A Study On The Correlation Between Social Responsibility And Financial Performance

China’s economy has entered the stage of high-quality development,but the contradiction between the rapid economic development and the fulfillment of social responsibility has become more prominent.The level of social responsibility fulfillment in the food industry,which is related to national economy and people’s livelihood,is generally low.Some companies don’t pay attention to or even ignore social responsibility fulfillment,leading to frequent outbreaks of security incidents.Under the background of Chinese government’s increasing efforts to implement corporate social responsibility,scholars have conducted in-depth research on the concept,dimension,influencing factors,disclosure system and solution mechanism of social responsibility.In terms of studying the theory and mechanism of whether it can bring boost to enterprise performance,there are many literatures and achievements from different single perspectives,but there is a lack of research on the internal and external driving factors.There are few studies on the role of social responsibility in financial performance from the perspective of internal corporate governance and external marketization degree.Enterprises need to deal with the relationship between environmental factors and social responsibility and financial performance in order to continuously improve the level and degree of social responsibility performance and meet the expectations and needs of the public.Based on this,the paper uses stakeholder theory as the theoretical support,on the basis of defining the dimensions of social responsibility and financial performance and analyzing the action mechanism,four hypotheses about the relationship are proposed.The article uses a dual analysis of literature and empirical methods,through the construction of a social responsibility impact factor model,a relationship model with financial performance,and the further introduction of internal and external environmental factors to regulate the role of corporate social responsibility in promoting financial performance.The paper takes Shanghai and Shenzhen stock exchange A-share listed food companies in 2010-2018 as the empirical object,and analyzes deeply the time-delay effect of social responsibility on financial performance and the mechanism of the relationship between social responsibility and financial performance using corporate governance and marketization degree variables.The paper studies whether social responsibility can serve performance from the perspective of influence degree and influence angle and clarifies whether the cost of corporate social responsibility expenditure can bring a high return on investment,it will have theoretical and practical significance for enterprises to assume social responsibility and establish a green profit view.The results show that:(1)enterprises can actively and rationally participate in social activities with better corporate governance and higher the degree of marketization;(2)companies actively engage in social responsibility activities,they will bring good financial returns,responsibility building as a long-term business is more conducive to improving the financial situation;(3)compared with high-marketization areas,enterprises in low-marketization areas are more conducive to performance improvement in taking social responsibility,moreover,corporate governance has a more pronounced regulating effect on the performance benefits of responsibility.Finally,according to the research conclusions,suggestions are made from three aspects:improving the awareness of food companies’ responsibility,implementing responsibility management and improving the level of responsibility.