The Impact Of Social Responsibility On Firm's Performance

As we all know that the enterprise is a social organization,its survival and development can't be separated from the support of all parties.The enterprise's stakeholders can be roughly divided into:labor providers,production resources providers(including capital,land etc.),the user of the product,the maintainer of the order.In the spirit of "win-win" principle,when enterprises enjoy a variety of resources provided by their main stakeholders,they should show much consideration for the need of its stakeholders and fulfill the corresponding social responsibility in order to maintain the long-term stability and stability,realizing common development.But this kind of enterprise's behavior that the enterprise performs social responsibility for each stakeholder virtually led to the increasing of enterprise's cost,does this affect the performance of the business?Does the impact of corporate social responsibility on business performance have differences in the various stakeholders?From the time dimension to consider,whether the impact of social responsibility on the performance of enterprises is there a certain degree of lag?In other words,whether this effect is not significant in the current,will gradually appear in the future?The above problems are the focus of this paper.In the diversified development today,the manufacturing industry is still the pillar industry of the national economy,its research is still important.Therefore,in order to solve the research problems,this paper conducts an empirical study of them on the condition of choosing the manufacturing data of SSE A and Shenzhen A-share,selecting the financial indicators which can represent the social responsibility of the main interests of the enterprise and measuring the enterprise performance from the two dimensions of market and finance.The results of the study show that there is a correlation between stakeholder performance in social responsibility and corporate performance,which is also slightly different between stakeholders and between financial performance and market performance.According to the results of descriptive statistical analysis,it is clear that the performance of consumer social responsibility and the performance of community employment are decreasing from 2011 to 2015 and the performance of social responsibility of employees and creditors is increasing.At the same time,the other is very smooth.According to the results of the regression,we can see the following two points.The first is that the social responsibility of shareholders,creditors,consumers and governments has a relatively large impact on corporate performance in the current period;the implementation of social responsibility to suppliers has no significant effect on corporate performance;the impact of corporate social responsibility on financial performance is significant in terms of market performance;the impact of employee social responsibility on market performance is significant in terms of financial performance.The second point is that the impact of corporate social donation behavior on market performance shows a significant lag and the accumulation effect,while on financial performance shows a little significant accumulation effect;the impact that the enterprise fulfills the social responsibility of the government and the creditor on corporate performance also showed a significant accumulation effect;the impact that the enterprise fulfills the social responsibility to meet the profitability of employees on market performance has a significant accumulation effect,but this impact on financial performance does not exist.The effect that the enterprise fulfills the social responsibility of consumers and shareholders on corporate performance is extended to the effect of lagging one.Based on the above research findings,this paper calls on enterprises to keep up with the call of the times,to improve the awareness of corporate social responsibility,in practice,to achieve a passive change and to actively fulfill the social responsibility of various stakeholders.