旅游企业社会责任与财务绩效关系实证研究

An Empirical Study on the Relationship between Social Responsibility and Financial Performance of Tourism Enterprises

企业在追求财务绩效的同时,也应积极承担社会责任。本文以中国沪深A股旅游企业为研究对象,获取了上市旅游企业2010-2021年的面板数据并展开了分析。实证结果发现:(1)旅游企业社会责任与财务绩效之间呈现倒U型关系;(2)融资约束在旅游企业社会责任与财务绩效关系中发挥部分中介作用;(3)机构投资者持股削弱了旅游企业社会责任与财务绩效之间的倒U型关系。基于此,本文提出了相应的建议。

Companies should also actively shoulder social responsibilities while pursuing financial performance.Taking China's Shanghai and Shenzhen A-share tourism enterprises as the research object,the panel data of listed tourism enterprises from 2010 to 2021 were obtained and analyzed.The empirical results show that:(1)there is an inverted U-shaped relationship between tourism corporate social responsibility and financial performance;(2)financing constraints play a partial mediating role in tourism corporate social responsibility and financial performance;(3)institutional investor ownership weakens the inverted U-shaped relationship between tourism corporate social responsibility and financial performance,making the inverted U-shaped curve flatter.Based on this,corresponding suggestions are put forward.