房地产上市公司企业社会责任对财务绩效影响的实证研究

发布时间：2018-04-30 07:35

本文选题：企业社会责任 + 利益相关者理论　；参考：《哈尔滨工业大学》2013年硕士论文

【摘要】：随着房价迅速攀升、恶意炒房、哄抬房价、行业诚信度低以及偷税漏税等问题，房地产行业引发了社会高度关注，正是在这样的背景下，本文在分析了房地产行业履行企业社会责任的现状，从利益相关者视角出发，，对房地产上市公司企业社会责任对财务绩效的影响进行研究。本文首先对企业社会责任的理论发展进行了梳理，并回顾了国内外关于企业社会责任与财务绩效关系的文献。本文发现发达国家企业社会责任问题的研究已相对成熟，形成了规范的企业社会责任测量体系，但是国内该领域的研究仍处于起步阶段，所以本文从内容上基于企业社会责任信息披露、从理论上基于利益相关者理论构建适用本文的房地产企业社会责任测量体系。其次，本文在前人以上市公司总体为研究对象的基础上，考虑了行业的特殊性和差异性，选择我国房地产行业上市公司为样本，在静态研究的基础构建动态滞后研究模型，旨在探讨房地产企业社会责任对财务绩效的动态影响。因为基于利益相关者角度的企业社会责任研究已被绝大多数国内外学者认可，而两种理论的结合为学术界对企业社会责任评价提供了一个全新的理论框架和独特的思考角度。最后，运用因子分析法确定了针对房地产行业的企业社会责任测量体系，同时对解释变量进行描述性统计、路径分析、异方差检验和修正后的回归分析。实证结果表明，房地产上市公司当期的企业社会责任行为对当期财务绩效有具有显著正向影响，滞后一期企业社会责任对当期财务绩效的影响更显著、影响程度更强；房地产国有企业履行社会责任会阻碍其财务绩效的提高；财务杠杆对企业社会责任与财务绩效有负向影响，企业规模、企业声誉在企业社会责任对财务绩效的影响过程中都起到了正向促进作用。此结论对建立持续履行社会责任机制、企业声誉建设和管理、合理利用财务杠杆提高企业盈利能力等方面具有一定启发意义。
[Abstract]:With the rapid rise of house prices, malicious property speculation, high prices, low integrity in the industry and tax evasion and other problems, the real estate industry has aroused high social concern. It is precisely against this background that the real estate industry has aroused great concern. This paper analyzes the current situation of corporate social responsibility in real estate industry and studies the impact of corporate social responsibility on financial performance of listed real estate companies from the perspective of stakeholders. Firstly, this paper reviews the theoretical development of corporate social responsibility, and reviews the domestic and foreign literature on the relationship between corporate social responsibility and financial performance. This paper finds that the research on corporate social responsibility in developed countries has been relatively mature and has formed a standardized measurement system of corporate social responsibility, but the research in this field is still in its infancy. Therefore, this paper based on the content of corporate social responsibility information disclosure, theoretically based on stakeholder theory to build the real estate corporate social responsibility measurement system. Secondly, based on the research of listed companies as a whole, and considering the particularity and difference of the industry, this paper selects the listed companies in the real estate industry of our country as the sample, and constructs the dynamic lag research model on the basis of static research. The purpose of this paper is to explore the dynamic impact of social responsibility on financial performance of real estate enterprises. Because the research of corporate social responsibility based on stakeholders' perspective has been recognized by most scholars at home and abroad, and the combination of the two theories provides a new theoretical framework and a unique perspective for the academic community to evaluate corporate social responsibility. Finally, this paper uses factor analysis to determine the corporate social responsibility measurement system for the real estate industry, and carries on descriptive statistics, path analysis, heteroscedasticity test and revised regression analysis to the explanatory variables. The empirical results show that the corporate social responsibility behavior of real estate listed companies in the current period has a significant positive impact on the current financial performance, the lag period corporate social responsibility has a more significant impact on the current financial performance, the impact degree is stronger; The performance of social responsibility of state-owned real estate enterprises will hinder the improvement of their financial performance; financial leverage has a negative impact on corporate social responsibility and financial performance. Corporate reputation plays a positive role in the influence of corporate social responsibility on financial performance. This conclusion has certain enlightening significance to establish the mechanism of continuous social responsibility, build and manage the reputation of the enterprise, and make use of the financial lever reasonably to improve the profitability of the enterprise, and so on.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F270;F299.233.42

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