会计学院知识库

    2021年，蒙牛乳业通过“牧场主大学”帮助乡村牧场效益提升15亿元；鸿星尔克向河南捐款5千万，一时间全民抢购鸿星尔克，企业业绩增长迅速；小米与中华环保联合会达成战略合作，首次提出“科技环保”理念，借助科技力量助力环保事业。像这类积极履行社会责任的企业在中国比比皆是，但是企业价值评估时却很少将社会责任考虑其中，造成企业价值的低估。因此本文在考虑社会责任因素的情况下对价值评估方法进行修正，希望能弥补这方面的研究不足，评估出更为综合的企业价值，激励企业积极作为。

  首先，通过文献梳理发现多数学者认为社会责任的履行对企业价值会产生正向影响，本文以此为前提展开研究，选择在社会责任方面表现良好的蒙牛乳业为研究对象，现金流量法为评估方法。其次，基于利益相关者与三重底线理论，参照以往学者的研究以及蒙牛乳业社会责任披露特点，选择出社会责任视角下影响企业价值的三层指标。采用模糊层次法计算出企业社会责任调整系数，对自由现金流量法进行修正，构建基于社会责任的企业价值评估方案。最后，将所构建的评估模型应用于蒙牛乳业企业价值评估，计算出社会责任调整系数为0.1765，考虑社会责任后的企业价值为4107.22亿元，社会责任会导致企业产生637.41亿元的溢价。本文据此得出结论：履行社会责任会增加企业价值，企业应履行社会责任，为社会作贡献的同时创造更多企业价值。本文的研究一方面改进企业价值评估方法，完善评估体系。另一方面能够激励企业积极履行社会责任，实现长久发展。

  2021, Mengniu Dairy helped increase the benefits of rural pastures by 1.5 billion yuan through the "Rancher University". Hongxing Erke donated 50 million yuan to Henan, setting off a wave of buying Hongxing Erke; Xiaomi has reached strategic cooperation with the All-China Federation of Environmental Protection, and put forward the concept of "science and technology for environmental protection" for the first time to help the cause of environmental protection with the help of science and technology. Enterprises which fulfill their social responsibilities can be seen everywhere, but they seldom take social responsibilities into consideration when evaluating corporate value, resulting in the underestimation of corporate value. Therefore, this paper revises the valuation method in the context of considering social responsibility factors, hoping to make up for the research vacancy in this area, evaluate more comprehensive enterprise value, and encourage enterprises to take active actions.

  First of all, through literature review, it is found that most scholars believe that the fulfillment of social responsibility will play apositive role on enterprice value. This paper takes this as the premise to carry out research and chooses Mengniu Dairy, which has a good performance in social responsibility, as the research object, and adopts cash flow method as the evaluation method. Secondly, based on the theory of stakeholders and triple bottom line, referring to previous scholars' studies and the characteristics of Mengniu Dairy's social responsibility disclosure, we select the three-level indicators that affect corporate value from the perspective of social responsibility. The adjustment coefficient of corporate social responsibility is calculated by fuzzy hierarchy method, and the free cash flow method is modified to construct the corporate value evaluation scheme based on social responsibility. In the end, the built value model is used to the enterprise value evaluation of Mengniu Dairy, and the adjusted coefficient of social responsibility is calculated to be 0.1765. After considering social responsibility, the enterprise value is 410.722 billion yuan, and social responsibility will lead to a premium of 63.741 billion yuan. This paper concludes that fulfilling social responsibility will increase corporate value, and enterprises should fulfill social responsibility and create more corporate value while making contributions to society. the conclusion of this thesis can offer example for enterprise value evaluation. it can hearten companies to actively fulfill their social responsibilities and achieve sustainable development.