Corporate Social Responsibility Performance: Creating Value or Destroying Value? ——Empirical Evidence from the Listed Corporations of Two-oriented Society Experimental Zone

Using the listed corporations of Two-oriented Society Experimental Zone as research samples from year 2007 to 2010 and taking economic added value（EVA） and market value added (MVA) as dependent variables, the authors studies the influence of corporate social responsibility performance on value creation. Research shows that the total social responsibility performance of the listed corporations significantly reduces the current economic added value and market value added; so far as every stakeholder is concerned，the ascension of contribution to government can significantly increase the value creation ability of corporations; the ascension of contribution to investors and employees may decrease the value creation ability; and the ascension of contribution to other remaining stakeholders does not have a significant effect on the value creation ability, which explains why listed corporations pay more attention to building the “harmonious” relationship with government and selectively ignore the demands of the other stakeholders. Therefore, it is very important for promoting the sustainable development of enterprises by straightening the relation among enterprise, government, investors and other stakeholders, breaking through “shareholder first” logic, and implementing the performance evaluation system based on the stakeholder’s value orientation.