The Interaction Influence Between Corporate Social Responsibility And Corporate Performance

As China's economy shifts from high-speed growth stage to high-quality development stage,the appreciation of RMB is expected to increase and the participation of Chinese enterprises in the international division of labor is deepened.Small and Medium Enterprises(SEMs)undertake social responsibility is also the requirement for enterprises to adapt to economic globalization and participate in international competition.An enterprise that dares to undertake social responsibilities,attaches importance of environmental protection and optimizes the allocation of resources will receive universal recognition from the country and society.This article selects 685 SMEs listed on China's Shenzhen Stock Exchange from2011-2016 based on related theoretical knowledge of corporate social responsibility(CSR)such as corporate social contract theory,responsibility hierarchy theory,and stakeholder theory.And through the fixed effect model,GMM analysis method and the simple slope drawing method,discussing the role of corporate social responsibility and corporate performance,the role of corporate social responsibility for each stakeholder and corporate performance,the interaction effect between corporate social responsibility and corporate performance,and environmental dynamic adjust the effect of corporate social responsibility with corporate performance.Research indicates:1.According to the fixed effect model,there is a significant positive correlation between the CSR of SMEs and corporate performance,that is,they can improve corporate performance and promote sustainable corporate development;There is also a significant positive correlation between CSR for shareholders,CSR for the environment and corporate performance,with the levels of 1% and 10% respectively;There was a negative correlation between CSR for creditors and corporate performance,indicating that enterprises did not attach importance to the social responsibility of creditors;And there is no significant positive correlation betweenCSR for employees,CSR for customers,CSR for suppliers and corporate performance;The asset-liability ratio and the company's age of the control variables are significantly positive correlation with corporate performance;The size of enterprises have significant negatively correlated to corporate performance.2.From the regression results of the state-owned enterprises,the goodness of model-fitting is fine,F value is 4.12,there is a significant positive correlation between the CSR and corporate performance;There is also a significant positive correlation between CSR for shareholders,CSR for the environment,CSR for shareholders and corporate performance,with the levels of 1% and 5% respectively;CSR for employees positively impacted on corporate performance,but the correlation was not significant;And there is no significant positive between CSR for creditors,CSR for consumers and corporate performance.From the regression results of non-state-owned enterprises,there is no significant positive correlation between CSR and corporate performance,which means that non-state-owned enterprises do not have sufficient on corporate social responsibility;There is also a significant positive correlation between CSR for shareholders and corporate performance,with the levels of 1% respectively;There is no significant positive correlation between CSR for suppliers and the environment and corporate performance;CSR for creditors have negatively impacts on corporate performance,relevance is significant at 5% level;There is no significant correlation between CSR for employees,CSR for customers and corporate performance.Through comparison,it is found that the effect of state-owned enterprises undertake CSR to promote the improvement of corporate performance is better than non-state-owned enterprises.3.From the systematic GMM analysis method of dynamic panel model,it can be seen that there is a significant positive correlation between CSR and corporate performance.Combined with the fixed effect model,it can be found in the early or current period of CSR that can promote the sustainable development of the company;In the current performance of the company(?=0.049,p>0.1,the previous period performance of the company(?=0.053,p<0.1)and the first two periods of the corporate performance(?=0.08,p<0.05),in comparison with the regression relationship of CSR in the current period,it can be seen that there is a significant positive correlation between corporate performance in the previous period and the previous two periods with CSR,indicating that the earlier company's operations are,the higher the performance is.It can promote enterprises undertake CSR more obvious.4.Through the GMM analysis method,it was found that SMEs can promote the impact of CSR on corporate performance(?=0.001,p<0.05)in the context of different levels of environmental dynamic.And it can also promote the previous corporate performance to corporate social responsibility.In this way,through dividing the sample data into two groups based on medians above environmental dynamics and medians below environmental dynamics.After the regression,through simple slope drawing of coefficients,it was found that the relationship between CSR and corporate performance was in low environmental dynamic(simple slope=0.17,p<0.01)is stronger than that in high environmental dynamics(simple slope 0.14,p<0.01),which indicates that low environmental dynamics is conducive to CSR and promote corporate performance.And,the impact of previous corporate performance on corporate social responsibility was also stronger in low environmental dynamics(simple slope=0.82,p<0.05)than in high environmental dynamics(simple slope=0.32,p<0.05).Explain the interactive influence of corporate social responsibility and corporate performance in a low dynamic environment and complement each other.