The Study On The Correlation Between Social Responsibility And Financial Performance Of Listed Companies In Hunan Province

In the report of the Party's 19th National Congress,it is suggested that the main contradiction of our society has become the contradiction between the growing needs of the people and the development of uneven imbalance.This contradictory change marks the development of our society into a new historical period,at the same time,the growth of China's social responsibility has ushered in a new historical period.However,the phenomenon that enterprises do not bear social responsibility is still frequent,the defects of product quality,the destruction of natural environment and the outbreak of labor conflict are still important factors restricting sustainable development.On the one hand,because the market economy system is not perfect enough,did not establish the evaluation and incentive mechanism to urge enterprises to take the initiative to assume corporate social responsibility,on the other hand,there are still many enterprises feel that taking on social responsibility will increase the additional expenditure of enterprises,so that the level of financial performance is reduced,and thus hinder its development.Hunan Province as one of the national "Central Rise Strategy" region,the economic level has been rising rapidly in recent years,and its development has been widely concerned.Therefore,in order to better promote the development of enterprises in Hunan Province,this paper discusses the relationship between social responsibility and financial performance of listed companies in Hunan Province,and tries to find ways and strategies to improve and perfect the relationship between social responsibility and social responsibility and financial performance of listed companies in Hunan province.Based on the existing research results,this paper analyzes and summarizes the theories about corporate social responsibility and financial performance,and finds that the theories closely related to the study of the two are corporate citizenship theory,enterprise property right theory,social contract theory,hierarchical social theory and stakeholder theory.This paper first analyzes the social responsibility of listed companies in Hunan Province,and holds that there are problems in the content,independent disclosure rate and comprehensiveness of the social Responsibility report of listed companies in Hunan province.Then,according to the stakeholder theory,social responsibility is divided into 5 aspects of shareholders,creditors,employees,government and community,respectively,according to the overall social responsibility and the above 5 aspects of the research hypothesis,that is,Hunan Province listed companies to assume the social responsibility of the above stakeholders will have a positive impact on the financial performance of enterprises.Taking the data of 60 A-Share listed companies in Hunan province for 5 years as a sample,the return on net assets is used as the financial performance index,and the social contribution rate,asset profit margin,asset interest rate,asset wage rate,asset tax ratio and asset donation rate are used as social responsibility indexes,and the data are descriptive statistics,correlation analysis and regression analysis and robustness analysis.According to the empirical results,the social responsibility of listed companies in Hunan Province as a whole can promote the development of the financial performance of enterprises,and assume the social responsibility to the shareholder government and the community to promote the financial performance of enterprises significantly.Finally,some suggestions are given for the above conclusions:the government should strengthen the guidance and support of social responsibility,enterprises should pay attention to cultivating the sense of social responsibility,and the public should supervise the implementation of social responsibility.