煤炭企业履行社会责任对于财务绩效的影响——基于利益相关者视角

The impact of social responsibility on financial performance of coal enterprises——Based on the perspective of stakeholders

从利益相关者理论出发,以煤炭企业为研究对象,运用28家煤炭类上市公司2012—2019年的财务数据作为样本,构建多元线性模型,实证检验了煤炭企业履行社会责任与财务绩效之间的关系。实证结果表明,股东、顾客、供应商对企业财务绩效是显著正向影响;员工对企业财务绩效是负的且影响效应显著;债权人对企业财务绩效回归结果是负向影响,但是不显著;政府对企业财务绩效是正向影响,但是不显著;企业规模对企业财务绩效是显著的负向影响;而企业性质则对企业财务绩效影响不显著。最后,从政府、证监会、企业和社会四个角度提出建议。

Based on the stakeholder theory,taking coal enterprises as the research object,using the financial data of 28 coal listed companies from 2012 to 2019 as samples,a multiple linear model was constructed to empirically test the relationship between social responsibility and financial performance of coal enterprises.The empirical results show that shareholders,customers,and suppliers have a significant positive impact on corporate financial performance.Employees have a negative impact on the company’s financial performance and have significant effects.Creditors have a negative impact on the return of the financial performance of the company,but it is not significant.The government’s positive impact on corporate financial performance is not significant.The size of an enterprise has a significant negative impact on its financial performance.The nature of the enterprise has no significant impact on the financial performance of the enterprise.Finally,suggestions are made from four perspectives of the government,the China Securities Regulatory Commission,enterprises and society.