V. Conclusions
The natural logarithm of total assets (LnAssets), the age of the company (Age), and the book-to-market ratio (B/ M) all gave significantly negative influence on corporate value. This shows that the corporate values of older companies with higher market value have reached stable development; as a company attains higher market value or as time goes on, corporate value begins the decline. Although the influence of CSR performance on corporate value was significantly positive in different years, the extent of said influence was not significantly different. When different corporate values are considered, the influence of CSR on corporate value is significantly different, which means that corporations with high corporate value can indeed substantially increase their corporate value when they fulfil CSR. When grouped by year, the empirical results support the social impact hypothesis; however, the positive effects are fixed and do not vary with time. The views of classical economics may have been true before due to the exogenization of endogenous costs in corporations; external costs were born by the general public, which reduced internal operational costs for corporations and increased corporate value. Thus, in the past, enhancing CSR performance would only decrease corporate value when operational costs were increased. However, the external diseconomies of corporations have now become internal costs, and only when CSR activities reduce the costs of transactions with stakeholders can the issue of external diseconomies bringing increased internal operational costs be resolved and operational obstacles be reduced. Corporations can then improve their operation efficiency and reputation, which facilitates the enhancement of corporate performance and the increasing of corporate value.
