Corporate Social Responsibility Fulfillment And Total Factor Productivity Improvement

China’s economy from high-speed growth to high-quality development is not only the transformation of economic growth mode,but also the process of system,quality and efficiency reform to improve the level of total factor productivity.Encouraging and supporting enterprises to fulfill their social responsibilities,such as increasing workers’ remuneration and increasing environmental protection input,is of great significance to achieving high-quality economic development and common prosperity for the people.However,some companies believe that this will increase costs,which is different from the development goals of the company.To this end,in-depth discussion of the intrinsic relationship between social responsibility and the high-quality development of enterprises is the internal driving force to promote the fulfillment of corporate social responsibility.At the same time,if there are too many administrative approval processes and policies are not in place,it will not only reduce the operational efficiency of enterprises,but also weaken the enthusiasm for corporate social responsibility fulfillment.Based on the above practical background,this paper studies the impact of corporate social responsibility performance on total factor productivity from the perspective of micro-enterprise behavior and macroeconomic environmental impact,and deeply explores the impact of CSR performance on total factor productivity improvement,and how the business environment regulates the effect of social responsibility on total factor productivity.This paper selects A-share listed companies from 2010 to 2020 as the research sample,uses the comprehensive score released by Hexun.com to measure the fulfillment of corporate social responsibility with reference to existing literature,and comprehensively considers the business environment evaluation indicators from six dimensions.The study shows that,first,CSR performance can improve total factor productivity,and further research shows that enterprises face a better business environment,and the impact effect of CSR performance is more obvious,that is,the business environment can positively adjust the relationship between social responsibility and total factor productivity.The above conclusion still holds after a series of robustness treatments.Second,the mechanism analysis shows that easing financing constraints,optimizing human capital structure and reducing litigation risk are important mechanisms for CSR performance to improve total factor productivity,and the business environment can regulate the role of intermediaries.Third,the heterogeneity analysis shows that the impact of CSR performance on total factor productivity of enterprises and the moderating effect of business environment are more significant in private enterprises,manufacturing industries and companies in industries with low product market competition.Fourth,the segmentation effect shows that compared with altruistic corporate social responsibility,strategic CSR undertaking has a more obvious improvement in total factor productivity.Compared with the market environment,the innovation environment and government efficiency have a more obvious role in promoting the total factor productivity of enterprises.This paper provides empirical evidence for enterprises to coordinate the relationship between social responsibility fulfillment and their own high-quality development in the context of today’s era.Encourage enterprises to shoulder more social responsibilities while pursuing their own development,and ultimately realize the value co-creation of enterprises and stakeholders.It provides a path for the government to help the real economy and motivate enterprises to fulfill their social responsibilities,so as to achieve common prosperity and high-quality development.