Research On Relationship Between CSR And Financial Performance Of Medium-small Sized Listed Companies

With the development of theoretical studies on corporate social responsibility, foreign and domestic scholars start to study the relationship between corporate social responsibility and financial performance. Compared with foreign countries'circumstance, study about corporate social responsibility starts late in china and most of studies are focused on the main board listed companies. Through the study of small and medium sized listed companies, this paper aims to solve two following questions: firstly, whether small and medium sized listed companies need to fulfil corporate social responsibility; secondly, what is the relationship between corporate social responsibility and financial performance of small and medium sized listed companies.Through the summary and analysis of the existing literature, the necessity of fulfilling csr for small and medium sized listed companies is proposed from the view of qualitative analysis. On the theory basis of csr and stakeholder, the csr is divided into six dimensions: stockholder, government, employee, creditor, supplier, community. Then use SPSS software for data factor analysis to consolidate of the number of influencing factors further and the csr is divided into five dimensions: business partner, employee, stockholder, community, government. Then regression analysis is tested with ROA as dependent variable, csr as independent variables, corporate scale and industry categories as control variables. The regression result is: csr to business partner has significant positive correlation with financial performance; csr to employee has significant positive correlation with financial performance; csr to stockholder has significant positive correlation with financial performance; csr to community has significant positive correlation with financial performance; csr to government has significant positive correlation with financial performance. That is to say csr of small and medium sized listed companies has significant positive correlation with financial performance.Based on the regression model of empirical analysis, csr of SUNING is analyzed and the related data is put into the regression model. The applicability of the regression model is accurately proved and significant positive correlation with csr and financial performance is also proved by the example of SUNING. based on the findings, suggestions about corporate social responsibility building for small and medium sized listed companies are proposed in the end.