Research On The Moderating Effect Of Regional Economic Quality On The Relationship Between Corporate Social Responsibility And Financial Competitiveness

Under the background that China's economy begins to pursue high quality development,social problems such as people's livelihood and environment are becoming more and more prominent,and the overall level of CSR needs to be improved urgently.Therefore,in order to make enterprises fully realize the economic value of fulfilling social responsibility,it is particularly important to analyze the impact of corporate social responsibility on financial competitiveness.At the same time,as the micro-subject of regional economy,enterprises are bound to be affected by the quality of regional economic development.In view of this,exploring the moderating effect of regional economic quality on the relationship between corporate social responsibility and financial competitiveness will provide an important reference basis for enterprises to make decisions on social responsibility performance that can meet their own interests and be in accordance with the level of regional economic development,that will be of great significance to improve the performance of CSR,promote the improvement of financial competitiveness and coordinate the development of regional economy.This paper is based on the background of China's economic development to high quality,based on the analysis of stakeholder theory,signaling theory,attribution theory,regional economic theory and sustainable development theory,takes 1432 A listed companies in Shanghai and Shenzhen stock markets that continuously disclose the social responsibility report from 2014 to 2018 as the research object,and uses descriptive statistics,correlation analysis,OLS linear regression analysis and HLM regression analysis to test the proposed hypothesis.The empirical results show that corporate social responsibility contributes to financial competitiveness.The higher overall level of regional economic quality and the level of environmental quality dimension both play a positive moderating role in the positive relationship between corporate social responsibility and financial competitiveness,otherwise play a negative moderating role.The higher level of people's livelihood dimension plays a direct role in enhancing financial competitiveness,and does not play a moderating role in the positive relationship between corporate social responsibility and financial competitiveness.The lower level of people's livelihood dimension plays a negative moderating role in the positive relationship between corporate social responsibility and financial competitiveness.Because ofthe influence of lag effect,the higher social development dimension level does not play a moderating role in the relationship between corporate social responsibility and financial competitiveness,while the lower society development dimension level plays a positive moderating role in the positive relationship between corporate social responsibility and financial competitiveness.Extended research findings: Under the moderating effect of interaction effects between the low level of people's livelihood and the high or low level of environmental quality,and between the low level of social development and the high level of environmental quality,the role of corporate social responsibility in enhancing financial competitiveness is weakened;Under the moderating effect of the interaction effects between the low level of social development and the high level of environmental quality,the role of corporate social responsibility in enhancing financial competitiveness is enhanced.Based on this,the paper puts forward some suggestions from five aspects: The government should implement incentive measures to guide enterprises to change their concept of responsibility;promote the coordinated development of regional economic quality and encouraging enterprises to actively fulfill their social responsibilities;governments and businesses work together to improve people's well-being;stimulate the potential of social development and encourage enterprises to actively fulfill their social responsibilities;improve the quality level of ecological environment and create a good space for enterprise development.