A Study On Influence Of Corporate Social Responsibility To Corporate Growth

In recent years, Our country take more and more attention to corporate social responsibility. In 2008, the Shanghai Stock Exchange issued the "Notice on listed companies Strengthening bear corporate social responsibility", marking China’s focus on corporate social responsibility has entered a new period of normal development and institution building. However, in recent years, closely linked with people’s lives, the food and beverage industry companies are frequently broke food safety incidents, sparked consumer trust crisis in the food and beverage industries, people are eager to enterprises while in the pursuit of economic interests, are able to produce healthy and safe food, and assume social responsibility including food safety. In this context, this paper attempts to study the relationship between corporate social responsibility and company growth, so that the food and beverage industry enterprises can give up misunderstanding that the social responsibility is the burden of company, then recognize that bearing corporate social responsibility consciously can promote company growth and sustainable development, thus consciously fulfill their social responsibilities.Based on stakeholder theory, this paper selects food and beverage industry listed companies as study object, using CSR data of 2013 and the corporate growth data of 2013 and 2014, studies the relationship between the corporate social responsibility and corporate growth of the food and beverage industry. Firstly, Formulate the various dimensions of evaluation metrics of corporate social responsibility and corporate growth: Selecting seven univariate variables of social responsibility consisted of shareholders, creditors, suppliers, employees, government, welfare and consumer, using the financial index method to quantify the first six univariate variables of social responsibility, and innovatively using "food security" to measure the corporate social responsibility to consumers, through content analysis to score the food security situation of enterprises, with the combination of financial indicators and non-financial indicators, so that the measure of corporate social responsibility is more comprehensive reasonable; select solvency, operating capacity, profitability and expansion capability to establish comprehensive assessment system of four dimensions of company growth. Then, using factor analysis method to construct the composite indicator of corporate social responsibility and comprehensive index of company growth,while introducing the time to market as a control variable, respectively do correlation analysis and multiple linear regression analysist to the relationship between corporate social responsibility univariate variables and corporate social responsibility comprehensive index and current and lagged company growth. In order to eliminate the endogeneity between corporate social responsibility and company growth, this paper selected instrumental variable and constructed regression model through two-stage least squares method to perform robustness tests. The main results are as follows:Firstly, most of corporate social responsibility univariate variables have significant positive correlation with the current and lagged growth, including corporate social responsibility to shareholders, creditors, suppliers, consumers, which have significant roles in promoting company growth, especially fulfilling social responsibility to creditors, suppliers, consumers play a significant role in promoting current and lagged corporate growth.Second, corporate social responsibility comprehensive index has a significant positive correlation with current and lagged corporate growth. It means that the positive effects of corporate social responsibility to corporate growth is greater than the negative effects, it can promote the growth of enterprises, so enterprises should actively fulfill their social responsibility to various stakeholders.In response to these findings, this paper proposed the following recommendations on strengthening social responsibility performance of food and beverage industry listed companies: Strengthen incentives and policy support to social responsibility performance; establish and improve the salary incentives; strengthen the exposure intensity of news media, let public opinion play a public supervisory role; take the CSR values into corporate culture construction and so on.