Study On The Influence Of Corporate Social Responsibility On Total Factor Productivity Of Manufacturing Companies

In recent years,with a series of social problems’ emerging,companies’ short-term profit oriented production and management mode has been criticized seriously by the public.People are more and more concerned about whether or not the company is actively undertaking social responsibility.But unfortunately,companies always think that undertaking social responsibility will harm their competitiveness,so they tend to disregard of social responsibility.The situation of corporate social responsibility practice in our country is not optimistic.Whether or not corporate social responsibility will affect the competitiveness of companies has attract the attention of companies and society.So,scholars choose a dimension of companies’ competitiveness-financial performance,study the influence of corporate social responsibility on corporate financial performance,and concludes that corporate social responsibility performance can improve corporate financial performance.As an important dimension of the competitiveness of companies and an important focus of China’s transformation of economic development mode,few scholars study the relationship between total factor productivity and corporate social responsibility performance.Based on the theory of information asymmetry,signal transmission and resource-based theory,this article mainly discusses whether or not companies can improve their competitiveness by undertaking social responsibility.In consideration of the background of our country,we choose one dimension of competitiveness-total factor productivity as companies’ competitiveness,explore the influence of corporate social responsibility performance on total factor productivity,and,try to look for the possible affecting path.Besides analyzing theory and study,we use listed manufacturing companies’ balanced panel data which from 2009 to 2014 to carry out the empirical analysis to provide empirical evidence for the positive impact of social responsibility on the companies’ total factor productivity,when carrying out the empirical analysis,we use Rankins CSR Ratings(RKS)and semi parametric method “LP” separately to measure the performance of corporate social responsibility and total factor productivity.Besides,by using SA index to measure the financing constraints faced by companies,we use mediating effect test program to prove that,by easing companies’ financing constraints,corporate social responsibility performance improves total factor productivity.That means,financing constraint is an intermediary variable.Lastly,this paper also distinguishes the property rights of companies,analyzes the differences of the effects of corporate social responsibility performance on total factor productivity under different property rights.Our finding shows that,the existence of financing constraints goes against the improvement of total factor productivity,and corporate social responsibility performance can alleviate the degree of financing constraints.So,corporate social responsibility performance is helpful to improve the total factor productivity.At the same time,in the process of improving the total factor productivity,the financing constraint plays an intermediary role.Based on our specific institutional background,this paper also found that,corporate social responsibility performance has different effects on total factor productivity under different property rights.Compared with state-owned companies,the social responsibility performance of non-state owned companies has a greater impact on total factor productivity.The results provide a basis for companies to optimize social responsibility performance.Also,it provides a new way for companies to accumulate financial resources and improve their total factor productivity.