An Empirical Study On The Impact On The Financial Performance Of CSR In Chinese Listed Companies

In recent years, corporate social responsibility(CSR) has become the hot issue, and it has gained wide attention of academies, legislators, businessowners, shareholders and members of the conununity.Set a good corporate image, perform the neeessary respon- sibility and report the reveal information relating to social responsibility has been known as the consensus of accounting Profession.In our country,real estate industry has become a mainstay industry of national economy.The rapid developmen t has brought aseries of social problems. These aroused the concern of whole soeiety on the real estate companies to bear the soeial responsibility. Building a harmonious soeiety is everyone's responsibility,the real estate business conmunity as an important part can not be absent. Some listed companies with excellent quality and good performance have highlighted their competitive advantage by diselosure infonnatlon, and to enhanee investors'confidence in the companies future growth.Well,relation- ship between social responsibility disclosure and financial perfor- mance.In this Paper,these are the problems to be solved.This article includes the theoretical foundation, empirical research and conclusions of the proposed three parts. Full-text comprises seven chapters constitute.ChapterⅠIntroduction, is the full text of a general introduction, including research background, the study aims to study the ideas and the basic framework, research methodology and the main contribution of four parts. Of corporate social responsibility for the majority of Chinese companies is a new concept, but the pressure of reality makes the Chinese company in a very short period of time to accept the concept of corporate social responsibility, so China should actively use the company has developed outside of the corporate social responsibility theoretical system and research to deal with the worldwide wave of corporate social responsibility. First, the focus of this study is that reasonable, and systematically evaluate our corporate social responsibility, that is, we should select the evaluation index system, methods of evaluation be reasonable. Secondly, this paper presents a more comprehensive theoretical model, so that corporate social responsibility and financial performance of the empirical research the relationship between reliability and universality. By empirical studies have shown that the implementation of corporate social responsibility to the company; financial results for the positive impact that can lift our country concerns, a more active implementation of corporate social responsibility. This paper uses the real estate listed companies as a research social responsibility, the impact on the financial performance of the sample, based on the following reasons:one, the real estate industry has become a pillar industry of the national economy, and its rapid development has also brought a series of social problems, causing the whole society on the real estate industry social responsibility issues attention. Build a harmonious society is everyone responsibility, the real estate industry as an important part of society should be duty-bound; 2, a listed company is the national economy;barometer compared with the general company, listed companies may be the biggest feature is the use of the market for financing, extensively absorb societys idle funds, it can be considered a public company status to fulfill their social responsibility and financial performance have a representative; 3 lines of listed companies on a regular basis outside the premises of financial reporting, data and data easy to collect.ChapterⅡof literature review. Through literature analysis, this paper that the company fulfill their social responsibility to the better (worse) in companies, their financial performance better (worse), or corporate social responsibility is a positive impact on financial performance related. According to stakeholder theory, the company's other stakeholders, like the company and shareholders have a demand, so companies bear the responsibility of the community level upwards. Corporate social responsibility is to meet the requirements of a variety of stakeholders, the degree of social responsibility is a good legitimate business requirements. Usually some of the company have a positive impact on society of the action will improve operational efficiency, which will ultimately lead to better financial performance. Based on stakeholder theory view that the social impact of corporate social responsibility and financial performance of a causal relationship exists between, first, the formation of the company's corporate social responsibility, external image, the company's external image can be good or bad, and then lead to a corresponding financial results. The same time, changes in corporate social responsibility, not only with the current changes in the financial performance of a positive correlation, but also during the subsequent financial performance of the same positive correlation, the results indicate that the improvement of corporate social responsibility can not only improve the short-term financial performance, is also beneficial to the long-term financial performance, social impact hypothesis so as to provide sufficient evidence. Based on stakeholder theory, corporate social responsibility to fulfill the number is bound to implement the company's specific business activities, reflected in the financial indicators, so some of this empirical study of the implementation of corporate social responsibility have a positive impact on financial performance.ChapterⅢof the theoretical analysis, is the stakeholder theory, corporate social responsibility, the meaning of the meaning of corporate social responsibility, financial performance and make a brief definition of such theoretical analysis, empirical part of the ready. Through theoretical analysis, this paper that the performance of corporate social responsibility as a social responsibility to shareholders, to employees social responsibility, social respons ibility to consumers, creditors of the social responsibility of the Government's social responsibility, environmental social responsibility; that the company financial performance is defined as a certain period of company operating efficiency and operating achievements, specific performance indicators in the accounting and market indicators.ChapterⅣfor study design, the first choice listed real estate companies explain the reason for the sample, because the real estate industry barometer in the rapid development brought about a series of social problems, causing the whole society on the real estate company social responsibility issues of widespread concern. Therefore, necessary to real estate listed company as a research object for research. Second, the premises have a certain line of a listed company representative, and its periodic external financial reporting, data collection and data easily. According to relevant literature theory hypothesis of this research, this paper that the social responsibility of listed real estate companies a significant impact on financial performance, namely, to fulfill social responsibility, the better, the better its financial performance. According to the literature and theoretical analysis, the reaction of social responsibility to set the variable indicators, including capital, dividend distribution rate, asset-liability ratio, interest coverage ratio, the rate of operating costs, revenue growth, accounts payable turnover ratio, cash ratio, the rate of wages and benefits, sales tax rate; set a variable response to the financial performance indicators, including return on total assets, net capital gains rate, TobinQ value. At the same time selecting the appropriate models and samples, correlation and regression tests for the prepared.ChapterⅤof empirical testing, is also a core part of this article. This chapter is divided into descriptive statistics, correlation analysis, multiple linear regression test in three parts. Because this study involved 59 samples of the company six years, indicators of social responsibility and financial performance indicators, this article is to discuss the implementation of social responsibility to the financial performance have a positive impact, the impact may be immediate, it may still be a long-term process, so separately from the current period of corporate social responsibility and current financial performance, current corporate social responsibility and the subsequent stages of the financial performance of two aspects of Ji correlation analysis. Therefore, the first indicators of social responsibility for the current period and current financial performance indicators, correlation analysis and regression analysis, again the latter part of current social responsibility indicators and financial performance indicators, correlation analysis and regression analysis, finally confirmed the real estate market of corporate social responsibility the company's financial performance was significantly affected the relationship, that is, to fulfill social responsibility, the better, the better its financial performance. Current social responsibility, the impact of current financial performance is very significant, and the current social responsibility, right after the impact of a weaker financial performance.Capital,dividend payout ratio, interest coverage ratio, operating cost rates, wages, welfare rates to reflect a significant indicator of social responsibility is very good, reflecting the company's responsibility to pay more attention to shareholders, creditors were the responsibility of the supplier's the responsibility of the staff in its implementation.Chapter VI for the case study. This paper uses Wanke A (000002) Co., Ltd. is the fourth consecutive year because the company named China's most respected enterprises for three consecutive years to obtain the China Best Corporate Citizen title. And to the community's most respected business management as one of the objectives, which is rare in domestic enterprises, and it is leading. Through quantitative analysis, Vanke been increasing over the past six years to fulfill their social responsibility to the intensity in the same time, and there is no evidence that the social responsibility because of the input of lower Vanke's financial performance. And, in fact in the last six years, Vanke has an excellent financial performance. Therefore, this article believes that one example of this case from the perspective of supporting the thesis of this study:the social responsibility of the property a positive significant impact on performance.Chapter VII of the conclusions, recommendations, research limitations and follow-up outlook is a summary of the full text summarized the main findings and conclusions of this paper come to the real estate market of corporate social responsibility significantly affected the company's financial results for the conclusions. At the same time propose appropriate policy recommendations that the company should change their concepts, to foster a strong sense of social responsibility to employees, consumers and socially responsible to the Company's production safety and environmental protection fully into account, in order to improve the competitiveness of the company's to achieve better financial results. On the other hand, for good companies to fulfill their social responsibility to the community should be given some incentives, this can encourage more companies to fulfill their social responsibilities more actively. Through the public participation, the performance of selected social responsibility, good company. This can encourage the company to better fulfill their social responsibilities, it can also expand the company's social influence and enhance the company's financial performance. Both theoretical and empirical summary of the inadequacies of this article pointed out the subject for further research directions.The main contribution of this paper is:First, this paper summarizes the literature and the theory of corporate social responsibility, corporate social responsibility to put forward ideas and theories with stakeholders to define our view of the definition of corporate social responsibility, corporate social responsibility in China clearly has a commitment to the main body of modern companies pay attention to economic interests of all stakeholders, taking into account the interests of features.Second, through this empirical study found that real estate listing of corporate social responsibility a significant impact on financial performance, such effects are reflected in the social responsibility to fulfill the better, the better its financial performance. In view of this, the paper listed companies on the property as a whole to better fulfill their social responsibilities, and better development and growth to make some policy recommendations.Limitations of this study:First, the collection in the literature, the Chinese scholars in the light of China's institutional context of corporate social responsibility described the impact on financial performance and the absence of a unified theory of less conclusive, and therefore have a certain difficulty in collecting literature.Second, sample selection, this paper selected a representative of the real estate listed company as a research object, to a certain extent be able to achieve the 'desired effect, but in order to more precise description of the problem in future research, it can be extended to listed companies in general.Third, changes in policy, the paper research sample period of time going through the old and new accounting rule change, taking into account the new accounting standards on the impact of this article is not very clear, so not considered this factor in the future by improving the study.