An Empirical Study On The Relationship Between Social Responsibility And Financial Performance Of High Tech Enterprises

China’s economy has shifted from a stage of rapid growth to a stage of high-quality development,and economic development has entered the New Normal.High tech enterprises are the backbone of leading China’s New Normal economic development,and their social responsibility performance has also attracted much attention.High tech enterprises have characteristics such as high investment,high risk,and high return,and need to continuously improve their financial performance level to achieve sustainable development.Previous studies have shown that corporate social responsibility behavior affects financial performance,but there is little research on high-tech enterprises,and most studies only explore whether corporate social responsibility behavior affects financial performance,ignoring the coordinated development between the two.This study aims to explore two issues: firstly,what effect does the social responsibility behavior of high-tech enterprises have on financial performance,and secondly,what is the coordinated development status between social responsibility and financial performance of high-tech enterprises.The first question of the study aims to verify whether high-tech enterprises are "profitable" in fulfilling their social responsibilities,providing a fundamental basis for hightech enterprises to fulfill their social responsibilities,which may fundamentally enhance their awareness of fulfilling their social responsibilities.If the fulfillment of responsibilities by high-tech enterprises can indeed improve their financial performance,further exploring whether high-tech enterprises fully fulfill their social responsibilities in society leads to the second issue that needs to be explored in this article.In response to the issue,this article conducted two parts of empirical research using 441high-tech listed companies in the Shanghai and Shenzhen A-shares from 2016 to 2020 as research samples.Firstly,a linear regression model was established based on the perspective of stakeholders to study the impact of high-tech corporate social responsibility behavior on financial performance;After reaching the conclusion that fulfilling social responsibility in high-tech enterprises can improve financial performance,this article further establishes a coupling coordination model between social responsibility and financial performance in high-tech enterprises from the perspective of coupling coordination,and explores the coordinated development status of social responsibility and financial performance in hightech enterprises.After regression analysis,this study concludes that:(1)high-tech enterprises significantly improve their current financial performance by fulfilling their social responsibilities to shareholders,creditors,suppliers,consumers,and the government,but the impact of fulfilling their social responsibilities on employees’ current financial performance is not significant;(2)There are differences in the improvement effect of high-tech enterprises’ performance towards different stakeholders on current financial performance,with the government’s performance having the most significant impact on current financial performance,followed by shareholders and creditors,followed by consumers and suppliers.(3)The fulfillment of comprehensive social responsibility by high-tech enterprises has a continuous promoting effect on financial performance,and has a significant promoting effect on both current and lagging financial performance;(4)The performance of high-tech enterprises with different equity properties will have a significant improvement effect on current financial performance,and the performance of non-state-owned enterprises will have a more significant improvement effect on financial performance;(5)The performance of high-tech enterprises of different scales will have a significant promoting effect on current financial performance,and the performance of small-scale enterprises has the most significant effect on improving financial performance.After coupling and coordination analysis,the following conclusions are drawn:(1)The awareness of social responsibility fulfillment of high-tech enterprises in China needs to be improved,and nearly half of the sample enterprises have not fully fulfilled their social responsibilities;(2)Overall,the coordinated development level between social responsibility and financial performance of high-tech enterprises in China has improved between 2016 and 2020,but it is still not good,and many high-tech enterprises have not reached a good level of coordinated development between the two.Based on the conclusion,this article proposes suggestions from three levels: enterprise,government,and society,hoping that high-tech enterprises can achieve coordinated development of social responsibility and financial performance,and enhance their core competitiveness.