Nonferrous Metal Industry Listed Study Of Corporate Social Responsibility Impact On Financial Performance

Since China’s accession to the WTO,the situation of economic development is good,and the comprehensive national strength enhanced markedly.However,excessive resource consumption and serious environmental pollution,the intensified contradiction between supply and demand of affect social harmony problems increasing,seriously hindered the enterprise resources reasonable configuration,the excessive waste of energy consumption caused by destroying the coordinated development of the economy in our country.Non-ferrous metal as the important strategic resources of economic development in China,the progress and development of the Non-ferrous metal enterprise is the reliable guarantee of the China non-ferrous metals market competitiveness.And the fulfillment of social responsibility and enterprise development are inseparable.Zijin mining pollution events,for example.As China’s first major gold production enterprise,Zijin mining low cost strategy caused many lifting environment pollution accident.With July 3,2010 among them the copper acid water penetration accident affect the worst.Leakage accident,not only caused the company share price fell sharply,also bring their production for the enterprise crisis.The low environmental cost strategy to enterprises at a significant cost advantage for the enterprise have significant adverse effects,corporate public image severely damaged.Since the1970 s,scholars have been to corporate social responsibility behavior to study the impact on financial performance,and from different aspects to explore the positive correlation,negative correlation or does not significantly affect the conclusions.So,in the face of non-ferrous metals industry in this area,the social responsibility behavior whether there is any impact on financial performance,and how to influence?With such thinking,opens the research in this paper.This paper summarizes the domestic and foreign about the relationship between social responsibility and financial performance results,to social contract theory and stakeholder theory as the cornerstone,selected from 2011 to 2013,non-ferrous metals industry data of listed companies,based on stakeholder theory under the condition of social responsibility index system,adopt the way of weight assignment to corporate social responsibility evaluation,comparing China’s nonferrous metals industry listed company social responsibility fulfillment situation nearly three years.To shareholders,creditors,employees and so on sixaspects as explanatory variables,financial performance is as explained variable,the linear regression model is established,the non-ferrous metal industry in China to study the relationship between social responsibility and financial performance of listed companies.The empirical results show:(1)The nonferrous metals industry in our country listed company social responsibility practice cases showed a trend of good development,but no significant industry characteristics,not according to the characteristics of the non-ferrous metal industry to fulfill the corresponding social responsibility, practical difference;(2)The non-ferrous metal industry listed companies shall bear the liability of shareholders,creditors and government social positive impact on financial performance,is the enterprise depend on the important of internal and external environment;(3)Social responsibility behavior lag influence on financial performance,corporate social responsibility practice immediacy influence on financial performance is poorer,lag;At the same time,in this paper,according to the characteristics of the non-ferrous metal industry listed companies and fulfill social responsibility behavior situation,put forward the corresponding suggestion,non-ferrous metal industry in specific operation in order to promote legalization process;Specification of non-ferrous metals industry corporate social responsibility disclosures;Based on interest related parties constraints,checks and balances under the condition of the enterprise scientific management mechanism,the introduction of the third party supervision mechanism,realize self checking combined with external supervision effectively.