Demonstration Analysis Of Corporate Social Responsibility Influencing Financial Performance Of China’s Listed Traveling Companies

Different people have different opinion about the relationship between corporate social responsibility and financial performance, and the difference is an important factor in the decision-making, but the tour operators did not aware this. After reviewing the research of relationship between corporate responsibility and performance, this paper examined the relationship between Corporate Social Responsibility and financial performance based on the Stakeholder Theory, Triple Bottom Line and the theory of corporate social responsibility. Starting from the characteristics of tourism enterprises, we choose shareholders, government, employees, creditors, suppliers, customers and the community of corporate social responsibility to construct tourism financial evaluation system. Meanwhile, we choose ROE ROA and Tobin’s Q as a measure of corporate short-term financial performance and long-term performance of the main indicators respectively. Then, we select the panel data of sixteen tourism companies listed in shanghai securities exchange and Shenzhen securities exchange during the period from2006to2010to take regression analysis of the relationship between Corporate Social Responsibility and financial performance by using the software of Eviews6.0. Results revealed that main dimensions were proposed to have positive effect on both short-term and future profitability, but the effect on future profitability is greater than the former. Then, we take efficacy coefficient method to calculate the sixteen tourism companies with social responsibility and financial performance index for the correlation analysis, we also find the index of social responsibility positively affect Financial Performance significantly. The correlation coefficient were0.602、0.496、0.415. Finally, the sixteen listed companies are divided into three types:hotels, attractions, integrated classes, and were associated with the index of social responsibility separately, the results showed that:the dimension of suppliers and customers of the three types of travel companies have a significant positive relationship of Tobin’s Q; The shareholder dimension of the three types of tourism companies have a significant positive relationship of ROE and ROA.In the last part of this article, The findings may assist several groups of people in the tourism field. Managers may incorporate the findings into their strategic development of CSR investments. Meanwhile, the author point out the research limitations and the further research directions.