企业社会责任与财务绩效之间交互跨期影响实证研究  

An Empirical Study on the Interactive and Inter - temporal Influence between Corporate Social Responsibility and Corporate Financial Performance

作　　者：张兆国[1] 靳小翠[1] 李庚秦[1] 

机构地区：[1]华中科技大学管理学院,430074

出　　处：《会计研究》2013年第8期32-39,96,共8页Accounting Research

基　　金：教育部人文社会科学研究专项任务一般项目(10YJA630212)"利益相关者视角下企业社会责任与财务管理创新研究"资助

摘　　要：本文以我国2007-2011年沪市A股上市公司为研究样本,通过尝试建立企业社会责任综合评价指数和剔除盈余管理之后的财务绩效指标,运用系统GMM方法,实证分析了企业社会责任与财务绩效之间的交互跨期影响。研究结果表明,滞后一期的社会责任对当期财务绩效有显著正向影响,当期财务绩效对当期社会责任有显著正向影响。这些研究结论对我们深入理解企业社会责任与财务绩效的关系,对企业提高社会责任意识,自觉履行社会责任具有一定的启示意义。This paper analyzes the interactive and inter-temporal influence between corporate social responsibility(CSR) and corporate financial performance(CFP).The data,from listed Chinese companies in Shanghai from 2007 to 2011,trying to establish a comprehensive evaluation index of CSR and financial performance indicators excluding earnings management,was analyzed using the systemic generalized method of moments(GMM) model.The empirical results demonstrate that the previous years' CSR positively affect the current years' CFP,and the current years' CFP positively affect CSR of the same time.The research findings are theoretically and practically significant for us with regard to understanding the relationship between CSR and CFP,and for companies to improve the sense of CSR and conscientiously to fulfill CSR.

关 键 词：企业社会责任 财务绩效 交互跨期影响 

分 类 号：F270[经济管理—企业管理]