Research On The Influence Of Corporate Social Responsibility On Financial Performance

Economic development not only increases social material wealth,but also brings a series of social problems such as environmental pollution,unfair distribution,waste of resources and illegal operation.With the expansion of enterprises’ power in the society and the improvement of public awareness of rights protection,all parties begin to require enterprises to assume corresponding social responsibilities.In China,since the shenzhen stock exchange issued the “guidelines on social responsibility of listed companies” in 2006,the number of social responsibility reports disclosed by listed companies has been increasing.At present,the disclosure of corporate social responsibility report in China is still in the voluntary stage,and there is a fear of difficulties in the performance of corporate social responsibility.Some enterprises believe that the cost of social responsibility will damage the corporate benefits.However,with the continuous emergence of relevant events that harm public interests,the continuous improvement of consumers’ awareness of rights protection,the enhanced role of media governance brought by the development of the Internet,and the three major national battles for pollution prevention and control,enterprises are required to fulfill their social responsibilities.Therefore,in the current background situation,it is necessary to select the heavy pollution industry which is the focus of national governance as the research object to study the impact of enterprises in heavy pollution industry fulfilling social responsibility on financial performance,and to verify the regulating role of government,media pressure and industry.This article in combing the domestic and foreign about the evolution and development of corporate social responsibility,corporate social responsibility on financial performance,the effects of system pressure adjustment and other relevant research,to study the influence of social responsibility fulfillment on financial performance of enterprises in heavy pollution industries and the regulating effect of institutional pressure.From the perspective of stakeholders,eight subjects are selected as research objects for enterprises to fulfill their social responsibilities,including employees,consumers,government,community,environment,shareholders,creditors and suppliers.In addition,the operation rules of enterprise performance evaluation promulgated by the Ministry of Finance are used to measure the financial performance from four aspects: profitability,operation ability,debt paying ability and development ability.Factor analysis method is used to construct comprehensive financial performance indicators,so as to achieve a comprehensive measurement of performance.Institutional pressure is comprehensively measured from three aspects: government,media and industry.The results show that the lag issue of corporate social responsibility has a significant positive impact on financial performance.Further research on the moderating effect of government,industry and media,the research results show that government regulation negatively regulates the relationship between corporate social responsibility and financial performance;The tendency of media report,namely the positive report has the positive adjustment effect;The level of corporate social responsibility fulfillment in the industry has a positive regulating effect.