Research On The Impact Of Corporate Social Responsibility Of Chinese Internet Listed Companies On Financial Performance

With the transformation and upgrading of the economy and the people's yearning for a better life,corporate social responsibility has been paid more and more attention by the state and scholars.The Internet industry,which has an important position in China,has also become the focus of attention.Therefore,it is listed on the Internet as a representative of the Internet industry.The company's corporate social responsibility has become the focus of attention.Internet listed companies have given people a convenient life in China,providing technical support for economic transformation,but at the same time,because of the lack of corporate social responsibility,it also brings many problems,such as information leakage,P2 P bosses running and online fraud..These problems have had a very negative impact on the country's economic development and morality,and it is against the construction of a national civilized society.Therefore,Internet listed companies should raise their awareness of corporate social responsibility,reasonably fulfill their corporate social responsibilities,jointly promote corporate and social progress,and achieve the goal of sustainable development.On the other hand,financial performance is a necessary condition for the sustainable development of enterprises,and it is very important for Internet listed companies.Therefore,it is necessary to demonstrate the relationship between corporate social responsibility and financial performance of Internet listed companies.In addition,the Internet is an emerging industry,and domestic and foreign scholars have not done any in-depth analysis of the industry.Therefore,the article will systematically study the impact of corporate social responsibility performance of Chinese Internet listed companies on financial performance.First,the article reviews relevant literature on corporate social responsibility research and reviews it accordingly.Secondly,it expounds the theory of stakeholders and combines the characteristics and current situation of China's Internet industry to select shareholders,netizens,employees,suppliers,governments and communities as the six stakeholders of Internet listed companies.Then,design the corporate social responsibility indicator system and select financial performance indicators to establish a model.Finally,the article takes the data of 44 Internet companies listed in China's A-shares for 2013-2017 as the research sample,and uses SPSS19.0 statistical software to carry out the following correlation analysis and multiple regression analysis respectively: under the static panel data,the Chinese Internet is listed.The impact of the company's corporate social responsibility performance on financial performance of various stakeholders;under the dynamic panel data,Chinese Internet listed companies fulfill the impact of the comprehensive evaluation of current and previous corporate social responsibility on financial performance.The empirical conclusion is drawn: from the perspective of corporate social responsibility of listed companies on the Internet,the implementation of the current social responsibility of the company has a significant negative impact on the financial performance of the current period;it has a significant positive impact on the financial performance of the latter period.From the perspective of stakeholders,Chinese Internet listed companies fulfill their social responsibilities to shareholders and government companies,significantly improving their financial performance;fulfilling social responsibilities to netizens and communities does not significantly improve financial performance;fulfilling employees and supplier society Responsibility can significantly impair corporate financial performance.The enterprise scale and asset-liability ratio of Internet listed companies will affect the performance of corporate social responsibility,which in turn will affect the financial performance of Internet listed companies.In summary,Internet listed companies should not only pay attention to the positive impact of corporate social responsibility on financial performance,but also pay attention to the negative impact on financial performance,and improve the way of fulfilling,and properly perform corporate social responsibility according to the actual capabilities of the enterprise.