【作者】 张莹；

【导师】 牛彦秀；

【作者基本信息】 东北财经大学 ， 会计学， 2017， 硕士

【摘要】 从十八世纪六十年代英国第一次吹响工业革命的号角,世界经济的发展就进入到了一个崭新的纪元。然而,诸如雇员福利、资源耗损以及环境污染等严肃的社会问题,却也在企业资本与规模急剧扩张的伴随下,悄然进入人们的视线。也因此,燃起了公司的所有者对于社会责任问题的关注欲望,激发了学术界关于社会责任理论的讨论热潮。十一届三中全会召开后,我国在改革开放的基本国策的指引下,经济也得到了迅猛的发展。然而,在企业近乎于盲目的追求经济绩效的同时,同自然环境、经济资源与社会组织等方面的矛盾也不断凸显出来,归结起来,企业社会责任意识淡薄是隐藏在这一系列问题后的深层原因。于是,我国学者也开始了关于企业社会责任理论的探索,试图立足于我国国情,为上市公司找到切实可行的可持续的和谐发展之路。财务绩效作为我国上市公司经营状况与发展水平的有效衡量指标之一,学术界从理论推导得出了其与企业社会责任关系基本一致的结论:企业履行社会责任能够为其带来长期竞争优势。即着眼于企业的未来成长战略,社会责任的主动承担会对财务绩效的表现产生正面的影响。但实证研究却得出了两者呈现正相关、负相关或者不相关关系的三种迥然不同的结论。作为研究二者相关性的一个重要角度,公司治理已成为当前社会责任研究领域的新方向,而作为一直被视为公司治理机制基石的股权结构,却鲜少有学者在研究企业社会责任对财务绩效的影响时对它的作用进行独立思考。本文试图选取理论推导与实证检验相结合的研究方法,在检验企业社会责任对财务绩效的影响时,对由于时间差异而导致的影响差异加以考虑,并在此基础上,研究股权结构对于二者关系的作用效果。进一步将股权结构从定量与定性两个角度进行细分,试图探求在企业社会责任同财务绩效关系的研究中,不同标准细分下的股权结构对二者关系的影响究竟有何差异。本文研究共包含下述六个部分。第一部分,绪论。详细阐述本文的选题背景及研究意义,简明扼要的指出本文的研究方法、目的与整体框架思路,并总结本文创新点。第二部分,文献综述。回顾与评述关于企业社会责任的概念及衡量方法、企业社会责任对财务绩效的影响以及基于股权结构视角企业社会责任同财务绩效的关系这三个方面的文献。第三部分,相关理论及假设提出。首先,对本文研究所涵盖的基本概念加以界定;其次,着重对同本文研究息息相关的利益相关者、社会影响、委托代理以及信息不对称等理论进行说明;最后,分析上述理论的影响机理提出本文假设。第四部分,研究设计。根据前一部分提出的假设,对相关数据进行筛选与处理,选取恰当的研究变量,建立有效的研究模型。第五部分,实证检验。首先,对财务绩效模型加以回归分析,确定本文的被解释变量;其次,进行变量间的描述性统计分析以及相关性分析,初步说明本文所选变量的大致情况;再次,对企业社会责任与财务绩效、不同股权结构分类下的企业社会责任与财务绩效的关系进行回归分析,以验证本文的相关假设;最后,变换研究方法与替换变量进行稳健性检验。第六部分,研究结论及对策建议。归纳上述实证研究成果,总结本文研究结论,从政府与企业自身两个角度提出相应的对策建议,同时指出本文研究的局限性所在。本文实证检验结果显示,社会责任的有效履行会对财务绩效的相关表现产生良好的影响,且这种影响存在显著的跨期效应。引入股权结构作为调节变量后,本文发现,产权性质无论是就其本身而言,还是在考虑了其与企业社会责任联合作用下对财务绩效的影响,我国的国有与非国有企业已不再具有显著的差异;法人持股比例越高的上市公司,越会提高其对企业社会责任履行的重视程度,对财务绩效的影响也越强;股权集中有助于企业财务表现的改善,然而过于集中的股权却会削弱企业对于社会责任的履行效果;良好的股权制衡机制则会对二者之间的关系产生积极的正向影响。上述结果表明,在探究企业社会责任同财务绩效的关系时,股权结构这一关键变量之于二者关系的影响并不可以一概而论。本文的创新主要表现为研究论题的新颖及内容的深化:将跨期视角引入二者关系的研究中,实证检验了当期与跨期的企业社会责任对财务绩效的影响确实存在差异。此外,将股权结构按照不同标准进行细分作为研究二者关系的调节变量,为企业如何在股权结构方面完善社会责任的对策制定提供了依据。更多还原

【Abstract】 Since Britain blew the horn of the industrial revolution in the 1760s,the development of world economy has entered a new era.However,as the enterprises,capital and scale have been experiencing a rapid expansion,serious social problems such as employee benefits,resource consumption and environmental pollution,have quietly come into the sight of people.As a result,not only do entrepreneurs show great interest on the social responsibility,but also the debate on the theories of social responsibility have become a heat point in the academic field.Since the Third Plenary Session of the 11th Central Committee of the Chinese Communist Party,China’s economy has developed rapidly with the instruction of one of the fundamental state policies---the reform and opening-up policy.Nevertheless,while the enterprises are chasing the economic benefits blindly,the conflicts of interest between different stakeholders including environment,economic resources as well as social organization have been highlighted.As this phenomenon can be attributed to the lack of the consciousness on corporate social responsibility,the scholars in our country have already begun to explore the academic field of corporate social responsibility based on China’s situation,in order to help China’s listed companies to seek a feasible way for sustainable development.According to the researches in the academic field,financial performance measurement is regarded as one of the effective measurable indicators on the operation condition and level of development for China’s listed companies.In the academic field,it has come to almost the same conclusion on the relationship between financial performance measurement and corporate social responsibility:social responsibility can enhance the competitive advantage in the long term.From the perspective of future development,corporate social responsibility has a positive effect on the financial performance.However,there are different conclusions on the ground of the empirical studies about the relationships between these two concepts,including positive,negative as well as uncorrelated.In addition,as an important research angle in studying the relationships between financial performance measurement and corporate social responsibility,corporate governance has already become a new trend in modern social responsibility research area.Although ownership structure is seemed as the footstone of the corporate governance,there is still few studies consider the influence of this factor when studying the effect of corporate social responsibility on financial performance measurement.This paper tries to combine the theoretical and empirical research methods,considering the difference due to the time lag when it examines the influence of corporate social responsibility on financial performance measurement.On this basis,it also discusses the impact of the ownership structure on the relationship financial performance measurement and corporate social responsibility from both the qualitative and quantitative aspect to inspect the effect of different ownership structures play if differ.This paper contains the following six parts.The first part,introduction.Tell this paper’s background and research significance in detail,briefly point out the method,purpose and overall framework of this paper,and summarize the innovation points of this paper.The second part,literature review.Review and comment on the literature on three aspects,which are the concept and measurement of corporate social responsibility,the effect of corporate social responsibility on financial performance,as well as of the influence of ownership structure on the relationship between corporate social responsibility and financial performance measurement.The third part,related theories and hypotheses.First of all,define the basic concepts covered in this paper.Secondly,illustrate the relevant theories,for instance,stakeholder theory,social impact hypothesis,the principal-agent theory as well as information asymmetry theory.And finally,analyze the mechanism of how the above theories can have an impact on the research subjects and put forward the hypotheses of this paper.The fourth part,research design.According to the proposed hypotheses of the prior part,screen and process the relevant data,select appropriate research variables,and establish an effective research model.The fifth part,empirical test.Firstly,this paper carries out a regression analysis of financial performance model,and defines the dependent variable.Secondly,this paper carries out a descriptive statistics and correlation analysis on various variables,form the basic impression of the selected variables.Then,there is a regression analysis on relationship between corporate social responsibility and financial performance measurement under different kind of ownership structure to verify the relevant hypotheses of this paper.Finally,the robustness test will be given after altering the methods and variables.The sixth part,research conclusion and suggestions.Summarize the above empirical research results,concludes this paper ’s research conclusion,put forward the corresponding countermeasures and suggestions from both the angles of government and enterprise itself,and meanwhile,point out the limitations of this paper.According to the results above,the effective undertaking of social responsibility may benefit the enterprises’ financial performance.Moreover,there is a stronger positive effect of the corporate social responsibility on financial performance measurement in the early stage compared to the current period.After introducing the ownership as the metavariable,the paper finds that there is no observable difference in the nature of enterprise’s property right between the state-owned and non-stated-owned enteprises,considering neither the influence itself on the financial performance measurement nor the combined effect with corporate social responsibility on financial performance measurement.Additionally,the higher the institution shareholding ratio in the listed company,the more attention the enterprise may pay in the performance of corporate social responsibility and also the more significant effect on financial performance measurement.What is more,the ownership concentration can be helpful for the improvement of enterprise’s financial performance measurement.However,over-concentration may also weaken the performance of enterprise’s corporate social responsibility.Furthermore,an efficient and effective check-and-balance ownership structure has a positive influence on the relationship between corporate social responsibility and financial performance measurement.This suggests there is no accordant with the effect of ownership structure on the relationship ’between corporate social responsibility and financial performance measurement.The innovation of this paper is the novelty of the research topic and the thorough thinking of content of the research:after introducing the inter-temporal angle to the research of the relationship between corporate social responsibility and financial performance measurement,this paper verifies the influence of temporal and inter-temporal corporate social responsibility over of financial performance does have a difference.Furthermore,the paper also gives a thought of the ownership structure as a metavariable and subdivides it based on various standards,in order to inspect the different effect on the research of relationship between corporate social responsibility and financial performance measurement,this provides the reference for how the enterprises’ can improve their social responsibility in the view of the ownership structure.更多还原