企业社会责任与财务绩效关系的实证研究——利益相关者视角的面板数据分析  

An Empirical Research on Relationship between Corporate Social Responsibility and Financial Performance——Analysis Based on Stakeholder Theory and Panel Dates

作　　者：温素彬[1,2] 方苑[2] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]南京理工大学经济管理学院,江苏南京210094

出　　处：《中国工业经济》2008年第10期150-160,共11页China Industrial Economics

基　　金：国家自然科学基金项目"组织社会资本对企业国际化战略的影响"(批准号70672087);中国博士后科学基金项目"企业三重绩效的动态协同机理与绩效评价体系研究"(批准号20070420978);江苏省博士后科学基金项目"企业三重绩效的综合评价模型研究"(批准号0702031C);江苏省高校哲学社会科学基金项目"基于可持续发展战略的和谐财务理论研究"(批准号06SJD630012)

摘　　要：本文按照资本形态的不同,将利益相关者划分为货币资本利益相关者、人力资本利益相关者、生态资本利益相关者、社会资本利益相关者,构建了企业社会责任的利益相关者模型。以46家上市公司2003—2007年的数据为依据,运用面板数据模型,研究了企业社会责任与财务绩效之间的关系。研究表明:我国上市公司已经开始关注其社会责任,但社会责任的披露信息仍然很少;大多数企业社会责任变量对当期财务绩效的影响为负;长期来看,企业履行社会责任对其财务绩效具有正向影响作用。The paper build a stakeholders model of CSR. Stakeholders are classified into four types according to the capital type, which are stakeholders with finance capital, stakeholders with human capital, stakeholders with social capital and stakeholders with ecological capital in the model. With the panel dates of 46 listed companies in China from 2003 to 2007, this paper analysis the relationship between corporate social responsibility and financial performance based on stakeholder theory. The results show that listed companies in China have already started pay attention to social responsibility, and issue the information in the annual report, but the social responsibility information are still less; that lots of variable of corporate social responsibility have negative affection for current financial performance; that over a long period of time, corporate social responsibility have positive relationship with financial performance.

关 键 词：企业社会责任 利益相关者 财务绩效 面板数据 相关性 

分 类 号：F270[经济管理—企业管理]