An Empirical Research On Relationship Between CSR Of China' Iron And Steel Coporate And Financial Performance

Recently, corporate social responsibility is increasingly attended by international and domestic society. In the intonation, the United Nations officially launched the "Global Compact" project in 2000. International Standard-making Organization starts to make ISO 26000 of social responsibility in 2004. Some multinational corporations made productive regulation of social responsibility, put out social responsibility report or sustainable development report, arose a new global trend of social responsibility fulfill. Although social responsibility movement in China just in its infancy, our government and the industry pay more attention to the working of corporate social responsibility fulfill. the "Guidelines on the listing of corporate social responsibility" published by Shenzhen Stock Exchange in 2006 and he "Regulations on the central corporate social responsibility to fulfill the guidance " published by SASAC in 2006 provided guidance for Chinese enterprises to fulfill their social responsibility.It is more important for China's iron and steel enterprises to fulfill social responsibility as an important sector of the national economy. However, there are still some disputes for that China's enterprises should bear social responsibility or not. The Scholars or enterprises who opposed enterprises undertake social responsibility hold the opinion that social responsibility-fulfill would include including opposition to corporate social responsibility of academics or business corporate social responsibility that will reduce the performance or damage the interests of shareholders. Therefore, it is very important if social responsibility-fulfill will has a bad impact on corporate performance, which will affect whether company is willing to shoulder social responsibility. The purpose of this paper is aimed at the relation between China's iron and steel enterprises fulfill their social responsibilities and financial performance. The purpose of this paper is to study the relationship between the iron and steel enterprises in China to fulfill their social responsibilities and its financial performance, the mainly contents as follows:Section1. Introduce. This part mainly includes introduction and literature review. There are those contents such as study background, meanings and purpose, study methods, logical ideas and the framework.Section2. Theoretical basis and research literature review. The mainly support theories of this paper are social responsibility theory, stakeholder theory, corporate contract theory and property rights theory. Followed by literature review and evaluation of research, this part evaluates relevant literature and points out the inspiration for writing this article on the base of reading a great deal of literature.Section3. Theoretical analysis. This is the core of this paper. We explain why it's need for enterprises to shoulder social responsibility, which is the legitimacy of social responsibility according to enterprise contract theory, property rights theory and other theories. based on stakeholder theory defines the corporate social responsibility to bear the border, pointing out that business stakeholders, including shareholders, creditors, employees, consumers and so on, clearly the specific needs of enterprises of the stakeholders responsible for the content; finally, analysis the relationship between enterprise commitment to social responsibility and corporate financial performance relationship, concludes out the positive impact of corporate social responsibility of enterprises impact on financial performance.Section4. The status of China's iron and steel enterprises fulfill their social responsibilities. In this paper, the information in the possession of large amounts of data, based on iron and steel enterprises in China illustrates the current state of development, reveals the face of the situation, describe the current implementation of social responsibility.Section5. Empirical Study. On the basis of theoretical analysis, this part mainly tests the correlate relationship between China's iron and steel enterprises fulfill their social responsibilities and corporate financial performance empirically. We brought out research hypothesis, samples and data, the choice of indicators, empirical analysis according to the normative process of an Empirical Study. During making empirical analysis, we firstly make regression of the annual cross-sectional data of 32 China's iron and steel enterprises listed for 2003-2007. Taking the impact of social responsibility fulfill infect on the financial performance of, and further analysis of the use of panel data to make empirical analyses. Section6. Conclusions and recommendations. We draw the conclusions of this study by above-mentioned theoretical analysis and empirical research studies. Research conclusions include that: it is not clear that the correlation relationship between that China's iron and steel enterprises fulfill their social responsibilities and between the current period financial performance, but taking time factor into account, we found that there are positive correlation between China's iron and steel enterprises to fulfill social responsibility and financial performance, Which impact on enterprise's financial performance the most important stakeholders are shareholders, employees. This study concluded that gaps and research proposals.