Research On The Impact Of Corporate Social Responsibility On Corporate Performance

The purpose of enterprise management itself is to seek benefits.At this stage,the economy is developing rapidly,which also intensifies the competition among enterprises.At the same time,it further stimulates the idea of enterprise managers who want to obtain more income,resulting in the phenomenon that some enterprises damage the public rights and interests in order to make profits.The occurrence of these behaviors has aroused people’s concern and thinking about the performance of social responsibility by enterprises.On the one hand,an enterprise’s active performance of social responsibility will enhance the goodwill of customers,establish a good external image,form a unique competitive advantage of the enterprise,and attract investment through the positive image of the enterprise,so as to reduce the financing constraints of the enterprise and promote the long-term development of the enterprise.On the other hand,the performance of corporate responsibilities will also occupy the capital of the enterprise to a certain extent and increase the cost expenditure,it is not conducive to the operation of the enterprise.Can corporate social responsibility behavior bring promotion effect to enterprise performance? How can enterprises maintain a reasonable balance between carrying out social responsibility behavior and pursuing performance? Under the background that the whole society pays more and more attention to social responsibility related issues,this thesis studies the impact of corporate social responsibility activities on corporate business performance and analyzes its mechanism.This thesis selects the data of listed companies from 2015 to 2020,uses the score of social responsibility report released by Hexun to measure the indicators of corporate social responsibility,and explores the effect of corporate social responsibility on corporate performance.Then it introduces the financing constraint index as an intermediary variable,divides the index into equity and debt according to different types of financing,and studies the relationship between the three variable.At the same time,it analyzes the impact of differentiation among enterprises with different property rights.Finally,the moderator variable of internal and external social responsibility strategy is added to study the mechanism of moderator variables.The conclusions of this thesis are as follows:(1)Corporate social responsibility activities can promote performance,and the role of promotion is more prominent in non-state-owned enterprises.(2)The variable of financing constraint plays an intermediary role.Enterprises can alleviate the problem of difficult access to capital through social responsibility behavior,so as to further affect enterprise performance.And this effect is more obvious in non-state-owned enterprises.(3)Both equity capital and debt capital play an intermediary role,and the intermediary effect of equity capital is more prominent in state-owned enterprises,while the intermediary effect of debt is more remarkable in non-state-owned enterprises.(4)The strategy of enterprises choosing more external social responsibility investment can positively moderate the effect of corporate social responsibility on business performance.Based on the conclusions of this thesis,and then combined with the performance of corporate social responsibility in China,put forward some suggestions:(1)Improve the social responsibility rating system and standardize the formulation and release of social responsibility reports.(2)Improve the construction of social responsibility system within the enterprise to promote the initiative and institutionalization of enterprise responsibility performance.(3)Formulate and improve corresponding laws and regulations to safeguard the relevant right of the public.