基于制度视角的企业社会责任与财务绩效关系研究

发布时间：2018-03-15 10:45

本文选题：企业社会责任　切入点：财务绩效　出处：《山东工商学院》2017年硕士论文　论文类型：学位论文

【摘要】：企业社会责任与企业财务绩效的关系研究由来已久,但针对该问题尚未达成一致观点。产生分歧的原因除了基础理论视角的差异,不同的代理变量、时间效应的考虑外,外部因素的影响也造成了结果的不同。而现有文献对于制度在企业社会责任-财务绩效关系中的影响分析,大多集中于外部制度中的管制制度方面,鲜有研究提及外部制度中的规范制度以及企业内部制度。我国经济当前正处于转型期,由于历史、体制等种种原因,制度背景较为特殊,而企业社会责任的推动离不开制度的配合。因此,研究制度因素在企业社会责任-财务绩效关系中的作用对于探究企业社会责任影响企业财务绩效的机理、推广和规范企业社会责任具有理论价值和实践意义,值得进一步探究。本文以上证A股上市公司为样本,首先借鉴利益相关者理论、资源理论、信号理论等几种理论进行综合的分析,提出了企业社会责任正向影响企业财务绩效的假设,并在实证分析这一关系时时考虑了制度这一外部因素的影响,运用系统GMM估计、面板固定效应回归等方法得到了相对更具有普适性的结论,部分诠释以往关于企业社会责任与财务绩效研究中出现的疑惑结论。第二,本文采用层次回归检验调节效应,从外部制度和内部制度两个层面系统地分析了制度环境在企业社会责任-财务绩效关系中起到的作用。结果表明,规范制度、管制制度、内部控制制度均在企业社会责任-财务绩效关系中起到了正向的调节作用,内部治理程度正向促进企业社会责任-财务绩效关系。根据本文的研究结果,第一,企业进行企业社会责任活动利大于弊。虽然企业社会责任活动可能会增加企业的运营成本,不利于当年的绩效提升,但从长远的角度来看,企业的长远发展离不开社会的支持与信任。其次,良好的制度环境可以正向促进企业社会责任-财务绩效关系,有利于将企业的社会责任行为转化为竞争优势。政府部门应该加强制度建设,规范行业法律条款和司法解释,严格划定企业的基本责任,为企业进行社会责任活动创造更好的环境。第三,企业应该完善内部制度。企业内部制度可以规范企业的社会责任行为,从内部约束企业的不负责任行为,避免企业内部利用社会责任进行投机,提高社会责任支出的效率。第四,企业内部应增强对现有制度执行效果的管控,确保已有制度发挥应有的作用。
[Abstract]:The relationship between corporate social responsibility and corporate financial performance has been studied for a long time, but there is no consensus view on this issue. The influence of external factors also results in different results. However, the analysis of the influence of the system in the relationship between corporate social responsibility and financial performance mostly focuses on the control system in the external system. Few studies have mentioned the normative system in the external system and the internal system of the enterprise. China's economy is in a period of transition at present. Due to various reasons, such as history and system, the background of the system is relatively special. Therefore, the study of the role of institutional factors in the relationship between corporate social responsibility and financial performance is necessary to explore the mechanism of corporate social responsibility affecting corporate financial performance. Promoting and standardizing corporate social responsibility has theoretical value and practical significance, and it is worth further exploring. Based on the analysis of signal theory and other theories, this paper puts forward the hypothesis that corporate social responsibility (CSR) positively affects corporate financial performance. In the empirical analysis of this relationship, the influence of external factors such as institution is always taken into account, and the system GMM estimation is used. The methods of panel fixed effect regression and so on have obtained the conclusion that is relatively more universal, partly explaining the puzzling conclusion that appeared in the previous researches on corporate social responsibility and financial performance. Secondly, this paper adopts the hierarchical regression test to adjust the effect. This paper systematically analyzes the role of institutional environment in the relationship between corporate social responsibility and financial performance from two aspects of external system and internal system. The internal control system plays a positive role in regulating the relationship between corporate social responsibility and financial performance, and the degree of internal governance positively promotes the relationship between corporate social responsibility and financial performance. The benefits of corporate social responsibility activities outweigh the disadvantages. Although corporate social responsibility activities may increase the operating costs of enterprises and are not conducive to the performance improvement in the current year, in the long run, The long-term development of enterprises can not be separated from social support and trust. Secondly, a good institutional environment can positively promote the relationship between corporate social responsibility and financial performance. Government departments should strengthen the construction of institutions, standardize the legal provisions and judicial interpretations of the industry, and strictly delineate the basic responsibilities of enterprises. Create a better environment for enterprises to carry out social responsibility activities. Third, enterprises should improve their internal systems. The internal system of enterprises can regulate corporate social responsibility behavior, and restrain the irresponsible behavior of enterprises from within. In order to avoid using social responsibility to speculate and improve the efficiency of social responsibility expenditure, the enterprise should strengthen the control of the implementation effect of the existing system and ensure that the existing system plays its due role.
【学位授予单位】：山东工商学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275;F832.51

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