Corporate Social Responsibility,Sustainable Financial Growth And Competitive Position

Since the beginning of the 21st century,corporate social responsibility(CSR)has gradually become an important topic concerned by policy makers and academic theorists in China.Relevant studies have developed in parallel in both theoretical discussion and enterprise practice,and relevant policies and regulations have been gradually improved.In the context of increasingly closely connected global economy,enterprises’ voluntary fulfillment of social responsibility has gradually become an important guarantee for the implementation of corporate competitive strategy and an inevitable trend of the times.From the perspective of development strategy,this thesis discusses whether the motivation of enterprises to fulfill social responsibility depends on the legal constraints or the convergence of interests between social responsibility and enterprises.If the social responsibility behavior can bring financial benefits to the enterprise,how can the financial benefits be fed back to the enterprise itself ? all these directly affect the management decisions and investment and financing strategies of enterprises.If the influencing mechanism is not clear,social responsibility will only be a moral cage for enterprises to orally preach,and enterprises will only passively accept the minimum social responsibility driven by law,rather than for the needs of enterprise competitive strategy.Based on past cases,this thesis deeply explores the relationship between corporate social responsibility and corporate competitive position,analyzes the influence mechanism of the former on the latter from the perspective of sustainable financial growth,and clarifies the intermediary transmission mechanism.At the same time,based on stakeholder theory,selection and closely linked to corporate balance sheets,and the most concern of the stakeholders as regulating variable dividend distribution policy,the adjustment effect of the play has carried on the empirical research,and analyzes the different effects on the transmission mechanism of dividend distribution policy,expand the related research,for the enterprise and the government decision-making provides a theoretical basis.Therefore,it is of great practical significance and theoretical value to carry out prospective research on corporate social responsibility from the perspective of economic interests.In the empirical part,this thesis selects A-share listed companies from 2010 to 2019 as data samples for empirical research.Firstly,the fixed effect model is selected by Hausmann test,and the relationship between corporate social responsibility and corporate competitive position is studied and analyzed with the help of master regression model.Secondly,using the three-step regression method to test the mediating effect between sustainable financial growth and corporate social responsibility and corporate competitive position,Sobel method and Bootstrap method were used to verify the mediating transmission mechanism.Then,the test of the moderating effect was mainly verified and analyzed through(centralized)interaction term regression,and the marginal effect interaction graph and Bootstrap test were used to prove and explain.Naturally,then,IV-GMM model test and PSM test were used to deal with the endogeneity,and the robustness of the regression model was tested by the method of variable substitution,the results showed that the baseline analysis was reliable,according to the empirical results,the relevant assumptions proposed at the beginning of the study were proved and the robustness of the model was verified.Finally,the heterogeneity test and analysis are completed by grouping regression of firm nature,ownership concentration and firm size.Research Conclusions: Through data review and empirical analysis,this thesis sorted out the research on corporate social responsibility at home and abroad.Based on the motivation conjecture of corporate social responsibility in China,it studied the influence of corporate social responsibility on the competitive position of enterprises by using A-share data.Combined with the perspective of financial status and dividend distribution policy,the influence mechanism between them--the mediating effect mechanism and the moderating effect mechanism are comprehensively analyzed and in-depth empirical research is conducted.Finally,the conclusions are drawn :(1)Corporate social responsibility has a positive promoting effect on the competitive position of enterprises;(2)Financial sustainable growth plays a partial intermediary role in the transmission mechanism between corporate social responsibility and corporate competitive position,and is affected by the nature of the enterprise and the degree of ownership concentration;(3)In a certain range,dividend distribution policy negatively moderates the impact of corporate social responsibility on sustainable financial growth,positively moderates the impact of sustainable financial growth on corporate competitive position,and the overall utility positively moderates the mediating effect of sustainable financial growth.This thesis has four policy implications for corporate social responsibility behaviors in the economic market: Firstly,formulate social responsibility implementation plans in line with their own competitive strategies to promote the normalization,long-term and standardization of corporate social responsibility behaviors;Secondly,corporate shareholders should strengthen the supervision of the management,strengthen the concentration of ownership,improve the efficiency of corporate social responsibility behavior;Thirdly,prudent selection of dividend distribution policy,enhance the positive impact of social responsibility behavior,reasonable selection of dividend distribution policy according to corporate financial status,enhance the transmission effect between corporate social responsibility,financial sustainable growth and competitive position;Fourth,improve the corporate social responsibility measurement system and information disclosure system.In addition,there are two deficiencies in the empirical method and analytical experience of this thesis: Firstly,there are limitations in theoretical analysis;Secondly,the empirical research program lacks rigorous design;Based on this,the future prospects of relevant research are put forward.