An Empirical Research On Corporate Social Responsibility And Corporate Performance

Since the 18th national congress of the communist party of China(CPC),The global economic recovery has been slow,Local conflicts and hotspot issues have cropped up,and many global problems have been serious.In such a severe external environment,the economic development of our country into a new era at the same time,more and more social problems emerge in endlessly,social citizens put blame on the development of the enterprise of short-term,the crisis of corporate social responsibility is increasingly obvious.In order to increase the magnitude of the enterprises to fulfill social responsibility,the government and relevant departments has introduced a series of laws,regulations and rules and regulations,standardize corporate social responsibility to fulfill with the implementation of environmental responsibility.Under the social background,the hold of 19th national congress of the communist party of China put more emphasis on the fulfillment of corporate social responsibility,paying attention to implement the concept of green development,is committed to poverty,and to improving people's well-being.At the same time,more and more scholars committed to fulfill social responsibility and improve enterprise performance,making every effort to find the connection between them,hoping to prove that fulfilling social responsibility will make positive effect on business performance through the empirical experience.This paper divides social responsibility into two kinds:charity responsibility and environmental responsibility,and analyzes the impact on enterprise performance from macro and micro level respectively.Global social responsibility by embellish spirit score to measure the social responsibility of the overall performance of "social donations/revenue" metering charitable responsibility,"environmental protection input/revenue" measuring environmental responsibility,at the same time the enterprise performance is divided into financial performance and market performance,financial performance with total assets net profit margins and earnings per share,according to market performance with tobin Q value and price-to-book said.Choose from 2013 to 2016 in Shanghai stock exchange and shenzhen stock exchange listed companies as research samples,financial performance model and the market performance model is set up respectively by regression analysis,after the sample is divided into state-owned and non-state-owned further research.The results show that:(1)the performance of corporate social responsibility has a positive impact on corporate performance and lags behind.The effect of charity responsibility on corporate performance is not significant.The performance of environmental responsibility has a certain effect on the enterprise market performance,and has a lag.Therefore,it is concluded that the performance of activities in different areas of social responsibility has different impacts on corporate performance.Overall,CSR performance is positively correlated with corporate performance.(2)individual performance of charity responsibility and environmental responsibility has different impact on corporate performance.This could be because individual responsibility one aspect of the performance of the enterprise strategy is not in the core position,as a whole the configuration of various tangible intangible resources,the implementation of strategy for enterprise development direction of social responsibility activities,and is liable to be misinterpreted as pure government compulsory task,spontaneous,not voluntary enterprise civic duty,therefore won the competitiveness of enterprises,competitive advantage is not obvious,promoting effect to the promotion of enterprise financial results is limited;Although(3)the results of the analysis of the implementation of environmental responsibility on corporate financial performance can't have a positive impact,but the lead time of the environment for the enterprise to fulfill obligations this year diminishing market performance have significant positive influence,also can show enterprise engaged in the environmental investment to the enterprise's reputation and public praise in the aspects such as may have a positive effect,thus have significant positive influence to enterprise's market performance;(4)from the point of view of control variables,capital structure,the nature of the enterprise,and enterprise scale,significant differences with the enterprise performance,the performance of corporate social responsibility also exist certain differences.The study found it is very importantthat for academic research,the government supervision,the enterprise decision-making:(1)On academic research,the establishment of the social responsibility theory and practice research,collection management,sociology,ethics and economics aspects of outstanding experts and scholars of the suggestion,draw lessons from advanced experience,combine the knowledge of different disciplines into the problem of social responsibility to the state of the union;(2)on the government supervision,should speed up the creation of corporate social responsibility report disclosure laws and regulations,and standardize the report of the framework,content,emphasis,introducing standardized guidelines for social responsibility disclosure;(3)on the business decisions,and promote corporate social responsibility in the enterprise management strategy,multiple stakeholder needs,active through balance to fulfill the social responsibility of the quality,the social responsibility to fulfill project screening,and through the cooperation with other enterprises achieve the win-win purpose.