An Research Of The Relationship Between Corporate Social Responsibility And The Capacity Of Financial Sustained Growth

The concept of CSR originated in western countries,It’s put forward mainly because of the environmental pollution、the Infringement of consumer rights and a series of social problems brought by enterprises.At present,The community pay close attention to CSR.To the enterprise character, it often pay more attention to the impact of the social responsibility,what effect will be to the sustained and healthy development of the enterprises.The main content of this paper is the relationship between corporate social responsibility and the capacity of financial sustained growth.and we exploration it from the theoretical and empirical aspects.The article mainly include the several parts of the Introduction、Review of the Literature、Theoretical Research、Design of indicators and modeling,and empirical analysis.They are summarized as follows:The Introduction describes the background and significance of the topics,as well as the overall framework of the article and the research methods.Based on the current social reality, the paper summary the rise and development status of CSR,analyze the theoretical and practical significance of this study. This study enriches the theoretical system of CSR and sustainable development of enterprises, Provides a theoretical basis for enterprises to actively fulfill their social responsibilities.In the section of Literature Reviewing.The paper review and comment on relevant research literature from the social responsibility theory research、empirical research、and the relationship of CSR and the Capacity of Financial Sustained Growth.We found that academia has been widely recognized CSR,but the meaning of it has not been accurately defined.and the stakeholder theory has been widely used as one of the theoretical basis of CSR. In addition, the course of development of CSR empirical research in China is relatively short, and the empirical results is not as rich as foreign scholars.In the Theoretical Research,the paper analzy what impact will be if enterprise fulfill social responsibility to different stakeholders,based on stakeholder theory. This article take a broad definition of the stakeholders:That can affect corporate interests or by corporate influence individuals or groups should be defined as the stakeholders.Therefore,stakeholders including:investors、employees、customers、 government、suppliers、ecological environment、poverty stricken areas and other outlying social groups. In this paper,these stakeholders are divided into two parts——contract stakeholders and outside-contract stakeholders. Accordingly, the corporate social responsibility is divided into contractual obligation and outside-contracts obligation.Enterprises fulfill their responsibility to contract stakeholders can enable enterprises to gain a better human, material or financial resourcesk,and fulfill responsibility to outside-contract stakeholders can enhance corporate image,and thus indirectly bring the ability to upgrade through the media or the force of public opinion. In short, CSR is conducive to Corporate’s Capacity of Financial Sustained Growth and financial growth can in turn promote the CSR.Empirical Analysis section includes the following three parts:(1)Regression test of the indicators of social responsibility.Test results shows that the corporate that have better performance in social responsibility,will have a positive impact on the Capacity of Financial Sustained Growth in the current or future1-2years.(2) Regression test of the single factor of social responsibility.The results show that enterprise to fulfill its responsibility to shareholders,creditors,suppliers can improve the Capacity of Financial Sustained Growth;The variable employees and customers’s regression results is negative,it may because the current manufacturing employees’ overall satisfaction is not high,and enterprises should minimize costs under the premise of guaranteeing porduct quality,in order to reduce the adverse effects brought by high cost.(3)Capacity of Financial Sustained Growth on Social Responsibility indicators regression test.At current a lot of corporate in china have unmature social responsibility concept,and there are many factors that can affect the social responsibility.Therefore,the impact of financial growth to CSR is not obvious.At the end of this article,we summariz the inadequacies of the study and prospect the development trend of social responsibility.In short,our country should keep the CSR development and improvement,and strive to achieve unity of the goal of enterprise sustainable development and social harmony.The innovation of this study is:(1)Select a new perspective. Previous research is often focused on the relationship between CSR and financial performance,This paper selects an important aspect of corporate sustainable development——the Capacity of Financial Sustained Growth, and study its relationship between CSR respectively from the theoretical analysis and empirical test.(2)The choice of indicator variables in this study is different from previous studies.In this paper we build a comprehensive financial evaluation index system,including the ability of many aspect of financial.(3)In this study,we obtained some new results through empirical testing.And analyze the results combined with social reality,and put forward some policy recommendations.