An Empirical Research On Effect Between CSR Of China’s Petrochemical Industry Listed Corporation And Financial Performance

Corporate social responsibility not only the internal needs of the enterprise developmentand to settle down, but also the expectations and demands of the modern social enterprise.Enterprises to enjoy the social, environmental, given the development opportunities at thesame time,should assume responsibility for employees,consumers and environmentalresponsibility, to assume the responsibility of promoting sustainable development. In2011,the International Organization for Standardization released the ISO26000standard on socialresponsibility. In recent years, state authorities have issued a series of guidelines designed tostandardize the behavior of corporate social responsibility.Based on the above background,firstly,through reading a lot of relevant literature,summarized different perspectives of the domestic and foreign scholars on corporate socialresponsibility and financial performance relationship.And analyzed the theoretical basis ofthis paper,that stakeholder theory,and determined social responsibility and financialperformance measurement;Secondly,is social responsibility status of China’s petrochemicalindustry listed corporation,analyzed and summarized the situation and the problems of thedomestic social responsibility; Thirdly,select the2008-2012in Shanghai and Shenzhen listedpetrochemical companies as the study sample,formulating hypotheses,to establish thevariables, multiple linear regression models.Through the correlation between variablesdescriptive analysis and regression analysis confirmed the establishment of thehypothesis,analysis of the impact of social responsibility on corporate financial performanceis positive or negative, short-term or long-term effects.Thus came to the conclusion:(1)Awareness of China’s petroleum and petrochemical corporate social responsibility isstill not universal, social responsibility information disclosure is not comprehensive enough,therefore,a long way to go to fulfill their social responsibilities and obligations ofenterprises.(2)Empirical studies indicate that related to the relationship,current indicators ofcorporate social responsibility variable correlation between financial performance indicatorsmore significantly,and impaction of corporate social responsibility to improve financialperformance will decrease with time.The relevance between different levels of socialresponsibility and financial performance,the relevance between different indicators of thesame level and financial performance is different.Market responsibility and environmentalresponsibility is strong,community responsibility is weak.(3)With regard to regressioneffect,for the short term the positive and negative effects of social responsibility to financialperformance both exist,but the positive effects are more obvious.The enterprise financialperformance for the current period can be a positive influence on the shareholders,creditors,consumers,environmental responsibility;For the long term,the overall effect is not significantregression.And employees,government, environmental, charitable responsibility of the impacton financial performance with a lag.(4)Large scale, good company performance is notnecessarily a high degree of social responsibility to fulfill.