Empirical Study On The Relationship Between Social Responsibility And Financial Performance Of Manufacturing Industry

The term 'corporate social responsibility' first appeared in western countries.After a long development process,the theory of corporate social responsibility has matured abroad.China's research on corporate social responsibility is relatively late,but now corporate social responsibility has become a hot topic,and it has attracted wide attention from scholars,policy makers and other people from all walks of life.The reason is that the enthusiasm for the study of corporate social responsibility theory has led to the thinking of social responsibility in China,and the second is due to the continuous occurrence of food safety incidents,environmental pollution incidents and safety accidents.On July 15,2018,the occurrence of the 'vaccines' event of the longevity organism stimulated a new round of thinking about corporate social responsibility.Once again,it was clear that enterprises must assume social responsibility and require enterprises to be responsible to the entire society.The manufacturing industry occupies the central position of China's industry,is the core body of the national economy,and is the engine of national industrialization,urbanization,and modernization.Similarly,the manufacturing industry also bears more social responsibilities.Enterprises such as food manufacturing and pharmaceutical manufacturing that are closely related to people's lives are included in the manufacturing industry.The manufacturing industry is more concerned by the outside world.Whether the manufacturing enterprises fulfill their social responsibilities has a huge impact on the whole society,but as far as the current situation is concerned,only a small number of companies recognize the importance of social responsibility.One of the reasons why most companies fail to fulfill their social responsibilities and are more resistant to social responsibilities is because they have to pay a certain cost for this,and they worry that the cost will lead to a decline in corporate profits.But in fact,taking social responsibility is not the only thing that is seen on the surface of the enterprise.It will also give the company a good reputation and improve the financial performance of the company.This paper combines normative research and empirical research,taking the listed manufacturing enterprises of Shanghai and Shenzhen stock markets in 2010-2017 as the research object,based on corporate social responsibility,corporate social contract,stakeholders,Carol social responsibility pyramid model,corporate social responsibility strategy The theory puts forward the hypothesis and establishes the research model,combines the stakeholder theory with the revised Carol social responsibility pyramid model to assign social responsibility indicators,and measures the financial performance using the ROE indicator.After descriptive statistical analysis,correlation analysis,regression analysis,etc.,empirically test the relationship between manufacturing social responsibility and financial performance,and draw conclusions.Finally,according to the research conclusions,starting from the three stages of fulfilling social responsibility before,during and after the event,each stage is divided into three dimensions: enterprise,government and society to provide suggestions for the implementation of social responsibility of manufacturing enterprises,and advocate the establishment of multiple The integrated social responsibility system enables manufacturing enterprises to more actively fulfill their social responsibilities,which will make China's manufacturing industry grow stronger.At the same time,the use of the main position of the manufacturing industry can also drive other types of enterprises to undertake social responsibilities,and promote the sustainable and healthy development of the society to achieve a win-win or even win-win effect.