企业社会责任对财务绩效影响的实证研究以我国上市公司为研究对象  

An Empirical Research on the Effect of CSR on CFP——Based on Listed Companies in China

作　　者：张兰霞[1] 袁栋楠 牛丹[1] 金越[1] 

机构地区：[1]东北大学工商管理学院,辽宁沈阳110819 [2]鲅鱼圈区海星办事处,辽宁营口115007

出　　处：《东北大学学报（自然科学版）》2011年第2期292-296,共5页Journal of Northeastern University(Natural Science)

基　　金：国家社会科学基金资助项目(07BJY050)

摘　　要：以企业规模、所处行业、所有制性质为控制变量,基于利益相关者理论,构建了企业社会责任对财务绩效影响的理论模型,并提出了相关研究假设.运用我国2003～2008年在沪深两市挂牌的1 000家上市公司的相关数据,进行了数据分析.结果表明:上市公司对债权人、员工和上游供应商履行的社会责任较好,而对下游客户和政府的关注度不高;企业规模及其所在行业对公司财务绩效会产生影响,但所有制性质的影响不很显著;公司当期的财务绩效明显受其当期及前期履行社会责任水平的影响,同时各期企业社会责任之间存在多重共线性;不同行业和规模的上市公司当期财务绩效受各期企业社会责任影响的状况不尽相同.Based on the theory of stakeholders,a model of the effect of corporate social responsibility（CSR） on corporate financial performance（CFP） was developed with ROA（return on assets） as the dependent variable,and the scale,trade and ownership of a company as the controlling variables,and some hypotheses were suggested.To verify the model and hypotheses,the data of 1000 listed companies in China from 2003 to 2008 was used for statistical analysis.The results indicated that those companies didn＇t pay close attention to their downstream customers and governments though they took well the CSR for their creditors,employees and upstream suppliers.In addition,the scale of a company and what trade it was making affect CFP to a certain extent,while the ownership affected it unobtrusively.The current CFP of those companies was positively affected obviously by how they did in CSR currently and previously.Meanwhile,it was found there was a multicollinearity between the CSRs in different periods,and the influences of CSR on current CFP of China＇s listed companies on different scales and in different trades were not the same.

关 键 词：企业社会责任 企业财务绩效 上市公司 利益相关者 总资产报酬率 

分 类 号：C931[经济管理—管理学]