Study On The Relationship Between State-owned Listed Enterprises' Corporate Social Responsibility And Corporate Financial Performance

With the development of economic globalization,participation in CSR initiatives is not only an inevitable requirement of meeting international standards and participating in international dialogues,but also an inevitable choice for enhancing the core competitive advantages and promoting the development of enterprises.The fulfillment of the corresponding social responsibility by state-owned enterprises,which occupy an important position in the development of the national economy,has a far-reaching impact on the economic,social and environmental development of our country.Therefore,the active participation of state-owned enterprises in social responsibility initiatives has become the consensus of our government,academia and the general public.Under the joint promotion of government,industry associations,non-profit organizations,research institutes and news media,the connotation of social responsibility of state-owned enterprises has been increasingly clarified.The rating standards have been gradually established and management has been continuously improved.Corporate social responsibility has been increasingly integrated into strategy of state-owned enterprises.The state-owned enterprises pursue economic benefits while taking social benefits into account.With the deepening of the reform of state-owned enterprises,the author considers that although state-owned enterprises have become the “pioneer army” of social responsibility and lead the private and foreign-funded enterprises significantly,SOEs will still face new challenges in participating in social responsibility initiatives.First of all,the public's perception of the social responsibility of state-owned enterprises is still rests on the passive response to “political demands or social pressures” and so on.There are many doubts about the social responsibility of state-owned enterprises and put forward higher expectations.Secondly,the connotation of state-owned enterprise's social responsibilities which is becoming richer and the dynamic development of the external environment for fulfilling social responsibility require the state-owned enterprises to keep pace with the times to adapt to the new requirements of the international new rules and the reform of state-owned enterprises,continuously explore how to better fulfill their social responsibilities to promote the development of enterprises.At the same time,with the development of the reform of state-owned enterprises,scholars conducted deep thinking and extensive debate on the social responsibility of state-owned enterprises.Previous researches pay more attention to defining the connotation dimension of social responsibility of state-owned enterprises,the construction of evaluation system and other aspects.However,there is a lack of rational thinking on whether corporate social responsibility of state-owned enterprises can enhance the financial performance of enterprises,and only some of researches have not been widely accepted consistency conclusion.The research on the above background,based on stakeholder theory,this study attempts to reveal the mechanism of the relationship between state-owned enterprise social responsibility and corporate financial performance.And based on the research results of upper echelons theory and strategic corporate social responsibility theory,explore the moderate effect of the top management team shareholding ratio on the relationship of the above.Specifically,this article will shed light on the two core issues:(1)Will the corporate social responsibility of the state-owned enterprises participate in CSR initiatives will become the burden of state-owned listed companies or will become the strategic basis for gaining competitive advantage?(2)In the process of establishing and perfecting the modern corporate system of state-owned enterprises,will the influence of the top management team shareholding ratio on the above-mentioned relationship and how will it impact?This study uses case studies and empirical research methods.First,we select four typical state-owned enterprises with industry influence as the key research subjects and conducts exploratory case studies.It puts forward the theoretical proposition that the social responsibility of state-owned enterprises positively affects the economic performance of state-owned enterprises,with practical evidence to support the rationality of this research idea.Second,based on stakeholder theory,this study analyzes the relationship between state-owned listed companies social responsibility and corporate financial performance,then further analyzes the moderate effect of the top management team stakeholder ratio on the relationship between the CSR of state-owned listed companies and corporate financial performance,and then puts forward the research hypothesis.Third,based on the research hypotheses proposed in the previous section,the research design is elaborated from the aspects of sample and data source,variables,measurement and model construction.Based on the descriptive statistical analysis and the correlation analysis,the paper tests the hypotheses proposed in the previous article by multivariate regression analysis and hierarchical regression analysis,then tests the robustness.Finally,this study summarizes the main conclusions of the study that the social responsibility of state-owned listed companies significantly impact on one year lag ROE and one year lag Tobin' s Q;The top management team stakeholder ratio played a positive role in moderate the relationship between social responsibility and financial performance of state-owned listed companies.At the same time,the author further summarizes the theoretical contribution and practical enlightenment of this study and points out the direction of further study on the basis of analyzing the limitations of this study.This study is based on the theoretical debate and the background of the reform of state-owned enterprises.The main progress of this study is as follows:(1)Research in Chinese context.This study explores the intrinsic relationship between corporate social responsibility and financial performance of state-owned listed companies in Chinese context,supplements the new empirical evidence on the relationship between them in emerging economies,which provides a reference for cross-cultural and cross regional comparative studies.(2)State-owned listed companies as a research sample to carry out research.In the past,most studies of the relationship between corporate social responsibility and financial performance regard ownership as the control variable.Empirical analysis using second-hand data is even rarer.Therefore,in the process of deepening the reform of state-owned enterprises in China,this study uses state-owned listed companies as a sample and based on the more objective empirical study of second-hand data design to explore the relationship between corporate social responsibility of state-owned listed companies and financial performance,which is conducive to promoting the reform of state-owned enterprises.(3)Moderate effect of the top management shareholding ratio on the relationship between Corporate Social Responsibility and financial performance of State-owned listed companies.The author finds that the research on the moderate effect of top management team shareholding ratio on the relationship between the two mentioned above is relatively rare.Based on upper echelons theory,this study explored the moderating role of top management shareholding ratio on the relationship between Corporate Social Responsibility and financial performance of State-owned listed companies,supplemented and expanded the new theoretical perspective of the relationship between Corporate Social Responsibility and financial performance of State-owned listed companies.