基于价值链的中国企业社会责任对财务价值的影响（英文）

Integrating Corporate Social Responsibility with Businesses to Create Financial Value in China:A Value Chain Perspective

为了支持企业持续地将履行社会责任作为一种长期的战略,探讨企业社会责任与业务相结合对财务绩效的影响以及如何选择既造福社会又有利于商业的社会责任项目。基于价值链视角,采用利益相关者理论和归因理论,用实证方法,选择中国公司社会责任披露的数据,采用因子分析法划分企业社会责任活动,采用面板数据回归分析每种社会责任活动及其交互作用对企业财务绩效的影响。研究结果表明,把社会责任活动分为与价值链基本活动相关的社会责任、与价值链支持活动相关的社会责任和一般性社会责任(与价值链活动无关),与价值链基本活动相关的社会责任和与价值链支持活动相关的社会责任对财务绩效有积极影响,与价值链活动无关的一般性社会责任对财务绩效有消极影响,他们的交互作用对财务绩效也有方向不同的显著影响,即基本活动与支持活动的交互作用对财务绩效有积极影响,基本活动与一般性活动的交互作用对财务绩效有积极影响,而支持活动与一般性活动的交互作用对财务绩效有消极影响。研究结果对企业将履行社会责任与价值创造相结合、实现社会效益和经济效益双赢提供具体的参考。

Although corporations are demonstrating a commitment to corporate social responsibility （ CSR ） , many still relegate it to the periphery of one＇s own businesses. To encourage corporations to a- dopt CSR as a long-term core strategy, certain issues including identifying where CSR and financial per- formance intersect as well as selecting CSR objectives that benefit beth society and business must be re- solved. While some relevant empirical work has been conducted in developed markets, little has been con- ducted in emerging markets to name one as in China given the rapid growth in financial and market power of the players in these emerging markets. We believe there exists the importance to make Chinese corpora- tions understand the engagement of CSR as a useful strategy improves business performance significantly with data supported analysis. This article offers a fresh approach for integrating CSR activities with business objectives by categorizing CSR into three activities associated with the value chain （i. e., CSR in primary activities of value chain, CSR in support activities of value chain, and generic CSR ）. Furthermore, we explored the impacts of each CSR activity on corporate financial performance （CFP） with Chinese corpora- tion data. Results show that CSR based on the primary and support activities of the value chain has a posi- tive impact on CFP, while generic CSR affects CFP negatively. Their interactions also have complementary or substitute effects on CFP. Hence, we designed a new approach to integrate CSR activities with business via the value chain. We categorized CSR activities by reference to the value chain as primary, support, and generic activity respectively. Then, we used data collected from Chinese corporations （and others where relevant ） to examine the effect of each type of the value chain-based CSR activities on financial performance. From this analysis, we have learned that the three categories of CSR activities did not con- tribute financial value equally; positive financial returns resulted from primary and support activities, but generic CSR had a negative impact, where interactions appear opposite impacts on financial value. Howev- er, it is believed that this study contributes to the broader literature on CSR and business strategy in two ways. First, we offer a new theoretical perspective regarding CSR activities. With our reference to the val- ue chain to position various CSR activities through the entire process of value creation and delivery while classification according to their connections with businesses, our findings expand the understandings of rela- tionships between CSR, business, and corporation value; Then it may lead to some valuable theoretical references as well as practical approaches for generating greater innovation and growth for businesses, as well as greater benefits for a society.