科研管理 ›› 2019, Vol. 40 ›› Issue (2): 199-208.

• 论文 • 上一篇    

企业社会责任对财务绩效的影响研究——以交通运输行业为例

骆嘉琪,匡海波,沈思祎   

  1. 大连海事大学 综合交通运输协同创新中心,辽宁 大连116026
  • 收稿日期:2017-12-04 修回日期:2018-08-24 出版日期:2019-02-20 发布日期:2019-02-20
  • 通讯作者: 匡海波
  • 基金资助:
    国家自然科学基金项目(71831007, 71672016);长江学者和创新团队发展计划(IRT_17R13)。

Impact of corporate social responsibility on financial performance by taking the transportation industry as an example

Luo Jiaqi, Kuang Haibo, Shen Siyi   

  1. Collaborative Innovation Center for Transport Studies, Dalian Maritime University, Dalian 116026, Liaoning, China
  • Received:2017-12-04 Revised:2018-08-24 Online:2019-02-20 Published:2019-02-20

摘要: 本文以交通运输行业企业社会责任履行对企业财务绩效的影响为立足点,采用利益相关者理论进行多维度社会责任指标划分,通过静态回归分析、动态滞后模型对2011-2015年期间在沪深证券交易所上市的37家交通运输行业公司进行实证研究并提出对策建议。研究结果表明:交通运输行业企业社会责任的履行及企业的成长性均对当期财务绩效指标存在明显的正向作用,而公司的规模对当期财务绩效有明显的负向影响。财务绩效将同时受到滞后一期及滞后两期企业社会责任的正向影响,且时间越长,当期社会责任对后期财务绩效的影响越弱。无论对于当期或后期财务绩效指标而言,企业社会责任均对会计指标衡量的财务绩效产生较市场指标衡量更为显著的正向作用。

关键词: 交通运输行业, 企业社会责任, 财务绩效, 利益相关者理论

Abstract: Based on the impact of corporate social responsibility fulfillment on corporate financial performance in the transportation industry, this paper uses the stakeholder theory to divide the multi-dimensional social responsibility indicators to enrich further the research literature on the economic consequences of corporate social responsibility and to provide theoretical support and empirical evidence that enterprises should actively fulfill corporate social responsibility from the perspective of enterprise value. The purpose of this research is to conduct an empirical study on the relationship between corporate social responsibility and financial performance in the current and lag periods, and to consider the lag effect of industry specificity and social responsibility in the transportation industry at the same time. This paper intends to determine that there is a significant positive correlation between current corporate social responsibility and current financial performance. This paper proposes:H1: Corporate current social responsibility (CSR) is positively correlated with current financial performance (CFP); and H2: Corporate current social responsibility (CSR) is positively correlated with late financial performance (CFP). Considering the difference in the degree of financial performance of financial performance measured by accounting indicators and market indicators, the relationship between the two indicators is discussed. Furthermore, the lagging effect of social responsibility information affects the development of financial performance in different periods. It is also necessary to make assumptions about research in light of changes in time. This paper proposes:H3a: Corporate current social responsibility (CSR) is positively correlated with financial performance as measured by current accounting indicators (AI). H3b: Corporate current social responsibility (CSR) is positively correlated with financial performance as measured by current market indicators (MI). H4a: Corporate current social responsibility (CSR) is positively correlated with financial performance measured by later accounting indicators (AI). H4b: Corporate current social responsibility (CSR) is positively correlated with financial performance as measured by late market indicators (MI). The three hypotheses of H1, H3a and H3b involve regression analysis of static panel data, so panel data is established and regression analysis of state panel data model is performed. The three hypotheses of H2, H4a and H4b are all regression analysis of dynamic panel data, so the dynamic panel data model regression analysis---distribution lag model is established. The results show that both fulfillment of corporate social responsibility and growth in the transportation industry have obvious positive effects on current financial performance indicators, while the size of the company has a significant negative impact on current financial performance. The financial performance will be affected by both the lagged one and lagging corporate social responsibility at the same time, and the longer the social responsibility will be, the weaker the social responsibility will affect the latter part of financial performance. For both current and future financial performance indicators, corporate social responsibility has a more significant positive effect on the financial performance measured by the accounting indicators than the market indicators.

Key words: transportation industry, corporate social responsibility, financial performance, stakeholder theory