【作者】 张琦；

【导师】 李健；

【作者基本信息】 北京理工大学 ， 理论经济学， 2016， 硕士

【摘要】 企业社会责任(CSR)近年来颇受争议,企业是否需要承担社会责任一直以来没有定论。如若企业一味地追求经济效益,会造成一定的生产外部不经济性,此时就需要企业承担一定的社会责任。反过来说,企业承担社会责任能够有利于企业的发展,则企业会自愿承担社会责任;但若企业承担社会责任对企业发展没有帮助,甚至是不利,企业则不会承担社会责任或是出于被动地承担。究其根本,企业在权衡是否履行社会责任问题时考虑更多的是与企业自身发展相关的经济利益,因此,研究企业履行社会责任对其经济利益造成的影响就显得十分重要。前人多针对企业社会责任对财务绩效的单向当期影响进行研究,较少研究二者之间存在的交互性及滞后性影响,而根据达摩达尔·古拉扎蒂的理论,由于个人心理原因、技术原因以及制度原因,滞后性具有存在的可能性,因此,选取研究较少的二者之间的跨期交互影响作为本文的研究问题,具有重要的理论意义和实践意义。本文针对CSR与财务绩效(CFP)之间存在的跨期交互影响关系,把2011-2015年间国内沪深两市发布CSR报告的上市公司做为研究样本,根据wind数据库中有关上市公司披露的财务数据,以及通过内容分析法得到的CSR评分,构建CSR与CFP之间相关关系的模型,通过实证分析检验二者之间存在的相关性,分别选取滞后一期、滞后两期的CSR及CFP,研究二者之间存在的滞后性影响。实证分析结果显示,企业社会责任对企业财务绩效的影响存在一定的时滞效应,滞后一期的社会责任对财务绩效的影响更为显著,而企业财务绩效对社会责任的承担产生的影响则在当期。为保证研究结果的可靠性,充实研究内容,本文还将所选取的样本公司分上证企业、深证企业分别进行分析。研究显示,样本数据分上证企业与深证企业进行实证分析得出的结论与总体样本进行实证分析得出的结论相一致,证实了结论的可靠性。基于以上研究结论,本文分别针对企业,特别是国有企业,政府及监管部门提出了相应的政策性建议,对推动我国企业社会责任理论的发展、提高企业积极履行社会责任的意识具有现实性意义。更多还原

【Abstract】 Corporate social responsibility has been controversial in recent years,and whether the enterprises need to bear the social responsibility or not has not been determined.On the one hand,if the enterprises pursue economic benefits blindly,it will cause the production of external non-economic,at this time it will require the enterprise to assume a certain social responsibility.On the other hand,corporate social responsibility can be conductive to the development of enterprises,so the enterprises will undertake social responsibility voluntarily;but if corporate social responsibility is not helpful to the development of enterprises,even negative,the enterprises will not bear social responsibility or be passive.In fact,when the enterprises weigh the problem of whether perform social responsibilities or not,they consider more their economic interests related to developments,so the research of corporate social responsibility influence on economic benefits is very important.The research focus more on the one-way effect of CSR on CFP research of predecessors,and less on the study of the two interactive time lag effect,and according to Gu Raza Siti’s research,in theory,because of the individual psychological causes,technical reasons and system reasons,time lag effect has the possibility to exist.Therefore,selecting the period between CSR and CFP study on less interaction as the research problem has important theoretical significance and practical significance.This paper builds the model of the relationships between corporate social responsibility(CSR)and financial performance that according to the inter-temporal interaction between CSR and financial performance,based on the stakeholder theory,using two listed companies in Shanghai and Shenzhen Stock Exchange in 2011-2015 as well as the score of social responsibility by clustering rating as research samples,and tests their relationships through the empirical analysis.In research,choosing the lag one or two phases of CSR and financial performance researches the lagging influence between CSR and financial performance.The empirical analysis results indicate that,firstly,CSR have positive effects on financial performance in a lag phase,namely the current and lagged effects of CSR on enterprise’s financial performance is not significant;secondly,the current financial performance has positive effects on CSR,but it is unclear that the effect is positive or negative,which the total rate of return on assets(ROA)and the rate of return on net assets(ROE)have a significant positive influence on corporate social responsibility,then EBITDA and the ratio of income as a percentage of sales(POS)have a significant negative impact on social responsibility.To test the reliability of the results and enrich the researchcontents,this paper also separates the enterprises into Shanghai enterprises and Shenzhen enterprises to analysis separately.The research indicates that the conclusion of empirical analysis between the sample data which is separated to Shanghai and Shenzhen and the overall sample is consistent,and confirms the reliability of the conclusion.Based on the above research conclusions,this paper which aims at enterprises,especially state-owned enterprises,government and regulatory departments to put forward some policy suggestions,has a realistic significance to promote the development of China’s corporate social responsibility and improve the enterprises’ consciousness of performing the social responsibilities.更多还原