The Study On The Relationship Between Corporate Social Responsibility And Financial Performance Under Media Attention

The study of corporate social responsibility began as early as the beginning of the 20 th century.After more than one hundred years of research and improvement,it gradually became one of the focuses of practice and academic research.In 2006,China's Shenzhen Stock Exchange announced the “Guidelines for Social Responsibility of Listed Companies”.In 2008,the SASAC announced the “Guiding Opinions on the Implementation of Social Responsibility of Central Enterprises”.In 2012,the Shanghai Stock Exchange issued the “Guidelines for Environmental Information Disclosure of Listed Companies on the Shanghai Stock Exchange”.These documents have promoted the progress of corporate social responsibility research in China.As the awareness of corporate social responsibility has gradually increased among companies and the public,media attention has gradually become a hot topic for scholars.The power of the media to disclose information can not be underestimated.The media,newspapers and other media have important information mediation and public opinion guidance.Under the background of economic globalization,the phenomenon of a lack of corporate social responsibility has occurred frequently.The situation is particularly prominent in the food and beverage industry.Guangming Dairy's "Gingmen Gate",Yili Group's "HG exceeding",and Jiuguijiu "plasticizers" and other foods frequent safety issues have forced the public to worry more about the food and beverage companies in fulfilling their social responsibilities.Therefore,based on the role and guidance of this environment,the food and beverage industry must actively disclose corporate social responsibility information and undertake more social responsibilities in order to live up to public expectations.This article has explored and studied how to promote enterprises to fulfill their social responsibilities,the impact of corporate social responsibility on financial performance,and the influence of media attention on the impact of social responsibility on financial performance based on the above background.First,the 5-year data sample of A-share listed companies in the food and beverage industry in 2012-2016 was selected to conduct empirical research and normative research.Second,in order to verify the role of media attention in the relationship between corporate social responsibility and financial performance,this paper has added research media attention and further verified the mediating role of non-negative and negative media.Through empirical analysis,we conclude that corporate social responsibility of A-share listed companies in the food and beverage industry has a significant positive impact on financial performance;corporate social responsibility has a significant positive impact on media attention;media attention has a significant positive impact on financial performance;The media is concerned with the role of partial mediation in the relationship between corporate social responsibility and financial performance;through the breakdown of media reports,it is further concluded that non-negative media have no mediating role in the relationship between corporate social responsibility and financial performance,while negative media in corporate social media.Responsibility has a complete mediating role in the relationship of performance.Finally,draw conclusions and put forward relevant policy recommendations from the four levels of the media,enterprises,government,and society,as well as the limitations and future development of this study.