Research On The Influence Of Corporate Social Responsibility Of Listed Companies On Corporate Operating Performance Based On Multi-Dimensional Perspectives

For a long time, "the economic responsibility" has been seen as the only responsibility which corporations need to take. Dual to social problems, such as environmental pollution, food safety and car recall, pressure is growing for active and comprehensive corporate social responsibilities.Whether corporations should take social responsibility? How corporate socially responsible affect? Whether there are differences in the impacts of different types of social responsibilities on corporate operating efficiency? Will the impacts change when the economy of public ownership is seen as the main body and the corporate governance with single-large shareholder is widespread?For the impact of corporate social responsibility on corporate operating efficiency, the majority of the existing literature empirically analyze the impact of the total social responsibility on accounting profit or market value indexes. However, the conclusions are a very mixed bag. In this study, we take China's Shanghai and Shenzhen A-share listed corporations as the research objects, based on the data from 2009 to 2014 as the research interval. We collect the financial data and social responsibility data from GTA series listed corporation research database by hand. Based on stakeholder theory, we build a new index system with which we evaluate the level of social responsibilities for shareholders, employees, governments, consumers, the environment and social welfare. Using the super-efficiency slack-based measure model to overall evaluate the corporate operating efficiency, feasible generalized least squares and instrumental variables to estimate the models, we study the influence of corporate social responsibility on corporate operating performance based on multi-dimensional perspectives. The conclusions are as follows. Overall, the impact is non-linear with U-shaped curve. For various stakeholders, the impacts are not the same:for shareholders, employees, consumers and the environment, the impacts of corporate social responsibility on operating efficiency are expressed as U-shaped curves; for the government, the impact is positive, while for social welfare, the impact is not significant. The impact is greater in SOEs (state-owned enterprises, SOEs) than non-SOEs, also greater in firms with dispersed ownership than firms with single-large shareholder. The paper shows that corporate social responsibility cannot simply be denied its positive role, being regarded as policy burdens or pressure. We should insist on actively taking social responsibility, living through "the bottom of the trap zone", meanwhile actively improve corporate governance and enhance operating efficiency. The government should strengthen propaganda and education of corporate social responsibility, propose a variety of incentives to encourage corporations to actively shoulder social responsibility. Then we can also push corporate social responsibility construction go hand in hand with the new normal and mixed ownership reform.