公司治理和社会责任对财务绩效影响的协同效应研究

On the synergy effect of corporate governance and social responsibility on financial performance

公司治理和社会责任来源于现代公司的诞生,以责任为理论内核。论文以发布2019年社会责任报告的上市公司为对象,实证研究了两者对财务绩效的影响,得到以下结论:治理结构中独立董事的监督具有时滞性,高管积极发挥着主观能动性;公司以“被动回应”的方式履行着社会责任;公司治理和社会责任对财务绩效的调节作用在短期具有协同效应,在长期不具有协同效应,在价值创造过程中没能实现两者的有效融合。因此,论文建议建立一个包含各种价值创造因素的公司治理机制,使得社会责任作为一种有利于价值创造的要素主动嵌入到公司治理中去。

Corporate governance and social responsibility are derived from the birth of the modern company, with the responsibility as the theoretical core.This paper empirically examines the impact of both on financial performance, targeting listed companies that published their 2019 social responsibility reports.The following conclusions are drawn: supervision of independent directors in governance structure has a time lag, executives play an active role in the active;the companies fulfill social responsibility in a "passive response";the regulating action of corporate governance and social responsibility on financial performance have a synergistic effect in the short term, but have no synergistic effect in the long term, in the value creation process failed to achieve both effective fusion.