The Empirical Study Of Corporate Social Responsibility And Financial Performance In Oil Industry

The recent years have witnessed that the price of international crude oil has sharply fallen which results in the depression of the entire oil industry.As a matter of fact,the oil industry plays a major role on accomplishing thirteenth five-year plan strategic target as well as should take responsibility for its realization.Due to the oil industry is dispensable for comprehensive national power,its development is directly relevant to the vicissitude of national economic lifeline and international status.As such,there is still a long way to be done in order to fulfil its social responsibility.This paper studys recent CSR-centrialized articles and then analysing the relationship between CSR and CFP based on the above-mentioned industrial environment.According to the existing stakeholder theories and other relevant theories,the paper illustrates CSR and CFP and mainly study its relationship with three aspects,capital market,production market and reputation market.On the basis of China Securities Regulatory Comission industry classfication standards,the paper selected financial data from 2010 to 2014 and regards net profit as control variables.And then it studys the relationship between CSR and CFP and observe how the former one exerts its influences on the later one with the regression model.In the end,in terms of the empirical results,the paper puts forward some pertinent suggestions in order to improve oil industry CFP by fulfilling CSR.