公司社会责任与财务业绩关系研究

Research on the Relationship between Corporate Social Responsibility and Financial Performance

在以往的公司社会责任与财务业绩的关系研究中,研究指标的不匹配可能是结论差异持续至今的主要原因之一。本文选择在2009年上半年公开发布社会责任报告的162家制造业上市公司为样本,分析了社会责任与财务业绩的相关关系。结果表明:公司社会责任与财务业绩显著相关;社会责任指数与市场收益指标可能是"横向S型"的非线性关系;不同类别的社会责任支出对财务会计指标的影响方向和大小不同。

In the previous corporate social responsibility literature, one of the reasons for diverse research results on the relationship between corporate social performance and financial performance (CFP) is that CSP measures do not match CFP measures. By using a data set of 162 manufacturing listed companies, which disclose CSR reports in the first half of 2009, this paper examines the CSP-CFP relationship based on the matching principle of measurement. After using market-based measures and accounting-based measures as dependent variables, and CSR index and sub-category CSR expenditures as explanatory variables respectively, it finds that: CSP and CFP are significantly correlated; a 'horizontal S-type and non-linear' relationship may exist between CSR index and market-based measures; the direction and magnitude of the impact of different categories of CSR expenditures on accounting-based measures are different.