The Research Of Moderating Effects Of R&D Investment On The Relationship Between Grain And Oil Corporate Social Responsibility And Financial Performance

Grain is the basic commodity,but it relates to national economy and people's livelihood.The social benefits generated from healthy development of grain and oil industry are greater than the economic benefits.Grain and oil enterprises are different from general enterprises,which must consider social responsibility and grain security in the pursuit of enterprise operating performance.Considering the plight of the grain and oil industry development,we must increase research input,accelerate innovation ability in the enterprises and promote transformation.Upgrading of enterprises is the basic path to improve efficiency of grain circulation in China.Based on the theory of stakeholders,we choose grain and oil enterprises as the research targets and study the moderating effect of research input to the corporate social responsibility and management performance,which has important practical significance on deepening reform of the grain and oil enterprises,upgrading the operating performance of grain and oil enterprises and guaranteeing nation grain safety.According to the data of twenty five China's grain and oil listed companies from 2007 to 2015,we screen out appropriate indicators to measure grain and oil corporate social responsibility,business performance,and research input.We use model to test the moderating effect of research input to the corporate social responsibility and management performance.The results show that The level of R&D input has positive moderating effect.Grain and oil enterprises having high levels of R&D input and bearing the social responsibility will effectively improve enterprise operating performance,while low levels of R&D input weaken the social responsibility of business performance.Meanwhile,R&D input promotes operating performance.Finally,we determine the R&D input of listed companies as the half adjustment variables.Based on the conclusions,we put forward relevant policy suggestions from the two aspects.From a national perspective,we should strengthen government subsidies and tax breaks,encourage financial institutions to increase the R&D support to the grain and oil enterprises and provide a better service to the grain and oil enterprises of R&D funding.From the view of grain and oil enterprises,Grain and oil enterprises should actively develop multi-channel financing channels and enterprise investors,ensure the improvement of grain and oil enterprise R&D funding and improve the business performance under the premise of practical and social responsibility.