Study On The Relationship Between The Corporate Social Responsibility And The Operating Risk、stock Systemic Risk

After listed companies began to disclose social responsibility report in our capital markets, corporate social responsibility has become a hot academic research topic in recent years. The influence of corporate social responsibility on enterprise’s financial performance or enterprise value has become the focus of research. Enterprise balances the interests of all stakeholders through fulfilling social responsibility. But whether their behavior can get the stakeholders’identification and get their good feedback so as to reduce the risk of the enterprise faced is a less confirmed problem.This article selects1230(1223) sample between2010and2012from China A-share listed companies. In this article, we first divide enterprise social responsibility into several dimensions, and choose the appropriate financial indicators to measure every dimension’s social responsibility, then we use the factor analysis method to calculate the composite scores of the corporate social responsibility. We second use the standard deviation of return on assets and the absolute value of residual error of profit prediction model as the measure of the operational risks, and use the beta based on an integrated market as the measure of stocks system risk. Based on the above, this article mainly study the influence of corporate social responsibility on inter-temporal operating risk, firm-year operating risk and the individual stocks systemic risk. The study find that corporate social responsibility has a positive impact on business inter-temporal operating risk, firm-year operating risk,and this is irregularity with the existing research conclusion; but influence of corporate social responsibility on individual stocks system risk is significantly negative, this is consistent with the existing research conclusion. In addition, the results of this study also find that the hysteresis effect of corporate social responsibility:the prior period corporate social responsibility performance has a significantly positive influence on later period inter-temporal operating risk. Furthermore, this study also finds that the nature of enterprise will influence the difference of risk size. The inter-temporal operating risk of the state-owned enterprises is lower than the non-state-owned enterprise, but in terms of the firm-year operating risk and individual stocks systemic risk, the influence of enterprise nature is not significant.This article studies the effect of corporate social responsibility on corporate performance stability from the perspective of enterprise risk, expanding the research contents of corporate social responsibility, and enriching the research about the influence factors of enterprise risk. This article puts forward some corresponding policy recommendations based on the research conclusion, to promote stable management of listed company and healthy development of capital market.