| With the development of China’s economy,more and more companies begin to pay attention to social responsibility.However,fulfilling social responsibilities means increasing the cost of the enterprise,and the short-term interests of the enterprise may be damaged.But in the long run,it helps to establish a good corporate image and promote the maximization of corporate value.At present,there are many studies on corporate social responsibility and financial performance in academic circles,but few scholars have distinguished the relationship between the two based on the theory of corporate life cycle.In fact,an enterprise will experience different stages of life like an organism,at each stage,the enterprise’s scale characteristics and operating conditions are different,thus the degree of fulfillment of social responsibilities is different,and the impact on financial performance is also different.Therefore,based on the life cycle perspective,this article discusses the impact mechanism of Gree Electric ’s social responsibility performance on financial performance based on the case analysis method.First of all,this article divides Gree Electric into three life cycle stages,namely the start-up period,growth period and maturity period,and analyzes the corporate social responsibility performance in different life cycles.The results show that although Gree Electric has a sense of social responsibility in the initial stage,it does not pay enough attention to it and has not fully fulfilled its social responsibilities,in this period it only involves three stakeholders: consumers,suppliers and the public.In the growth period,Gree Electric can fulfill better social responsibilities,and the number of stakeholders has increased to six,namely shareholders,employees,consumers,partners,the public and the environment.In its mature period,Gree Electric further strengthens its social responsibility behaviors to various stakeholders and can fully fulfill its social responsibilities.Then based on different life cycle stages of Gree Electric,it analyzes the impact mechanism of corporate social responsibility on financial performance.The results show that Gree Electric’s social responsibility performance in the initial stage mainly affects the company’s financial performance through reputation capital,but this stage of financial performance has not been improved,indicating that the company’s performance of social responsibility does not necessarily bring financial performance.In the growth period,Gree Electric’s socialresponsibility fulfillment mainly improves financial performance by forming corporate social capital and reputation capital.In the mature stage,Gree Electric fully implements its social responsibilities,internally forms the company’s human capital,continuous innovation capabilities and social responsibility culture,and externally forms the company’s reputation capital,social capital and competition barriers,these form the enterprise’s competitive advantage and further improves financial performance. |
