The Impact Research Of Low-Carbon Economy Plate Listed Companies' Social Responsibility Fulfillment On Financial Performance

In recent years,the development of economic globalization has promoted the overall progress of human society.How to deal with the contradiction between economy,society and environment has become a new issue in twenty-first Century.As the main market's subject,the enterprises not only focus on their own development but also begin to pay attention to the sustainable development of the society,the country and the whole world,so if enterprises fulfill their social responsibility in accordance with certain standards will become an important factor to evaluate the financial performance of enterprises.In 2015,the central government proposed that our country should improve the quality of the environment as the core in the "13th Five-Year" period,and should achieve the overall improvement of ecological environment in 2020.The policy fully shows the determination and confidence of China's leaders on the implementation of low carbon economy and building a low-carbon society.At this background,this paper adopts a method of combining normative research and empirical analysis to study the impact of low-carbon economy plate listed companies' social responsibility fulfillment on financial performance,in order to enhance the awareness of corporate social responsibility and contribute to the sustainable development of society,economy and environment.Firstly,this paper reviews the background and related documents of social responsibility and financial performance,introduces the relevant concepts and the theoretical basis involved in this thesis,then analysises the impact of low-carbon economy plate listed companies' social responsibility fulfillment on financial performance.Under the support of relevant theories,this paper selects financial data of Shanghai and Shenzhen A-share low-carbon economy plate listed companies during 2011-2015 as samples.Based on the Stakeholder Theory,from the shareholders,employees and other internal stakeholders,government,suppliers,creditors,customers,the public and other external stakeholders,as well as the ecological environment around the eight aspects of the enterprises,the paper designs the social responsibility variable,and takes the rate of total assets return as a measure of financial performance.In the course of the study,this paper designs the regression model to fulfill the social responsibility and the current financial performance.In addition,in order to study the influence of social responsibility on thefinancial performance of the later period,this paper designs the regression model to fulfill the social responsibility and the financial performance of one lag phase and two lag phase.After multiple regression analysis of the data,it is found that each social responsibility index has different performance on the financial performance of the current or the later period,but overall,the performance of the low-carbon economy plate listed companies' social responsibility for the current period will promote the financial performance of the current and the later period.Finally,according to the empirical results,this paper puts forward some suggestions from three aspects of government,enterprise and society.