企业社会责任对财务绩效影响的滞后效应——基于沪深上市公司面板数据的实证分析

The Lagging Effects of the Influence of Corporate Social Responsibility on Corporate Financial Performance——Empirical Analysis Based on the Panel Data of Chinese Listed Companies

本文以我国沪深两市955家上市公司2009—2013年面板数据为研究对象,采用固定效应分析方法,实证分析了企业社会责任对财务绩效的影响。结果表明,我国上市公司的企业社会责任对财务绩效的积极作用不明显,而且企业社会责任对财务绩效的影响存在着显著的滞后效应,呈现倒U型趋势,滞后期的财务效应存在着一个由衰弱到增强再到衰弱的过程。基于研究结论,本文从企业内生机制和外部市场环境两方面提出了相关政策建议。

Based on the panel data of 955 listed companies in Shanghai and Shenzhen stock exchanges for the period2009—2013,adopting the method of fixed effects,the paper analyzes the influence of Corporate Social Responsibility( CSR)on Corporate Financial Performance( CFP). The empirical results demonstrate that the positive effect of the influence of Chinese listed companies' CSR on their CFP is not evident,and the influence has the significant lagging effects. The financial effects appear in the tendency of inverted-U curve,changing from weak to strong and finally to weak again. Finally,based on the research findings,the paper brings the relevant policies and suggestions from the perspectives of companies' endogenous mechanism and external market environment.