A Study On The Impact Of Corporate Social Responsibility On Financial Performance

Since the 1990 s, the corporate social responsibility(CSR) movement has been rised in the international world, governments and some international organizations began to focus on CSR, and researched the influence from CSR to corporate finance performance(CFP). Among these studies, the important factor--corporate life cycle has been ignored. Enterprises will be like living things to go through different stage of life, and choose different fulfillment degree of CSR because of their different operation characteristics, financial situations and resources. Fulfill the CSR actively has great significance to build harmonious society and sustainable development society.Based on the CSR theory, the stakeholder theory and the life cycle theory as the unique perspective, this paper choose the data from 2009 to 2013 of manufacturing enterprises which have gone public in Shanghai Stock Exchange as the research objects. The sample enterprises are divided into three groups: the growth group, the maturation group and the recession group. Then this paper respectively does an analysis on influence from CSR to CFP. Content framework of this paper consists of six parts. The first chapter is the introduction part of the article. This chapter discusses the research background, significance of the topic, foreign and domestic literature review about CSR, CFP and life cycle, research methods and conetent and the innovations. The second chapter summarizes the CSR theory, CFP theory and life cycle theory. The third chapter describes the stakeholder theory and the contents of CSR of this paper. The fourth chapter is empirical research design. Including research hypothesis, sample selection and variable design. The fifth chapter is the empirical results. The data are analyzed by factor analysis, correlation analysis and regression analysis of SPSS software. The sixth chapter is the end of the article. This chapter summarizes the main study conclusions, propses some recommendations to enterprises and governments, points out the shortcomes and prospects for future research.Through this article, I hope to be able to provide a reference for establishing the CSR policy and regulations to promote our enterprises to assume the responsibilities. And I wish the paper has some contributions to the further study.