摘要
研究企业社会绩效与财务绩效关系,有利于政府完善相关政策和企业利益相关者决策合理化。本文通过构建公司社会绩效与财务绩效关系的交互影响模型和滞后影响模型,实证分析后发现:(1)基于市场的财务绩效指标托宾Q和公司社会绩效存在显著的负向关系;(2)基于不同利益相关者的社会绩效对财务绩效的影响不同,政府责任绩效,供应商责任绩效,员工、顾客、金融机构和社会公益责任绩效分别对公司财务绩效有积极影响、消极影响和不显著影响。
The research on the relationship between corporate social performance(CSP)and corporate financial performance(CFP) is helpful to perfect government's policies, to make decision for stakeholders. This study investigates the correlation of CSP and CFP with the interaction models and the lead-lag models. By empirical analysis, the findings are as following:(1) The CSP-CFP relationship is negative in China and Tobin's Q and CSP exists a significantly negative relationship;(2) CSP based on different stakeholders has different impacts on CFP based on market. CSP based on government has a positive impact on CFP, CSP based on suppliers has a negative impact on CFP, and CSP based on employees, customers, creditors and social philanthropy has no significant impact on CFP.
出处
《财务研究》
2016年第3期70-83,共14页
Finance Research
基金
教育部西部和边疆地区青年基金项目(13XJC630005)
四川省农村发展研究中心项目(CR1016)
关键词
公司社会责任
公司社会绩效
公司财务绩效
利益相关者
corporate social responsibility
corporate social performance
corporate financial performance
stakeholders