能源企业社会责任对财务绩效影响的滞后效应研究

【作者】 王娟；

【导师】 吕南；

【作者基本信息】 西南石油大学 ， 会计学， 2017， 硕士

【摘要】 "创新、协调、绿色、开放、共享"五大发展理念的产生使社会更加关注经济与绿色生态的可持续发展,由国家主导,企业践行的《企业社会责任报告》时代的到来促进了社会责任观的发展。社会摒弃了以往"先污染,后治理"的经济模式,倡导企业积极履行社会责任,对企业利益相关者进行积极有效的反馈。能源企业,作为主要的工业生产性企业,对环境、员工发展、生态的影响更大,更应该主动肩负起履行社会责任的重任,其履行社会责任意识的情况更应该受到社会的重视。但是根据目前多项指标显示,能源企业履行社会责任情况并不乐观,根源在于履行社会责任意识淡薄,即使认知到履行社会责任对社会环境有所改善,但是担心因社会责任的支出影响企业的财务绩效而放弃承担多方责任。本文以利益相关者理论、契约理论、信号传递理论为理论基础,结合国内外研究学者的研究基础,对能源企业社会责任的内涵(基于利益相关者理论)进行界定,并通过因子分析最终确定了社会责任指标。随后在分析能源企业社会责任与财务绩效关系时进行了深入研究,并提出两个假设,即能源企业社会责任对财务绩效有积极影响;当期能源企业履行社会责任对滞后期财务绩效有显著积极影响。最后以我国沪深两市2011—2015年上市能源公司为研究样本,对其公布的年度财务报表及社会责任报告书的数据,综合运用统计学、会计学等学科知识,采用规范性与实证研究相结合的方法对上述假设进行实证分析。研究结果显示当期能源企业社会责任对当期财务绩效影响积极作用不明显;通过面板数据的固态效应滞后函数分析发现,当期能源企业社会责任对滞后期财务绩效有积极影响;能源企业社会责任指标之间存在影响差异,在当期以及滞后期,对财务绩效的影响有着各自的发展路径。基于此,本文建议提高能源企业践行社会责任内部管理层共识,推进能源企业对社会责任履行情况进行自我评价,加强社会责任履行的自愿主动性,从内在机制上转变其履责意识。其次从外部环境来说,建议加强监管力度,构建社会责任履行奖惩机制;积极完善企业评价体系,健全企业社会责任信息披露制度;利用相关财税制度,推动社会责任实施外部环境。通过内外政策措施,达到解决能源企业承担企业社会责任对财务绩效影响滞后问题。更多还原

【Abstract】 The emergence of five developing ideas,i.e.,"innovation,coordination,greenness,opening and sharing" enables the whole society to care more about sustainable development of economy and green ecology.The coming of the era under which Corporate-Social Responsibility(CSRR)is guided by the Government and practiced by enterprises promotes the development of social responsibility sense.The whole society has abandoned the past economic mode of treatment after pollution,and supports enterprises to actively fulfill their social responsibilities and to make positive feedback to their stakeholders.As one of the major industrial production sources,energy plants have more impacts on environmental,employee and ecological development,therefore should actively assume the role of performing social responsibilities,with their social sense being attached high importance.However,according to many indexes,energy enterprises have not performed well enough due to their poor sense of social responsibility.Even if they are aware that social responsibility fulfillment will improve social environment,they are concerned that expense of practicing such responsibilities will negatively affect their financial statuses and therefore not willing to assume them.In this paper,based on stakeholder theory,contract theory and signaling theory,and with both domestic and foreign researches being considered,energy enterprises’ social responsibilities’ connotation(based on stakeholder theory)is defined,and relevant indexes for social responsibilities are determined by factor analysis.Next,further studies are made on relationship between social responsibilities and financial performances of energy enterprises,with two proposed hypotheses,i.e.,social responsibility positively influences financial performance;in current period,performing social responsibility by energy enterprises will positively affect the financial performance in lagging period.Finally,with the energy companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange between 2011 and 2015 as samples,empirical analysis is done on annual financial statements and CSRR data published by these enterprises by using knowledge of statistics and accounting,as well as normative research and empirical research methodologies,to test he previously proposed hypotheses.The research results indicate that social responsibilities of energy enterprise in current period have no significant positive role in current period’s financial performances.By lagging effect function analysis in panel data,it is found that social responsibilities of energy enterprise in current period have no significant positive role in lagging period’s financial performances.There are significant differences among different social responsibilities,and their influences on financial performance of current period and lagging period vary.Based on the aforesaid analysis,it is proposed in this paper that energy enterprise should improve their management awareness of social responsibilities to push self-assessment on social responsibility performance,reinforce their voluntariness of fulfilling social responsibilities,which is to transform their sense from internal mechanism.From external environment,it is suggested that regulatory force should be increased to construct an rewarding and punishment mechanism,actively improve enterprise assessment system,perfect corporate social responsibility disclosure system,improve the external environment by using fiscal and tax systems.In this way,it is aimed to lower the lagging influence of assuming social responsibilities by energy enterprise on their financial performances.更多还原