Research On The Lagging Effect Of Energy Corporate Social Responsibility On Financial Performance

The emergence of five developing ideas,i.e.,"innovation,coordination,greenness,opening and sharing" enables the whole society to care more about sustainable development of economy and green ecology.The coming of the era under which Corporate-Social Responsibility(CSRR)is guided by the Government and practiced by enterprises promotes the development of social responsibility sense.The whole society has abandoned the past economic mode of treatment after pollution,and supports enterprises to actively fulfill their social responsibilities and to make positive feedback to their stakeholders.As one of the major industrial production sources,energy plants have more impacts on environmental,employee and ecological development,therefore should actively assume the role of performing social responsibilities,with their social sense being attached high importance.However,according to many indexes,energy enterprises have not performed well enough due to their poor sense of social responsibility.Even if they are aware that social responsibility fulfillment will improve social environment,they are concerned that expense of practicing such responsibilities will negatively affect their financial statuses and therefore not willing to assume them.In this paper,based on stakeholder theory,contract theory and signaling theory,and with both domestic and foreign researches being considered,energy enterprises' social responsibilities' connotation(based on stakeholder theory)is defined,and relevant indexes for social responsibilities are determined by factor analysis.Next,further studies are made on relationship between social responsibilities and financial performances of energy enterprises,with two proposed hypotheses,i.e.,social responsibility positively influences financial performance;in current period,performing social responsibility by energy enterprises will positively affect the financial performance in lagging period.Finally,with the energy companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange between 2011 and 2015 as samples,empirical analysis is done on annual financial statements and CSRR data published by these enterprises by using knowledge of statistics and accounting,as well as normative research and empirical research methodologies,to test he previously proposed hypotheses.The research results indicate that social responsibilities of energy enterprise in current period have no significant positive role in current period's financial performances.By lagging effect function analysis in panel data,it is found that social responsibilities of energy enterprise in current period have no significant positive role in lagging period's financial performances.There are significant differences among different social responsibilities,and their influences on financial performance of current period and lagging period vary.Based on the aforesaid analysis,it is proposed in this paper that energy enterprise should improve their management awareness of social responsibilities to push self-assessment on social responsibility performance,reinforce their voluntariness of fulfilling social responsibilities,which is to transform their sense from internal mechanism.From external environment,it is suggested that regulatory force should be increased to construct an rewarding and punishment mechanism,actively improve enterprise assessment system,perfect corporate social responsibility disclosure system,improve the external environment by using fiscal and tax systems.In this way,it is aimed to lower the lagging influence of assuming social responsibilities by energy enterprise on their financial performances.