Research On The Impact Of Corporate Social Responsibility On Corporate Financial Performance

Since the reform and opening up,my country has shown a trend of rapid growth both in terms of economic level and social development.The environmental problems associated with the rapid economic development are becoming increasingly prominent.After entering the 21 st century,sustainable development has become a socially recognized development direction.As an important carrier in the market economy,enterprises bear important responsibilities for environmental protection,economic growth,and social development.The public has higher expectations and requirements for enterprises.Fulfilling social responsibility incurs responsibility costs,but creates a good corporate image,which increases financial performance.Therefore,in order to urge enterprises to correctly understand the importance of corporate responsibility performance and actively perform responsibilities,this paper introduces the lag effect of social responsibility,and studies the impact of corporate social responsibility performance on current and future financial performance.Considering that different corporate decision-making may occur under different ownership structures,thus affecting the impact of corporate responsibility performance on financial performance,this paper also adds research on the moderating effect of ownership concentration.In the research process,this paper takes 167 A-share chemical industry listed companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange as the research object,and selects the data of 6 years from 2015 to2020 as the sample for empirical analysis.Firstly,based on the theory of signal transmission,reputation theory,principal-agent theory and stakeholder theory,this paper constructs the corporate social responsibility evaluation index system of this paper,and uses factor analysis to obtain the comprehensive score of social responsibility of sample companies;secondly,describe the sample data according to the score Finally,it is concluded that the active fulfillment of social responsibilities by listed companies in the chemical industry not only has a significant effect on the current financial performance,but also has a significant impact on the current financial performance.Financial performance has also improved significantly in the later period;ownership concentration has a negative moderating effect on the relationship between the two,and the performance of social responsibilities of companies with higher ownership concentration will weaken their financial performance.Therefore,this paper suggests that: on the one hand,the government should regulate and guide enterprises to actively fulfill their social responsibilities,thereby promoting the sustainable and healthy development of the entire industry;In addition,the society should play a unique role of public supervision,and play a certain normative role in the behavior of enterprises to fulfill their social responsibilities.