论企业社会责任对企业财务绩效的影响

The Influence of Corporate Social Responsibility on Corporate Financial Performance

选取2017—2021年“南方周末中国企业社会责任榜”中的500家上市公司作为样本,并从中国证券市场与会计研究(CSMAR)数据库中获取相关财务数据,研究考察了企业社会责任对中国企业财务绩效的影响。研究结果显示,企业社会责任与国有企业的财务绩效没有显著相关性,但与非国有企业的财务绩效呈正相关关系。同时,政府对国有企业的干预会加剧企业内部的代理问题,而非国有企业的企业社会责任可以通过吸引投资者对企业价值产生积极影响。因此,非国有企业应履行企业社会责任以提升企业价值,而国有企业则应加强内部监管,创造良好的企业秩序以减少代理问题,从而使国有企业在盈利能力和对公益事业的贡献之间取得平衡。

This study selects 500 listed companies in the Southern Weekly Corporate Social Responsibility Ranking List from 2017 to 2021 as samples,and obtains relevant financial data from the China Securities Market and Accounting Research(CSMAR)database to study the impact of corporate social responsibility on the financial performance of Chinese enterprises.The research results show that there is no significant correlation between corporate social responsibility and the financial performance of state-owned enterprises,but there is a positive correlation with the financial performance of non-state-owned enterprises.At the same time,government intervention in state-owned enterprises will aggravate the Principal-agent problem within enterprises,while corporate social responsibility of non-state-owned enterprises can have a positive impact on enterprise value by attracting investors.Therefore,non-state-owned enterprises should perform corporate social responsibility to enhance enterprise value,while state-owned enterprises should strengthen internal supervision and create good corporate order to reduce Principal-agent problem,so as to balance the profitability of state-owned enterprises and their contributions to public welfare undertakings.