An Empirical Study On The Relationship Between Corporate Social Responsibility And Financial Performance

With the growing awareness of people's interests and Corporate Social Responsibility incidents are continuously exposed at home and abroad in these years,Corporate Social Responsibility(CSR)issues more and more attention for the community,CSR has aroused domestic and foreign scholars research boom,what impact will the CSR bring to the economy society and all works of life has become a focus of increasing attention.As the pillar industry of China's national economy,the real estate industry has its particularity,the development of it will have a big impact to the upstream and downstream industry,even we can say it affects the lifeline of the national economic,therefore,the CSR of the real estate industry naturally become a key issue for scholars to study.Throughout the status of the CSR of real estate enterprises in China,the lack of CSR event is endless,such as "hoarding","false advertising","driving up prices","accident","violent demolition"," "Delivery overdue" and so on,the phenomenon is very common.These lacks of CSR phenomenon seriously affect the credibility of the real estate companies' business,and thus make the development of the entire industry blocked,and real estate and people's lives are closely,the lack of CSR affected the country's long-term stability.Today,the CSR issues are widely concerned,in order to achieve long-term healthy development,we must focus on CSR,rather than just stay in the goal of maximizing profits,and good CSR behavior will promote the development of enterprises.Therefore,this paper starts from the view of real estate listed companies,from the perspective of different stakeholders to study the relationship between CSR and financial performance of real estate listed companies,want to draw conclusions from the study,then propose some reasonable recommendations,hope the real estate listed companies understand the importance of CSR,and hope the situation of CSR fulfill could improved of the real estate listed companies.Based on the theory of stakeholder,this paper explores the relationship between CSR and financial performance of real estate enterprises,through theoretical analysis and empirical research.First of all,based on stakeholders'(shareholders,creditors,suppliers,employees,consumers and government)view,analyze the connotation of real estate CSR,then analyze CSR and financial performance's relationship at theoretical level,and listed China's real estate companies in the implementation of CSR problems and causes from the theoretical aspects.Then,selected the financial data from 2014 to 2016 of China's real estate listed companies to do the empirical study,put forward the hypothesis,choose indicators and variables,build the model,Using SPSS20.0 to do descriptive statistics,correlation analysis,the multiple regression analysis,and empirical conclusions listed companies were obtained.The empirical results show that there is a positive correlation between CSR and financial performance of shareholders,creditors and governments,and the CSR of suppliers,employees and consumers will have a negative impact on financial performance,inconsistent with the original hypothesis,it is inferred may because of the CSR to "suppliers,employees and consumers" increase the costs in the short term,and the good impact on financial performance may be lagging behind,and analyzed the possible hysteresis effects.Finally,the author give puts some suggestions,"Improve corporate social responsibility awareness,improve internal corporate governance,establish a sound social responsibility evaluation mechanism,improve government legislation and supervision,and strengthen social supervision and guidance".