生命周期视角下企业社会责任对财务绩效的影响

Impact of corporate social responsibility on financial performance from the perspective of life cycle

基于生命周期理论,本文研究了上海和深圳A股房地产上市公司的社会责任与财务绩效之间的关系。研究发现,在房地产企业初期,履行对投资者的社会责任可以对财务绩效产生积极影响;成长期和成熟期的房地产企业履行对所有利益相关者的社会责任,能够显著提高其财务绩效;处于衰退期的房地产企业,履行对投资者和员工的社会责任可以对财务绩效产生积极影响。

Based on life cycle theory,the article examines the relationship between social responsibility and financial performance of Shanghai and Shenzhen A-share real estate listed companies.The study found that in the early stages of real estate companies,fulfilling social responsibilities to investors can have a positive impact on financial performance.Growth and maturity real estate companies fulfill their social responsibilities to all stakeholders and significantly improve their financial performance.In a recessionary real estate company,fulfilling social responsibilities to investors and employees can have a positive impact on financial performance.