| 企业社会责任对财务绩效影响研究——基于中国上市公司的经验证据 |
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| 引用本文：郑 培，李亦修，何延焕.企业社会责任对财务绩效影响研究——基于中国上市公司的经验证据[J].财经理论与实践,2020,(6):64-71 |
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| 中文摘要:在披露意愿、股权性质、经济周期调节变量的基础上研究企业社会责任对财务绩效的影响，考虑企业社会责任的时间滞后效应，加入滞后一期的CSR研究对财务绩效的影响。实证结果表明：当期企业社会责任与当期财务绩效呈正相关但不显著，滞后一期的企业社会责任显著正向影响当期财务绩效；当期企业社会责任与披露意愿、经济周期的交互作用表明，相对于经济繁荣期，在经济收缩期企业当期自愿披露企业社会责任报告会更显著提高当期财务绩效；当期企业社会责任与股权性质的交互作用表明相对于非国有企业，国企当期承担企业社会责任会显著提高当期财务绩效；滞后一期的企业社会责任与股权性质、经济周期的交互作用表明在经济收缩期，国有企业上一年履行企业社会责任会显著降低当期财务绩效。 |
| 中文关键词:企业社会责任 财务绩效 披露意愿 股权性质 经济周期 |
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| Research on the Impact of Corporate Social Responsibility on Financial Performance——Based on Empirical Evidence of Chinese Listed Companies |
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| Abstract:On the basis of disclosure intention, ownership nature and economic cycle adjustment variables, this paper studies the impact of CSR on financial performance, considers the time lag effect of CSR, and adds the impact of delayed CSR study on financial performance. Using weighted least square regression test, the results show that: the CSR of the current period is positively correlated with the financial performance of the current period, but not significantly; the CSR of the lagging period is positively correlated with the financial performance of the current period; the interaction of corporate social responsibility with disclosure intention and economic cycle in the current period indicates that, compared with the economic boom period, voluntary disclosure of corporate social responsibility report in the current period of economic contraction will significantly improve the current financial performance; the interaction between CSR and the nature of equity in the current period indicates that, compared with non-state-owned enterprises, the CSR performed by state-owned enterprises in the current period will significantly improve the current financial performance; The interaction of CSR with the nature of equity and economic cycle shows that in the period of economic contraction, the fulfillment of CSR by state-owned enterprises in the previous year will significantly reduce the current financial performance． |
| keywords:corporate social responsibility financial performance willingness to disclose nature of ownership economic cycle |
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