企业社会责任对财务绩效影响研究——以食品药品业上市公司为例

The Impact of Corporate Social responsibility on Financial Performance:A Case Study of Listed Companies in Food and Drug Industry

本文以2008-2016年A股上市公司中的359家食品药品制造业为研究对象,基于利益相关者理论,研究这一关乎国计民生的行业履行社会责任对其财务绩效的影响。研究发现:食品药品业积极履行对股东、员工、顾客、债权人、供应商、政府的社会责任会促进企业财务绩效的提升,但履行对公众的社会责任会对企业财务绩效产生不利影响;进一步研究发现,非国有企业对顾客、供应商、政府、员工履行社会责任会更显著的促进企业财务绩效提升;国有企业对债权人、公众的社会责任履行会更显著的促进企业财务绩效提升;对股东的社会责任履行状况受企业性质影响较小,仍能提升财务绩效。

Based on stakeholder theory,this paper studies the impact of social responsibility on financial performance of359food and drug industries in A-share listed companies from2008to2016.It is found that the active fulfillment of social responsibility of the food and drug industry to shareholders,employees,customers,creditors,suppliers and governments will promote the improvement of financial performance,but fulfilling the social responsibility to the public will have a negative impact on the financial performance;further research finds that the non-state-owned enterprises'social responsibility to customers,suppliers,governments and employees will promote the financial performance of enterprises more significantly;the social responsibility of state-owned enterprises to creditors and the public will significantly promote the improvement of corporate financial performance;the performance of social responsibility of shareholders will be less affected by the nature of enterprises,still can improve the financial performance.