，Xi'an， China
Email:a [email protected]
b*
[email protected]

ABSTRACT
This paper combed the first social responsibility related to the growth of all kinds of research at home and abroad and
combining the current our country real estate industry present situation and the social responsibility fulfillment influence
mechanism and the research hypothesis is put forward, and then based on the stakeholder theory, shareholders, creditors,
community, employees, government five stakeholders as corporate social responsibility (single variable, select the
company size, profitability, operation ability, debt paying ability, expand capacity, human resources six as enterprise
growth evaluation system, selection of listed companies time as control variables. Then design the index and build the
model. Finally, according to the impact of corporate social responsibility on the current growth of variable correlation
analysis and multiple regression analysis, according to the research conclusions, combined with China's national
conditions and industry characteristics, this paper put forward reasonable suggestions for the government and
enterprises. Expect to play a certain role in macroscopic policy and industry development.

Keywords: Real estate enterprise, Stakeholders, Social responsibility, grow

1. THEORETICAL ANALYSIS AND competitors, society, government and business partners

RESEARCH HYPOTHESIS [1].
The CSR index system established by Peng Jing
Based on the previous research system and methods,
(2006) includes the responsibilities of enterprises to a
this study combined with the actual situation of listed real
series of stakeholders such as investors, employees,
estate enterprises in China, to explore the relationship
consumers, sustainable development of enterprises and
between the growth of Chinese real estate enterprises and
public welfare donations. Specific indicators include:
their social responsibility under the existing domestic
employment contribution, corporate tax record, corporate
economic environment and background system. Based
credit record, donation-income ratio, social contribution
on the literature and case studies, this paper attempts to
rate, etc., all of which are the key factors to evaluate the
prove from the perspective of stakeholders that corporate
degree of social responsibility [2].
social responsibility has a positive impact on corporate
growth. Furthermore, enterprises are encouraged to Wang Qiang (2003) took profit growth rate, capital
actively undertake social responsibility, so that they growth rate, sales revenue growth rate, capital
understand that social responsibility is the essence of preservation and appreciation rate, output value growth
their own survival and development needs, and is an rate, foreign exchange earning rate and personnel growth
indispensable part of their own healthy development. rate as factors affecting enterprise growth. Real number
comparative analysis, trend analysis and ratio analysis are
Ye Chengang and Cao Bo (2008) analyzed and
carried out to confirm different growth types of
studied the evaluation system of corporate social
enterprises, including steady growth, out-of-control
responsibility from the perspective of stakeholders, and
growth, excessive growth, cyclical growth, slow growth,
then established a social responsibility evaluation system
based on shareholders, investors, employees,

Copyright © 2021 The Authors. Published by Atlantis Press SARL.

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 Advances in Social Science, Education and Humanities Research, volume 554

responsible growth, etc. Finally, different growth models

of enterprises are established [3]. CSR Factor analysis showed that

Shang Mengmeng (2012) took private enterprises as

samples and built an indicator system of corporate social
Time to go public = days of listing at the
responsibility based on stakeholder theory, and AGE
end of annual report /365
empirically concluded that corporate social responsibility
has a significant positive impact on corporate growth [4].
He Chaozhen (2014) selected the data of small and 3. EMPIRICAL ANALYSIS
medium-sized enterprises on the GEM over the years and
used the least square method to conduct research, From the stepby analysis of regression results in Table
concluding that fulfilling social responsibility has a 2,analysis of regression explanatory variables can be
positive impact on growth [5]. obtained. The results show that enterprise growth is
significantly positively correlated with CSR and CRE1 at
2. RESEARCH DESIGN the level of 1%, significantly positively correlated with
SHA at the level of 5%, significantly negatively
Considering the enterprise society responsibility and correlated with EMP and AGE at the level of 1%, but not
comprehensive growth respectively composed of significantly correlated with other variables. This
multiple stakeholders and a number of financial indicates that after the inclusion of stakeholders, the
indicators, so "factor analysis" the social responsibility performance of social responsibility of real estate
and growth indicators of this article, the principle, enterprises still has a significant positive impact on the
through the method of dimension reduction, namely the growth of the current period, and the listing time still has
more intricate variables into several common factor a significant negative impact. In terms of subdivision, real
analysis method. The idea is to divide the original estate enterprises' fulfilment of social responsibilities to
variables into several categories based on the correlation shareholders and creditors has a significantly positive
standard, and each type of variable forms a common impact on current growth, while the fulfilment of social
factor, which contains most of the information of the responsibilities to employees has a significantly negative
original variable, so as to convert the original many impact, while other variables have no significant impact.
variables into fewer common factors. The specific
indicators are as follows. Table 2 Multiple regression results

Table 1 Statistical table of empirical research variables

Variable Coefficient Prob.
The variable
Define
name
CSR 0.267** 0.000

Gro Factor analysis showed that

AGE -0.11** 0.000

Sha 0.73* 0.036

Basic earnings per share = net
sha
profit/number of common shares
Cre1 0.019** 0.000

Cre EBITDA ratio = EBITDA/total liabilities Cre2 -0.014 0.510

Soc -0.252 0.557

Public welfare contribution rate = total
Soc
annual public welfare donation/net profit Emp -0.014** 0.000

Gov 0.33 0.540

Employee benefit rate = cash paid to and
Emp for employees /
Operating income C 0.416** 0.000

R2 0.592
Tax contribution rate = annual total tax
Gov
payment/operating income

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growth, to fulfill the social responsibility of the

R2Adjust the 0.581
government have a positive influence on the growth, but
not significant. Fulfilling social responsibility has a
negative impact on its growth, but it is also not significant.
F 84.622** 0.000 After taking into account the lag, except that the positive
influence of shareholders increases significantly, and the
social responsibility of fulfilling the society changes from
negative to positive, the rest is the same as that of the
4. THE RESEARCH CONCLUSION current period.
Based on the perspective of stakeholders, this paper
discusses the impact of corporate social responsibility on 5. POLICY RECOMMENDATIONS
growth, so that enterprises can realize that taking social
responsibility is not a heavy burden for enterprises, but 5.1Suggestions to the Government
also can create a good environment for the growth of
enterprises, so as to guide enterprises to take social Improve relevant laws and regulations. Government
responsibility actively. The listed companies in the real departments should formulate the minimum standards for
estate industry studied in this paper construct the implementation of social responsibility of real estate
comprehensive indicators of corporate social enterprises, and establish the corresponding social
responsibility and corporate growth through factor responsibility file system, early warning mechanism and
analysis. The single variable and comprehensive index of credit evaluation system. Appropriate economic
corporate social responsibility are taken as independent incentives or preferential policies will be given to
variables and the comprehensive index of corporate enterprises that actively undertake social responsibilities.
growth is taken as dependent variable to empirically More preferential tax policies will be given to enterprises
study the impact of corporate social responsibility on that pay taxes in full and on time according to law and are
corporate growth. To sum up, we can draw a conclusion, enthusiastic about public welfare undertakings. On the
and then we will make a brief analysis and summary. contrary, for enterprises that ignore social responsibility
and infringe on stakeholders, the government should
(1) The performance of the comprehensive index of increase penalties, with a fine far higher than the illegal
social responsibility of real estate enterprises synthesized gains, so as to urge enterprises to consciously undertake
by the factor analysis method in the current period has a social responsibility and improve their awareness of
significant positive impact on the growth of real estate fulfilling their social responsibilities.The information
enterprises in the current period. After considering the disclosure system of corporate social responsibility
factor of hysteresis, it is found that enterprises still have should be improved. At present, China's corporate social
a positive impact. This indicates that although improving responsibility report lacks a unified format, and only a
the current CSR performance of real estate enterprises small number of enterprises disclose it in detail. Under the
will consume certain financial and human resources, it pressure of public opinion, many enterprises only simply
can significantly enhance the growth of real estate release information related to social responsibility, and
enterprises in the current period. most of them have never even released their social
(2) Most single variables of corporate social responsibility report.If the social responsibility report is
responsibility are significantly positively correlated with not disclosed in detail, the market will not be able to fully
the growth of the current period. According to the understand the performance of the enterprise, which will
classification of stakeholders, real estate corporate social lead to the lag of information of stakeholders and damage
responsibility can be divided into social responsibilities to the interests of the public. Therefore, reporting
to shareholders, employees, creditors, government and standards should be formulated in detail, requiring
society. In order to explore the impact and differences of enterprises to improve information transparency, carry
real estate enterprises' performance of fulfilling social out more social responsibility work, and disclose relevant
responsibilities to various stakeholders on their growth. work results and operation data.Establish a corporate
We add social responsibility performance indicators for social responsibility supervision platform. Since the
various stakeholders into the regression model of the concept of social responsibility is three-dimensional, it is
impact of comprehensive social responsibility difficult for the general public to know whether an
performance of real estate enterprises on their growth. enterprise has fulfilled its obligations at the first time.
Regression results show that from the point of the current Therefore, government departments should set up a
social responsibility performance, real estate enterprises corporate social responsibility supervision platform and
to fulfill the social responsibility of the creditors and give praise and public praise to enterprises that have made
shareholders has a positive significant influence on the contributions to social welfare. At the same time,
growth, of real estate enterprises to fulfill their social enterprises with poor housing quality, property
responsibility has a significant negative effect on the environment and reputation will be exposed and severely
punished and publicized through the platform, so that

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stakeholders can get to know the enterprises in time and mandatory. They are all based on the corporate spirit of
create a fair and good environment for enterprises to public welfare. It would be heart-rending if no one
fulfill their social responsibilities in a fair manner. remembered a good deed done.

5.2 Suggestions to enterprises REFERENCES

Although the study conclusion shows that [1] Ye Chengang, Cao Bo Construction of Corporate
performance of the employees, growth has a negative Social Responsibility Evaluation System [J],
influence on corporate social responsibility, but the real Finance and Accounting Monthly
estate is a comprehensive industry, the number of (Comprehensive),2008,6.
employees and the species is numerous, no matter a
[2] Peng Jing, Research on Fuzzy Evaluation of Corporate
gleam of grass-roots staff or middle technical backbone,
Social Responsibility,[D], Sichuan University,2006.
is an integral part of enterprise development, so the real
estate should be strengths, meet the reasonable needs of [3] Wang Qiang. Research on Firm Growth Model from
employees, such as the salary system and the growth of the Perspective of Growth Analysis, Modern
enterprise performance, stimulate staff's work Accounting,2003,(8):28-35.
enthusiasm and sense of responsibility, realize the
employee benefit and enterprise win-win effect in the [4] Shangmengmeng. A Study on the Correlation between
development of the common development. In this way, Social Responsibility and Corporate Growth of
the turnover rate can be reduced, making it more valuable Private Enterprises in China [D]. Shandong: Ocean
for enterprises to fulfill their social responsibilities to University of China,2012.
employees. Set up internal social responsibility [5] He Chaozhen. A Study on the Correlation between
supervision institutions, so that real estate enterprises can Social Responsibility and Growth of Small and
fully consider the interests of stakeholders and improve Medium-sized Enterprises [D]. Hunan: Central
the corporate governance structure from the perspective South University,2014
of corporate governance. The essence of corporate
governance is to coordinate the responsibility and right
relations among stakeholders. The extended significance
of corporate social responsibility lies in that an enterprise
is a carrier of interest conflict and cooperation among
different stakeholders, and the process of an enterprise
undertaking social responsibility is the process of
realizing the interests of stakeholders. Set up a
"Stakeholder Committee" composed of representatives
from all stakeholders of the real estate enterprise. The
functions of this organization mainly include three
aspects: collecting and sorting out the requirements of
different stakeholders on the enterprise, and passing them
to the board of directors in a timely manner;
Communicate the decisions of the board of directors to
stakeholders in a timely manner; Supervise
management's implementation of the board's decisions.
By setting such an institution in the corporate governance
structure, real estate enterprises can effectively supervise
their decisions, ensure that the decisions they make meet
the interest requirements of most stakeholders, and thus
promote their commitment to social responsibility.

6. CONCLUSION
For the society, the state does not reward enterprises
for large philanthropic efforts, and does not publicize the
enterprises that contribute, so that the good deeds done
are not known by others. Although the enterprise has
fulfilled its social responsibility, it has failed to produce
substantial help to the enterprise, which has a great
relationship with the propaganda of social responsibility
in our country. After all, charitable donations are not

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