Corporate Governance?corporate Social Responsibility Implementations And Corporate Performance

Enterprises as the important economic organization and microeconomic agents in the market economy,their actions have important influence on economic growth,social development and ecological environment.Since the second half of the 20 th century,the global environmental pollution,ecological deterioration,excessive consumption of resources and labor protection problems etc.has become increasingly prominent,the Enron and the Worldcom's financial fraud in America,the global financial tsunami triggered by subprime mortgage crisis in U.S.,which have had widespread influence in the world,occured Continuously,the collapse of enterprises and financial institutions,commercial fraud,counterfeiting,bankruptcy and other companies' moral corruptions happened frequently in global scope,the problems of corporate governance and corporate social responsibility attract the attention of the whole society.Corporate governance is a series of institutional arrangements to realize the goal of enterprise value creation,and corporate social responsibility has value creation effect,the relationship between corporate governance,corporate social responsibility implementations and corporate performance increasingly becomes the focus of theoretical and practical circles.The extant researches about the relationship between corporate governance,corporate social responsibility implementations and corporate performance can't draw a consistent conclusion because of the difference of the research objects and research methods selecting.Under the background of transitional economy and the economic development entering the new normal in China,the logical relationship between corporate governance,corporate social responsibility implementations and corporate performance still need to be further researched.Based on this,this article,in viewing of the extant researches,is based upon the Property Rights Theory,Transaction Cost Theory,Information Asymmetry Theory,Externality Theory,Incomplete Contract Theory,Principal-Agent Theory,Stakeholder Theory,Resource-based Theory and the Theory of Sustainable Development to research the theoretical basis of the corporate governance and corporate social responsibility implementations,this article analyzes deeply the influence mechanism of corporate governance on corporate social responsibility implementations,the influence mechanism of corporate social responsibility implementations on corporate performance,and the mediation influence mechanism of corporate social responsibility implementations on between corporate governance and corporate performance from the external environmental governance(the degree of marketization,political connection)and internal corporate governance perspectives,this article clarifies the internal logical relationship between corporate governance,corporate social responsibility implementations and corporate performance,and constructs the theoretical framework of this study,this article bases on the data of China's A-share listed companies from 2010 to 2015,adopting the method of combining normative analysis and empirical analysis,to empirical tests the the influence mechanisms between corporate governance,corporate socialresponsibility implementations and corporate performance.The main conclusions are as follows:(1)There is significant positive correlation between corporate governance and corporate social responsibility implementations,corporate governance can improve corporate social responsibility implementations significantly,and the significant promotion effect has some hysteresis and long-term.Concretely,the degree of marketization can improve corporate social responsibility implementations significantly,and also can enhance employee responsibility,rights&interests responsibility and environment responsibility significantly,but cannot promote shareholder responsibility and social responsibility.The political connection can improve corporate social responsibility implementations significantly,and also has significant promotion effect to shareholder responsibility,employee responsibility,rights&interests responsibility,environment responsibility and social responsibility.The internal corporate governance can improve corporate social responsibility implementations significantly,and also has significant promotion effect to shareholder responsibility,employee responsibility,rights&interests responsibility,environment responsibility and social responsibility.(2)There is significant positive correlation between corporate social responsibility implementations and corporate performance,corporate social responsibility implementations can improve corporate performance significantly,and the significant promotion effect has some hysteresis and long-term.Further research findings are as follows,there is no different of the significant promotion effect between corporate social responsibility implementations and corporate performance in different regions and industries,each dimension of corporate social responsibility implementations,such as shareholder responsibility,employee responsibility,rights&interests responsibility,environment responsibility and social responsibility,has significant positive correlation with corporate performance,shareholder responsibility,employee responsibility,rights&interests responsibility,environment responsibility and social responsibility,has significant promotion effect to corporate performance.(3)Corporate governance can improve corporate performance significantly,corporate social responsibility implementations is an effctive path that corporate governance improves corporate performance,corporate social responsibility implementations has a mediation effect on the corporate governance to corporate performance.Concretely,the degree of marketization can improve corporate performance significantly,corporate social responsibility implementations is an effctive path that the degree of marketization improves corporate performance,corporate social responsibility implementations has a partly mediation effect on the degree of marketization to corporate performance,and further research findings are as follows,shareholder responsibility,employee responsibilityrights&interests responsibility,environment responsibility are all effctive paths that the degree of marketization improves corporate performance,and have mediation effect on the degree of marketization to corporate performance,but social responsibility does not have this kind of effction.The political connection can improve corporate performancesignificantly,corporate social responsibility implementations is an effctive path that political connection improves corporate performance,corporate social responsibility implementations has a partly mediation effect on the political connection to corporate performance,further research findings are as follows,shareholder responsibility,rights&interests responsibility and social responsibility are all effctive paths that political connection improves corporate performance,and have mediation effect on the political connection to corporate performance,but employee responsibility and environment responsibility do not have this kind of effection.The internal corporate governance can improve corporate performance significantly,corporate social responsibility implementations is an effctive path that internal corporate governance improves corporate performance,corporate social responsibility implementations has a complete mediation effect on the internal corporate governance to corporate performance,further research findings are as follows,shareholder responsibility employee responsibility and rights&interests responsibility are al leffctive paths that internal corporate governance improves corporate performance,and have mediation effect on the internal corporate governance to corporate performance,but environment responsibility and social responsibility do not have this kind of effcetion.Based on the research conclusions,this article puts forward the corresponding policy recommendations from the optimization of external governance environment,improving the internal corporate governance,promoting corporate social responsibility implementations and the integration of corporate governance and corporate social responsibility four aspects,and points out the deficiency existing in this research and the direction of further research.