企业社会责任对企业业绩的影响——基于企业规模的中介效应

The Impact of Corporate Social Responsibility on Corporate Performance——Mediating Effect Based on Enterprise Scale

为研究企业社会责任与企业业绩的关系与作用机制,以我国857家上市公司为研究对象,依据其2010—2018年的财务数据以及社会责任评价数据为基础进行实证检验。结果表明,我国上市公司社会责任的履行程度与企业业绩之间呈现出显著的正相关性。中介效应模型结果表明,上市公司社会责任的履行可以显著提高企业的规模,进而提升企业的业绩,该间接渠道解释了部分企业社会责任与企业业绩之间的相关性关系。在区分国企和非国企的情况下对比发现,非国有企业进行企业社会责任的目的是基于寻租理论,而寻租并非是国有企业履行社会责任的出发点。

In order to study the relationship and mechanism between corporate social responsibility and corporate performance,this paper takes 857 listed companies in China as the research object,and makes an empirical test based on their financial data and social responsibility evaluation data from 2010 to 2018.The empirical results show that there is a significant positive correlation between the degree of social responsibility fulfillment and corporate performance.The results of the mediating effect model show that the fulfillment of social responsibility of listed companies can significantly improve the scale of enterprises,and then enhance the performance of enterprises.The indirect channel explains the correlation between corporate social responsibility and corporate performance.In the case of distinguishing between state-owned enterprises and non-state-owned enterprises,it is found that the purpose of non-state-owned enterprises′CSR is based on rent-seeking theory,while rent-seeking is not the starting point of state-owned enterprises′CSR.