企业社会责任与公司绩效关系再讨论--基于上市公司企业社会责任评级数据的实证分析

Re-Discussion on the Relationship Between Corporate Social Responsibility and Corporate Financial Performance

企业社会责任与公司绩效关系一直是企业社会责任研究的重要内容之一。通过区分会计性和市场性公司绩效指标,以实证分析方法检验企业社会责任对两类公司绩效指标的影响。研究结果发现:企业社会责任与会计性公司绩效呈现倒U型关系,与市场性公司绩效呈现正向线性关系;企业社会责任与成本之间呈现U型关系,符合成本理论,也是导致会计性公司绩效为倒U型的主要原因;市场有效性影响企业社会责任与市场性公司绩效的关系,当市场有效性增强时企业社会责任与市场性公司绩效之间的关系变得不显著。

Research on the relationship between corporate social responsibility and company financial performance has always been one of the important contents of corporate social responsibility research.This paper examines the impact of corporate social responsibility on two kinds of performance indicators which are accounting-based corporate financial performance and market-based corporate financial performance.The results of the study found that corporate social responsibility and accounting performance showed an inverted U-shaped relationship and a positive linear relationship with market performance;the corporate social responsibility and cost showed a U-shaped relationship,which is consistent with cost theory and also led to the inversion of accounting performance.Market effectiveness affects the relationship between corporate social responsibility and market-based company performance.When market effectiveness increases,the relationship between corporate social responsibility and market-based performance becomes insignificant.