Corporate Social Responsibility,Reputation Capital And Financial Performance Improvement

These years, the corporate social responsibility is known by more and more people,but at the same time,the social responsibility accidents are happenning frequently.As the most important members of the economic society,the enterprises doesn’t take their social resoponsiblity fully.The sustainable development goal and the puirsuit of building a harmonious society put forward higher requirement to the social and economic development.These goals are inseparable from the the fulfillment of social responsibilty which belongs to the econnmic main body-the enterprises. So there is quite uregent practical and theoretical significance to carry on research on the corporate social responsibility. When the enterprises realize that taking the social responsibility can promote the social performance as well as the economic performance,they are willing to take the social responsibility,to pay more attention to the envirnomental protection and the quality of the products and so on,thus achieving sustaninable development goals and builing a harmonious society.At present,though there are a lot theoretical and empirical study about the relationship between listed companies’ corporate social responsibility and the finance performance,but no consistent result is made. This paper introduces the intermediary variable reputation capital and explores the influence of the social responsibility on financial performance from the angle of the reputation capital.The main research methods of this paper are theoretical analysis and empirical research. First,we review the literatures about the corporate social responsibility reputation capital and the finance performance. Secondly, in the framework of stakeholder theory, based on resource-based theory,signal transmission theory,reputation information theory etc., this paper theoretically analyses the relationship between the social responsibility and performance,the relationship between social responsibility and the reputation,the relationship between the reputation and the performance and the relationship among the three. Then, based on the theoretically analyses, we propose our hypothesis. The empirical results that every two of the three are positive regulated,and the reputation capital plays a Intermediary role in the process that corporate social responsibility affects the finance performance.