An Empirical Study On The Impact Of Central Enterprises' Fulfillment Of Social Responsibilities On Corporate Performance

Since the beginning of the 20th century,the pace of enterprise development has accelerated year by year,and the influence of enterprises on social development has been continuously enhanced.Whether a company fulfills its social responsibility has long surpassed the scope of ethics and is closely related to the business development of the company.In recent years,the frequent occurrence of "Changchun Longevity Vaccine Event","OFO Shared Bicycle Retirement Deposit Difficulty","Wenjian MLM Event",etc.,have revealed that some enterprises in China only pursue economic interests and completely ignore the fulfillment of corporate social responsibility.It also harms the public's trust in the company.How to guide enterprises to actively fulfill their social responsibilities and form a harmonious relationship between business management and social development has become one of the focuses of people's attention.China's central enterprises are an important pillar of the national economy.The scope of business involves a number of industries and fields,and is related to the security,stability and long-term development of the national economy.The fulfillment of central corporate social responsibility is as important as the economic status of central enterprises.As the supervision and management institution of the central enterprises,the State-owned Assets Supervision and Administration Commission of the State Council first emphasized that central enterprises should fulfill their social responsibilities and disclose the progress of undertaking social responsibility work to facilitate public supervision.The active implementation of social responsibilities by central enterprises can set an example for other SMEs and enhance the enthusiasm of other SMEs to fulfill their social responsibilities,which in turn will lead to a good atmosphere for the whole society.Since the central enterprises actively disclosed the annual social responsibility report,most of the listed companies in China followed suit and actively disclosed the report.However,some incidents that have emerged in recent years have also revealed that most companies are not aware of their responsibilities,and the responsibility of central enterprises is not enough to drive SMEs.Therefore,the question that this paper wants to study is:Does the central enterprise's fulfillment of social responsibility have an impact on corporate performance,and whether the impact is positive or negative,and the extent of the impact?Through the combing of domestic and foreign literatures,this paper summarizes the impact of corporate social responsibility,corporate performance,and corporate social responsibility on corporate performance.Based on stakeholder theory,social contract theory and triple bottom line theory,this paper analyzes the implementation of different stakeholders.The positive impact of social responsibility on corporate performance,and then from the opposite perspective,that corporate social responsibility may have a negative impact on corporate performance,and pointed out that there is an external effect of corporate social responsibility on corporate performance.After that,the status quo and problems of the central corporate social responsibility work are described.Then,based on the data of 218 A-share listed companies controlled by the central enterprises in China during the five years from 2013 to 2017,the paper makes an empirical analysis,proposes hypotheses,and refers to the experience of scholars,selects social responsibility and enterprise performance indicators,and builds panel data.The model uses Stata 14.0 statistical software to conduct descriptive statistical analysis,correlation analysis and regression analysis in turn,and finally obtains the empirical conclusion that central enterprises fulfill the impact of social responsibility on corporate performance.The results of empirical analysis show that the social responsibility of central enterprises in fulfilling shareholders,creditors,governments and consumers has a positive impact on corporate performance.The social responsibility of central enterprises in fulfilling employees has a negative impact on corporate performance.Central enterprises fulfill suppliers,environment and communities.The social responsibility has no significant impact on corporate performance.This paper then analyzes and explains the conclusions that are inconsistent with the hypothesis,and proposes countermeasures for the central enterprises to fulfill their social responsibilities better from the perspectives of enterprises,governments and society.