An Empirical Study On The Interactive And Inter-temporal Influence Between Corporate Social Responsibility And Financial Performance

In recent years, with the growing problem of food safety, environmental pollution and labor rights, government, enterprise and academic researchers have attached great importance to corporate social responsibility(CSR), but there are still many enterprises believe that fulfilling social responsibility will increase cost, reduce corporate financial performance(CFP), rather than willing to assume social responsibility. Therefore, we deeply research on the relationship between CSR and CFP, enriching and expanding the research of CSR, which is of great importance for us to deeply understand the relationship between CSR and CFP and enhance the awareness and motivation of enterprises to fulfilling their social responsibility.A large number of scholars have studied the relationship between CSR and CFP, but most of them focus on the unilateral effect of current CSR on the current CFP, little consideration of the interaction between the two and the hysteresis problem has been taken, and few scholars have studied the impact of the nature of enterprise on the relationship between the two. Based on this, this paper focuses on the interactive and inter-temporal influence between CSR and CFP, and explores the influence of the nature of enterprise on the relationship between the two.Firstly, this paper reviews the relevant research results at home and abroad, then sorts out the researching achievement including CSR, the relationship between CSR and CFP, and the impact of the nature of enterprise on the relationship between the two. Next,based on the stakeholder theory, the social contract theory, the fund supply hypothesis, the state-owned enterprises and private enterprises social responsibility motivation differ ences theory, this paper puts forward the research hypothesis and constructs the empirical model. Taking 2009-2014 year in the Shanghai and Shenzhen listed China’s private enterprises and state-owned enterprises as the research sample, and taking social responsibility index, which is published by the social responsibility research center of China Academy of Social Sciences as the measure of corporate social responsibility,measuring the financial performance by assets EBIT which has excluded surplus management margin, empirically analyzing the interactive and inter-temporal influence between CSR and CFP, and the influence of the nature of enterprise on the relationship between the two. The research results show that:(1)CSR and CFP have a interactive andinter-temporal influence relationship, namely the two interact with each other, mutual promotion. That is CSR has a positive impact on CFP, and previous years’ CSR has more positive effect on the current years’ CFP than the current CSR; CFP has a positive impact on CSR, and previous years’ CFP has more positive effect on the current years’ CSR than the current years’ CFP(2)The relationship between CSR and CFP is affected by the nature of the enterprise The effect of private enterprises fulfill their CSR on the financial performance is more significant than state-owned enterprises, the promotion effect of state-owned enterprises’ financial performance on SCR is stronger than private enterprises.Finally, this paper puts forward some policy recommendations based on the conclusions of the study, in order to better promote the theory and practice of corporate social responsibility.