Study On The Relationship Between Corporate Social Responsibility And Gowth

During the thirty years of reform and open policy, Chinese market economy system is develops and consummates unceasingly; corporate social resposbility has obtained attention bytheory and practice of community sector in the society. With the further development of China's Capital Market, Medium and small listed companies has developed into the excellent representative of Chinese enterprises and the main force, and the Important component of China's economy. Whether Medium and small listed companies fulfill their social responsibilities would affect the enterprises growth has become the focus of attention. This paper take Chinese SME board of listed companies as an object of study to answer these two important questions, whether there is relationship between Corporate Social Responsibility and growth of Medium and small listed companies, if there is, whewher is mutual restriction or mutual promotion?In the theoretical analysis part, on the base of reading research literatures according to CSR and growth of SME, from the view of stakeholders, it carried on a more comprehensive summary and the induction of CSR to construct an evaluation index system for CSR, in the view of few studies on the relationship between CSR and growth, this paper selected a lot of research literatures about the relationship between CSR and growth of SME to make preparation for empirical research.In the empirical research part, this paper made research from the following three aspects:First, basing on the accessibility of research data, this paper established one first grade index, three second index and nine three grade indicators to consist the evaluation system of CSR for SME, and used principal component analysis to rake Chinese 118 listed SMEs'growth.Second, it built an evaluation index system for CSR. In view of the operability and imperfect of data and existing enterprise financial annual report on corporate social responsibility information disclosure, this article mainly from employees, shareholders, creditors and public welfare these five aspects to analyze the fulfillment of social responsibility by SME, and used factor analysis of the CSR index system to make dimension reduction and scoring calculations.Third, it made empirical study of the relationship between CSR and growth of SME. On the one hand, the correlation analysis showed that the social responsibility to government, employees, shareholders and creditors closely related to the SMEs' growth, the social responsibility to public welfare and SMEs'growth showed a relatively weak positive correlation, that is, there is a significantly positive correlation between the Chinese listed SME'CSR and growth; on the other hand, regression analysis showed that the social responsibility to government, employees, shareholders, creditors and public welfare has significant positive influence to the SMEs'growth; high growth, better fulfillment of CSR. Therefore, CSR and growth of Chinese listed SME reinforcedinfluenced and promote each other. The study also found that the company time to market and company size play a certain positive effect on the relationship between CSR and growth.Finally, it summarized the empirical study, and Prospect the further research.