An Empirical Study Of Social Responsibility And Financial Performance Of Listed Companies

In recent years, food safety incidents occur frequently, which led to a stormof widespread concern about food quality and safety issues, food safety issuesbecome the focus of attention of the whole society. As a result, the majority ofconsumers demand food and beverage manufacturing industry to fulfill its’socialresponsibility.Since1990,Corporate Social Responsibility has been the constantattention of the academic community, and the relationship between CorporateSocial Responsibility and Financial Performance is the focus of empiricalresearch.However, there is the less empirical research on Corporate SocialResponsibility and Financial Performance of food and beverage manufacturingin domestic. To do this, try to build the food and beverage manufacturingcorporate social responsibility evaluation index system from the narrow sense ofthe stakeholder perspective, use multiple regression method, observe therelationship of corporate social responsibility and financial performance. Thestudy included three parts: the theoretical foundation, empirical design andempirical tests.Firstly,it was reviewed that domestic and international Corporate SocialResponsibility and Financial Performance of empirical research methods andresults, then pointed out that the problems and shortcomings of the existedempirical research. This paper reviewed the theoretical study of corporate socialresponsibility at home and abroad, and came out the narrowly stakeholders fromthe stakeholder theory to define Corporate Social Responsibility on the food andbeverage manufacturing. At the same time,This paper defined the CorporateFinancial Performance.Then this paper analyze the measure of Corporate SocialResponsibility and Financial Performance comprehensively.Secondly, this paper established CSR evaluation index system on the basisof the food and beverage manufacturers narrowly stakeholders, and adoptedROE and Tobin’s Q as a Corporate Financial Performance of the indexes, anddesigned empirical study.Thirdly, this paper used multiple linear regression method to analyzefinancial data of selected food and beverage manufacturing enterprises58samples in2007-2011. Empirical analysis conclusions:(1) Both from the accounting income indexor market income indicators, CSR and CFP exists a positive correlation;(2)Foodand Beverage manufacturing enterprises were mainly related to the narrowinterests of consumers and suppliers;(3) There was a significant positivecorrelation between Return on net assets,the business tax rate, firm size andfinancial performance, indicated that the fulfillment of social responsibility ofbusiness to government will promote the company;(4)Showed a significantpositive correlation between Tobin’s Q as indicators of market income andcorporate nature, indicated that the same relationship of the changes in thenature of the enterprise market for food processing enterprises incomeindicators.