The Relationship Of CSR And CFP Based On The Theory Of Stakerholder

A growing number of concerns have been given to the implementation of corporate social responsibility (CSR) in recent years. The increasing amount of external problems associated with company's speedy development under the economic globalization should be responsible for this. CSR has been starting to influence the firm's sustainability. With the rising awareness of consumer's self-protection and environment, as well as the heightening requirement from employee, government, supplier and community, CSR has become the hot spot of the academic and entrepreneurial sectors. This research attempts to investigate the relationship of CSR and corporate financial performance (CFP) based on the stakeholder theory and the empirical evidence from the textile industry. Strategic suggestion for textile industry's CSR enforcement will be given based on the outcome of empirical analysis.The literature review will be presented firstly. Two main conclusions can be drawn from the summarization of the previous empirical studies of. Firstly, the positive relation between CSR and CFP is reported by the majority of studies, only a slight sum of them does not detect their relationship or reveal the negative relation. Besides, 85% of the previous analyses adopt evaluation index system of CSR, which has prominent drawbacks. Such as the inconsistent cognition of the concept of CSR which may lead to the deviation of the research direction. The diversity and across-sector attributes of the index design is another demerit, which may deteriorate the persuasiveness of the research result. This study will give insights into the relationship between CSR and CFP of the textile industry, design the CSR index system based on the stakeholder theory and Chinese reality with the reference to the foreign KDJ index, and utilize the quantitative analysis technique.The suggestions and recommendations are given base on the empirical study finally. Firstly, from the perspective of human resource management, the employee's development should be involved in the corporate strategy. Secondly, from the angle of supply chain management, the interest of external enterprises should be taken into consideration. Textile firms should try to transfer the competition into cooperation. Thirdly, from the view of social environment management, the development of textile industry should be in accordance with the social development trend with the aim to realize the mutual win of corporate and society.