企业社会责任与绩效关系的实证检验

An Empirical Test on Relationship Between Corporate Social Responsibility and Performance

文章基于利益相关者视角,从沪深两市选取316家上市公司2013—2017年面板数据作为研究对象,采用固定效应模型,对企业社会责任与绩效的关系进行探讨。结果表明:当期和滞后期的外部社会责任显著正向影响财务绩效、显著负向影响托宾Q;当期和滞后期的内部社会责任显著正向影响财务绩效,且影响逐渐减弱,对托宾Q存在着显著负向影响。

From the perspective of stakeholders,this paper selects the panel data of 316 listed companies in Shanghai and Shenzhen stock market from 2013 to 2017 as the research object,and uses the fixed effect model to explore the relationship between corporate social responsibility and performance.The results show that the external social responsibility in the current and lag period has significant positive impact on financial performance and a significant negative impact on Tobin Q;the internal social responsibilities in the current and lag period has a significant positive impact on financial performance,and the impact is gradually weakened,which has a significant negative impact on Tobin Q.