A Study Of The Correlation Between Corporate Social Responsibility And Financial Performance Of The Listed Pharmaceutical Manufacturing Enterprises

Under the background of economic globalization,corporate social responsibility has received unprecedented attention of society both at home and abroad.In November 2013,the ninth Global Corporate Social Responsibility Forum of China was held in Beijing Diaoyutai State Guesthouse,in which Chinese enterprises gradually realize the importance of enterprises to fulfill social responsibility.But still there is a big gap compared with developed countries.The exposure of "toxic drug capsules" event in 2012 has shocked the public.Chinese people focus more attention on the quality and safety of the drug they used.As a special commodity,medicine is closely linked with people’s health and their lives.The implementation of corporate social responsibility of the pharmaceutical manufacturing enterprises,which has been the key research object in the theoretical and practical circles,is also getting more and more attention by the general public.However,the central concern of the many pharmaceutical manufacturing enterprises is whether the implementation of corporate social responsibility would cause negative effect to their pursuit of profit.The present research results by the many scholars at home and abroad show that there are three main views on the relationship between the two:positive correlation and negative correlation or no relationship between them.And the scholars have not reached a consensus understanding.Due to the three different views,the pharmaceutical manufacturing enterprises feel doubtful about fulfilling their corporate social responsibility.By selecting 125 Chinese listed pharmaceutical manufacturing enterprises as major objects of observation for this study,this thesis analyzes their financial data statistics in the year of 2011-2013 and studies the correlation between the fulfillment of corporate social responsibility and the enterprises’ financial performance.On the basis of reviewing the existing research literature and thesis of the scholars at home and abroad about the correlation between the pharmaceutical enterprise social responsibility and corporate financial performance,this thesis expounds the correlated theories of the research of pharmaceutical enterprises’ society responsibility.According to the different main business,the’ 125 sample enterprises are divided into two kinds:53 Chinese medicine manufacturing enterprises and 72 western medicine manufacturing enterprises.Taking the Corporate Social Responsibility Appraisal System,the most commonly used scoring system by listed companies,as the measure basis,the thesis compares the three years’ social responsibility average score data of the sample enterprises with the eight indicators of four categories to measure the financial performance of the enterprise,and finally draws to the conclusion:the implementation of corporate social responsibility of the 125 listed pharmaceutical manufacturing enterprises is positively correlated to their debt paying ability,operation ability,profitability and development capacity,and the fulfillment of social responsibility will drive the growth of enterprise performance indicators.Due to the "toxic drug capsules" event in 2012,applying the Corporate Social Responsibility Appraisal System to analyze and compares the financial statement data of Tonghua Golden-horse Group,this thesis makes research of a typical case and proves that the enterprise’s corporate social irresponsibility with the media exposure has an adverse impact on its debt paying ability,operation ability,profitability and development capacity,whether long-term or short-term.Finally,regarding the unsatisfactory fulfillment of Chinese pharmaceutical manufacturing enterprise social responsibility,the thesis put forward some relevant suggestions to improve it,and also points out the shortcomings in this study.