基于市场竞争度的企业社会责任对财务绩效的跨期影响研究

发布时间：2018-05-01 20:14

本文选题：社会责任 + 财务绩效　；参考：《中国矿业大学》2017年硕士论文

【摘要】：构建和谐社会,走可持续发展道路是近年来我国经济社会发展的主题,但是部分企业在片面追求经济利润最大化的同时,忽略了对利益相关者所应承担的责任,2017年的3·15晚会上央视曝光了互动百科、科视公司、无印良品等多家公司在产品质量、虚假宣传和售后服务等方面存在的问题,也反映出了我国有些企业社会责任缺失严重,这个现象已经引发政府、公众、投资者等利益相关者和学者的关注。由于履行社会责任需要付出一定的成本,这就使得很多企业想了解履行社会责任是否会影响企业的绩效?会对财务绩效产生怎样的影响?这种影响是否存在一定滞后性?不同市场竞争程度下的企业履行社会责任对财务绩效的影响是否存在差异?对于这些问题的解答,将会有助于企业积极履行社会责任,为管理者、决策者做社会责任履行的决策提供理论依据,基于这样的情况,本文所做的研究具有重要的理论意义和现实意义。本文梳理了国内外专家学者关于社会责任、财务绩效、市场竞争的相关研究,依据社会责任理论、利益相关者理论、市场竞争理论、社会契约理论等相关理论,分析社会责任对财务绩效的影响机理。本文选取了“2016年中国企业500强”中沪深上市的企业2011年到2015年的数据作为研究样本,从利益相关者角度,采用层次分析法和综合评价法构建了企业社会责任评价体系,采用因子分析法构建了财务绩效的评价指标,综合运用变量分析、层级回归分析等方法,研究企业社会责任的履行对企业财务绩效的影响,以及这种影响是否存在滞后性,对滞后几期的财务绩效的影响最为明显。此外,引入了行业竞争变量,探究不同的市场竞争环境下,社会责任对财务绩效的影响作用是否会存在不同,并运用多维度分析法,将市场竞争分为强、弱两组来对比分析研究社会责任对财务绩效的跨期影响作用。主要研究结论如下:(1)企业社会责任的履行有助于提高企业当期的财务绩效;(2)企业履行社会责任对财务绩效的积极作用存在滞后效应,滞后两期内显著相关;(3)随着时间的推移,社会责任的履行对财务绩效的滞后期影响作用逐渐减弱;(4)企业所处的行业竞争程度能够加强社会责任对财务绩效的影响,市场竞争程度越强,履行社会责任对财务绩效的正向影响作用越强。本文创新点主要体现在:其一,将定性指标进行量化并进行无量纲化处理,选用多维度指标构建了我国企业社会责任综合评价体系,比采取单一的财务指标衡量更优越,提高了指标衡量的全面性和准确性;其二,采用比较分析法来动态研究履行社会责任对财务绩效的影响存在的滞后期效应;其三,引入了市场竞争指标,分析其在社会责任对财务绩效的影响中存在的调节作用,为当前的相关研究提供了新的视角和新的思路。
[Abstract]:Constructing a harmonious society and taking the road of sustainable development is the theme of our country's economic and social development in recent years, but some enterprises are pursuing the maximization of economic profit one-sidedly at the same time. Ignoring the responsibility of the stakeholders, CCTV exposed the problems in product quality, false publicity and after-sales service of many companies, such as Interactive Encyclopedia, KTV, Moji, etc. at the March 15 evening in 2017. It also reflects the serious lack of corporate social responsibility in China, which has aroused the attention of the government, the public, investors and other stakeholders and scholars. Due to the need to pay a certain cost to fulfill social responsibility, many enterprises want to know whether fulfilling social responsibility will affect the performance of enterprises. What impact will it have on financial performance? Is there a lag in this effect? Are there any differences in the impact of corporate social responsibility on financial performance under different market competition levels? The answers to these questions will help enterprises to actively fulfill their social responsibilities and provide theoretical basis for managers and decision makers to make decisions on social responsibility performance. The research done in this paper has important theoretical and practical significance. This paper reviews the relevant researches on social responsibility, financial performance, market competition and so on, based on social responsibility theory, stakeholder theory, market competition theory, social contract theory and so on. Analyze the influence mechanism of social responsibility on financial performance. This paper selects the data from 2011 to 2015 of China's top 500 enterprises listed in China, Shanghai and Shenzhen as the research samples, and constructs the evaluation system of corporate social responsibility from the perspective of stakeholders, using the analytic hierarchy process and the comprehensive evaluation method. This paper constructs the evaluation index of financial performance by factor analysis, and studies the impact of corporate social responsibility on corporate financial performance by means of variable analysis and hierarchical regression analysis, and whether there is lag in this impact. The impact on the financial performance of the lag period is the most obvious. In addition, the industry competition variables are introduced to explore whether the impact of social responsibility on financial performance will be different under different market competition environment, and the multi-dimensional analysis method is used to divide the market competition into strong. Weak two groups to compare the impact of social responsibility on financial performance. The main conclusions are as follows: (1) the performance of corporate social responsibility helps to improve the current financial performance of enterprises. (2) the positive effect of corporate social responsibility on financial performance has a lag effect, which is significantly related to the two periods) with the passage of time. The effect of social responsibility on financial performance is gradually weakened. (4) the degree of competition in the industry of enterprises can strengthen the impact of social responsibility on financial performance, and the stronger the market competition, the stronger the market competition is. The positive effect of fulfilling social responsibility on financial performance is stronger. The main innovations of this paper are as follows: first, the qualitative indicators are quantified and dimensionless, and the multi-dimensional indicators are selected to build a comprehensive evaluation system of corporate social responsibility in China, which is superior to a single financial index. It improves the comprehensiveness and accuracy of index measurement; secondly, uses comparative analysis method to dynamically study the delayed effect of social responsibility performance on financial performance; thirdly, introduces market competition index. The analysis of its regulating role in the impact of social responsibility on financial performance provides a new perspective and a new way of thinking for the current relevant research.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275

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