The Impact Of Corporate Social Responsibility On The Operational Efficiency Of Listed Companies

At present,world trade is on a downward trend.In the meantime major economies are generally depressed.China’s "carbon peaking and carbon neutrality" goals has entered a critical period of industrial structure transformation and promotion.At the global level,the development of the real economy faces new opportunities and challenges.From the listed companies’ perspective,financing difficulties,rising operating costs and other problems frequently appear.Hence,the improvement of operating efficiency is imminent.The real economy is the foundation of a country’s development.In the face of the complex international situation,developing the real economy can avoid risks and achieve more efficient long-term development.The listed companies should quicken the steps of the old and new kinetic energy conversion from the traditional industrial civilization to ecological civilization.In order to build a good business environment,the listed companies consciously put their own development direction into the social level,extensive learning and strengthen the awareness in the realistic meaning of corporate social responsibility.The listed companies fulfill to actively participate in various charitable activities,which can share the operating results of an enterprise with society.On the whole,enterprises’ active practice of social responsibility may not only promote the operation efficiency to meet their ideal business goals and improve the operation efficiency,but also may be manipulated by the management,resulting in the waste of enterprise resources,which has a negative impact on the operation efficiency.Therefore,it is worth further discussing under what mechanism the social responsibility of listed companies will bring positive or negative effects to the operation efficiency of enterprises.This paper adopts a new perspective to study the impact of corporate social responsibility on the operating efficiency of listed companies,and tries to break through the economic or financial analysis framework,in order to further analyze management behavior strategies.On the basis of theoretical analysis,two hypotheses are proposed to understand the purpose and connotation of China’s non-financial enterprises to undertake social responsibility.This paper analyzes the impact on operating efficiency and put forward the hypothesis.In the empirical test,this paper selects qualified sample data as the research object and use total factor productivity to measure enterprise operating efficiency.This paper builds a fixed effect regression model and researches the influence of corporate social responsibility on operating efficiency under the financing constraint path mechanism.Finally,a comprehensive index such as marketization level is introduced to measure the role of external environment in the impact of corporate social responsibility on the operating efficiency of listed companies.The empirical results show that enterprises,which actively undertake social responsibility and have a high level of social responsibility,may have better operating efficiency.Financing constraints help explain the positive impact of corporate social responsibility on operating efficiency.Further research shows that the marketization level of the company’s location will weaken the positive effect of CSR on the operating efficiency of listed companies.The research results provide reference for policy makers to regulate the disclosure of corporate social responsibility reports and corporate managers to conduct effective corporate governance.