Study On The Relationship Between The Process Of Marketization,Corporate Social Responsibility And Financial Performance

Today is the era of economic globalization, the competition among enterprises is becoming more and more intense, and the pursuit of the maximization of interests is easy to cause the enterprise to neglect the importance of corporate social responsibility. Although in the microscopic and macroscopic level, the role of corporate social responsibility is still a variety of differences and disputes. However, at present the corporate social responsibility is increasingly concerned and paid attention by the public. If an enterprise the lack of social responsibility, will lead to certain degree of harm to social public, consumers and employees interests and destroy environmental resources, in some extent easily exacerbation social conflicts and contradictions, and in a certain range of forming opposition between different interests groups, which has become an important issue of facing China’s enterprises.Nowadays rapid economic development, the process of marketization between the various areas of our country is not balanced, in the areas of different marketization degree, the corporate social responsibility and the enterprise financial performance are also different. Our country is in the special period of enterprise and economic transformation and upgrading, it is very necessary to study the mutual relationship between the marketization process, corporate social responsibility and financial performance. In order to explore the influence of the process of marketization on corporate social responsibility and financial performance, we applied empirical analysis method through adding the regulation variables of the marketization process, and analyzed on the mutual relationship between the marketization process, corporate social responsibility and financial performance by the methods of the influence analysis and mechanism analysis, and put forward the research hypothesis. This study used panel data of A-share listed companies in Shanghai stock market to test the hypotheses. The descriptive statistics, correlation statistics, multiple linear regression and robustness test were used to examine the mutual relationship between the marketization process, corporate social responsibility and financial performance. The results of the empirical analysis showed that there are significantly positively correlation between the marketization process and corporate social responsibility, the marketization process and enterprise financial performance and marketization process, corporate social responsibility and financial performance.The listed companies in the higher areas of the market level of China, is the better corporate social responsibility performance, the better financial performance, and this phenomenon is more obvious in the state owned listed companies controlled by the government.The study results verifies the our research hypotheses, illustrated the mutual relationship between the marketization process, corporate social responsibility and financial performance. The study help to improve the construction of corporate social responsibility system, to further standardize the behavior of corporate social responsibility in our country, enhance the performance of corporate social responsibility consciousness, and has a very positive role to promote the corporate social responsibility performance as well as to accelerate the sustainable development of the market economy and the society.According to the research results, we put forward the countermeasures to speed up the construction of regional marketization, to improve corporate social responsibility system construction and strengthen the supervision of corporate social responsibility. We only accelerate construction of regional marketization process, in order to better promote the construction of corporate social responsibility. The enterprises only actively perform their responsibility for the interests of the various stakeholders, and perfect the enterprise the social responsibility performance of its own effort, to obtain competitive advantage in the fierce market competition, and constantly improve the enterprise financial performance in long-term competitiveness, so as to ensure the sustainable and healthy development.