Research On The Transmission Mechanism Of Corporate Social Responsibility To Corporate Financial Performance Based On The Competitiveness Of Enterprises

Although the relationship between corporate social responsibility performance and corporate financial performance has been studied by a large number of scholars,most of them only study the direct relationship between the two,while independently researching on corporate social responsibility performance and corporate financial performance may cause a lack of understanding of the impact of corporate social responsibility.After reviewing the literature,this paper argues that the competitiveness of enterprises may play a role in the transmission of corporate social responsibility performance to corporate financial performance,that is,corporate social responsibility performance transformate to the core competitiveness of enterprises,thus improve the corporate financial performance.In order to verify the possibility,this paper puts forward three research hypotheses:(1)corporate social responsibility performance has a positive effect on corporate financial performance;(2)corporate social responsibility performance has a positive impact on the competitiveness of enterprises;(3)considering the competitiveness of enterprises,the positive effect of corporate social responsibility performance on corporate financial performance become more significant.This paper selects the enterprises of the "IT" industry listed in Shanghai and Shenzhen Stock Exchanges whose 2013-2015 corporate social responsibility reports released independently as the research object,using reasonable selection of variables,2013-2015 data,and verified the optimal panel data model to verify the assumptions one by one.The empirical results are as follows:(1)the corporate social responsibility performance of the "IT" industry enterprise has a positive impact on the corporate financial performance,but not significant.(2)The corporate social responsibility performance of the "IT" industry enterprises has a positive impact on the competitiveness of enterprises,but not significant.(3)Under the condition of the enterprise competitiveness,the corporate social responsibility performance of the "IT" industry has a more significantly positice effect on corporate financial performance.According to the empirical results and the theoretical analysis,this paper argues that the enterprise competitiveness amplificate corporate social responsibility influence in the transmission mechanism of corporate social responsibility performance to corporate financial performance.Accordingly,this paper puts forward the following suggestions:(1)Performing corporate social responsibility according to the three levels of enterprise competitiveness.(2)Performing corporate social responsibility in a virtuous cycle with continuous input.