The Value of Oil and Gas Enterprises Affected by Corporate Governance and Social Responsibility

Author:Zhang Yan Ming

Supervisor:wang jia shan

Database:Doctor

Degree Year:2018

Download:327

Pages:161

Size:3057K

Keyword:

As international crude oil prices have continued to operate at a low level,Oil and gas companies’ profits have declined,costs have risen,investment has narrowed,and risks have increased.The company’s value has shrunk dramatically.In this context,it is particularly important to thoroughly research the ways to enhance the value of the company.It has been proved that improving corporate governance and actively fulfilling social responsibility are conducive to the enhancement of corporate value.Through the literature study,it also has been found that Chinese scholars still use the line of thinking of Berle & Means,and Jensen &Meckling,which focused on the relationship between corporate governance and corporate value,and the relationship between corporate social responsibility and corporate value,with few in-depth examinations of the coupling effects of corporate governance and corporate social responsibility on corporate value.Therefore,in order to prompt the relationship between the three,this paper will examine the impact of corporate governance and corporate social responsibility on the value of oil and gas enterprises and the ways to enhance it from the perspective of the coupling effects of the two.The paper analyzes and demonstrates the mechanism of corporate governance and corporate social responsibility affecting corporate value,and constructs a theoretical framework and test model for corporate value based on the coupling of corporate governance and corporate social responsibility.Also,it puts forward the hypothesis that corporate governance and social responsibility affect the value of oil and gas enterprises,and empirically analyzes the relationship between corporate governance,social responsibility and the value of oil and gas companies.Then combining the current status and the empirical analysis results of the three,it proposes a strategy for enhancing the value of oil and gas companies based on the coupling effects of corporate social responsibility and corporate governance,thus provides solid theoretical support,scientific method guidance,and rich practical evidence for the sustainable development of oil and gas companies.First,based on stakeholder theory,principal-agent theory,Tobin’s Q theory,econometrics,and the analysis of the relationship between corporate governance,social responsibility,andcorporate value,it proposes that corporate governance and fulfillment of social responsibilities have a coupling effect on corporate value and build a theoretical framework of the control coupling effects of corporate governance and corporate social responsibility on corporate value,which provides a new perspective for the in-depth study of the influencing factors of corporate value and the way to promote it.Secondly,Based on the descriptive analysis of the current state of corporate governance,social responsibility and corporate value,it empirically analyzes the relationship between corporate governance and the value of oil and gas companies,and the relationship between social responsibility and the value of oil and gas companies.According to related academic research results and theoretical analysis,the paper proposes research hypotheses based on scholars’ achievements and theoretical analysis,and selects the corresponding indices,such as equity structure,board structure,supervisory committee and corresponding managers as corporate governance variables.The social responsibility index is selected as the variable of corporate social responsibility.The index is calculated by factor analysis based on the social responsibility evaluation index system which consists of shareholders,creditors,employees,customers,suppliers,governments,and the environment.Tobin’s Q was selected as the enterprise value variable.According to the panel data of corporate governance,social responsibility and enterprise value of oil and gas enterprises,the empirical test was carried out by multivariate regression analysis method.The results showed that the proportion of state-owned shares,legal person shares,shareholding balance,board size,proportion of independent directors,board of supervisors,senior management shareholding ratio and corporate value are significantly and positively related to corporate value.There was no significant relationship between social public shares,equity concentration,supervisory board meeting times,managerial remuneration and corporate value.The fulfillment of social responsibility is positively related to corporate value,and there is a lag period.Which provide ideas for increasing the value of oil and gas companies.Thirdly,it empirically analyzes the coupling effects of corporate governance and corporate social responsibility on corporate value of oil and gas companies.Selecting corporate governance and social responsibility as an exogenous variable,while selecting corporate value as endogenous variables,AMOS structural equations are used to analyze the path diagrams and path coefficients of the control coupling effects of corporate governance and corporate social responsibility on corporate value of oil and gas companies.The research shows that the better corporate governance and the better the performance of corporate socialresponsibility,the more obvious increase in corporate value under the coupling effect of the two.Finally,based on the analysis of the status of corporate governance,social responsibility and the value of oil and gas enterprises,and the empirical analysis of the impact of corporate governance,social responsibility,and the coupling effect of corporate governance and social responsibility on the value of oil and gas enterprises,This paper puts forward the strategy of improving the value of oil and gas enterprises based on the effect coupling of corporate governance and social responsibility from the aspects of strengthening corporate governance,fulfilling social responsibility and strengthening superimposed coupling,which provides a theoretical reference for oil and gas enterprises to continuously enhance their corporate value and achieve sustainable development.