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