Research On The Influence Of Corporate Social Responsibility Performance On Finance Performance

In recent years,the domestic emphasis on corporate social responsibility has continued to increase,while the disclosure of social responsibility still needs to improve,and many companies blindly pursue benefits,resulting in frequent incidents of lack of social responsibility.This proves from the side that in fulfilling social responsibility,there is a problem of inconsistency between corporate goals and social expectations.Therefore,many scholars have begun to focus on the correlation between corporate social responsibility and financial performance,but their conclusions are different.In addition,there are few studies on the influence of potential variables on the correlation between the two,and a perfect mechanism framework has not been established.Based on this,this article combines three methods of case study,theoretical analysis and empirical analysis to analyze the impact of corporate social responsibility on financial performance and the specific mechanism.First of all,this article uses Lukang Pharmaceutical as an example to sort out its adjustment process of corporate social responsibility strategy before and after the "sewage" incident.It analyzes how Lukang Pharmaceutical improves its financial performance by actively fulfilling social responsibilities by combining annual report information and financial data from the levels of the enterprise,the product market,and the capital market.According to the results of the case study,the company's innovation capabilities,product market competitiveness,and financing constraints were extracted from the three levels of the company's internal,product market,and capital markets as mediating variables affecting the correlation between corporate social responsibility and financial performance,and combined with domestic and foreign theoretical results,put forward corresponding hypotheses.In the empirical research section,this paper takes the 2012-2018 data of listed companies in the pharmaceutical manufacturing industry as the research object,constructs a multiple mediating effect model,and combines robustness tests to verify the relevance of corporate social responsibility and financial performance,as well as the intermediary effect of innovation capabilities,product markets competitiveness and financing constraints,with a view to extending case conclusions to the entire pharmaceutical manufacturing industry.In the end,it is concluded that actively fulfilling corporate social responsibility has a significant positive effect on financial performance;fulfilling corporate social responsibility can promote the improvement of financial performance by improving innovation capabilities,product competitiveness,and alleviating financing constraints.Among them,innovation ability plays a major intermediary role,followed by the product market competitiveness effect,and finally the financing constraint effect.Therefore,enterprises should re-understand social responsibility,change their business philosophy,unify the goal of actively taking social responsibility and improving corporate efficiency,in order to better solve potential financing constraints and build core competitiveness;the government should strengthen the performance of corporate social responsibility supervision,unified corporate social responsibility evaluation system,and improve the disclosure mechanism;investors should take corporate social responsibility as a measurement standard and formulate comprehensive investment guidelines to better restrict corporate behavior.