A Study On The Interactive And Inter-Temporal Influence Between Corporate Social Responsibility And Corporate Financial Performance Based On The Nature Of Ownership

Along with the rapid development of the social economy,enterprises have developed a series of social responsibility issues in the development process.Production safety,food quality and safety,employee rights,and environmental pollution problems are constantly emerging.With the continuous improvement of people's material living standards,the increasing level of education,and the gradual enhancement of rights awareness,the expectation of corporate social responsibility has been greatly improved compared with the past.The implementation of the new development concept,the construction of ecological civilization,and the settlement of people's livelihood issues mentioned in the report of the 19 th National Congress have provided new ideas for the development of corporate social responsibility.The deepening reform of Chinese enterprises should focus on enhancing social responsibility,increase social public welfare investment,increase public service provision,participate in environmental governance,and provide greater impetus and promotion for China's stable economic and social development.However,an enterprise is an economic organization that pursues the maximization of shareholder wealth.The implementation of social responsibility will increase the cost of the enterprise.Does this have a negative impact on the financial performance of the company and affect the short-term performance of the manager? On the other hand,the social impact hypothesis believes that actively taking social responsibility can establish a positive image for the company,enhance its competitiveness,and thus improve its financial performance.At the same time,the fulfillment of social responsibility and the generation of financial performance require a process,that is,there is a lag effect on the mutual influence of the two.In addition,due to the different nature of ownership,Chinese enterprises also have different social responsibilities.Based on the above background,this paper empirically studies the inter-temporal impacts between corporate social responsibility and financial performance based on the sample of A-share listed companies in Shanghai and Shenzhen for three consecutive years from 2013 to 2017,and based on the nature of corporate ownership.To study the degree of correlation between social responsibility and financial performance between state-owned enterprises and non-state-owned enterprises in China.The research results show that corporate social responsibility and financial performance are mutually causal and each other has a significant positive impact on each other.The positive impact of corporate financial performance on social responsibility has a lag effect,and the lag effect of social responsibility on financial performance is not significant.With the deepening of the concept of corporate social responsibility,enterprises gradually develop from the passive implementation of social responsibility to integrate social responsibility into the long-term strategy of the enterprise,so as to promote the sustainable development of the enterprise.Therefore,the difference in the inter-temporal impact of social responsibility and financial performance between state-owned enterprises and non-state-owned enterprises is gradually narrowing.In the short-term,the social responsibility of state-owned enterprises has a positive effect on the financial performance of non-state-owned enterprises.The positive impact of financial performance on social responsibility does not differ significantly between state-owned and non-state-owned enterprises.It is hoped that the research results of this paper can guide enterprises to fulfill their social responsibilities to a certain extent,and contribute to making scientific and rational policies for all stakeholders in the enterprise.At the same time,this research helps companies find a balance between achieving social responsibility and maintaining rapid growth in financial performance.Studying the relevance of social responsibility and financial performance from the perspective of corporate ownership can provide targeted reference for future government departments to develop social responsibility promotion and implementation policies.