企业社会责任影响财务绩效的中介调节效应——基于中国100强企业社会责任发展指数的经验证据

Moderated Mediating Effect of Corporate Social Responsibility on Financial Performance——Empirical Evidence based on the CSR Development Index of Top 100 Firms in China

根据黄群慧等提出的“四位一体”企业社会责任理论模型，发展了一个“企业社会责任一财务绩效”假设模型，并基于利益相关者理论，采用2009－2012年“中国100强企业社会责任发展指数”，检验了我国国有和民营上市公司的社会责任对财务绩效的影响。结果表明，综合社会责任对财务绩效（会计绩效和市场绩效）无显著影响，市场责任在法律责任或环境责任正向影响会计绩效的关系中具有完全的中介效应，且在法律责任或环境责任正向影响市场绩效的关系中具有部分中介效应，而责任管理在市场责任影响财务绩效的关系中具有正向调节作用。

This paper developes a ＂CSR-CFP＂ hypothesis model, then tests the impact of CSR on CFP of China＇s state-owned and private listing Corporation based on the stakeholder theory and the CSR Development index of Top 100 Firms in China. The study finds that comprehensive CSR has no effect on CFP. Market responsibility has an integral mediating effect under the positive relationship of legal liability or environmental liability effect on accounting performance, but has an integrant mediating effect under the positive relationship of legal liability or environmental liability effect on market performance. Responsibility management has a positive moderate effect to the relationship of market responsibility effect on CFP.