摘 要
企业社会责任与财务绩效关系的实证研究聚焦于当前经济全球化背景下，企业面临的可持续发展挑战。随着利益相关者理论的发展和社会对企业期望的提高，探究企业社会责任（CSR）与财务绩效（FP）之间的关系具有重要的理论和现实意义。本研究旨在通过构建多元回归模型，基于中国沪深两市2015 - 2020年A股上市公司数据，分析企业社会责任对财务绩效的影响机制。研究发现，在控制了公司规模、资产收益率等变量后，企业社会责任总体水平与财务绩效呈显著正相关关系，其中环境责任和社会公益责任的积极影响尤为突出。进一步研究表明，企业履行社会责任能够通过提升品牌形象、增强客户忠诚度以及优化资源配置等途径改善财务状况。此外，本研究还探讨了不同所有制类型下企业社会责任与财务绩效关系的差异性，发现国有企业在该关系中表现出更强的正向效应。创新之处在于首次引入行业竞争程度作为调节变量，结果显示在高竞争行业中企业社会责任对财务绩效的促进作用更为明显。本研究为企业制定科学合理的社会责任战略提供了理论依据，也为政府监管部门完善相关政策法规提供了参考借鉴。
关键词：企业社会责任；财务绩效；多元回归模型；环境责任；社会公益责任；品牌形象；行业竞争程度；国有企业
Abstract
Empirical research on the relationship between corporate social responsibility (CSR) and financial performance (FP) focuses on the sustainable development challenges faced by enterprises in the context of economic globalization. With the development of stakeholder theory and increased societal expectations of enterprises, exploring the relationship between CSR and FP holds significant theoretical and practical implications. This study aims to analyze the impact mechanism of CSR on FP by constructing a multiple regression model based on data from A-share listed companies in China's Shanghai and Shenzhen stock markets from 2015 to 2020. The findings reveal that, after controlling for variables such as firm size and return on assets, there is a significantly positive correlation between overall CSR levels and FP, with environmental responsibility and social philanthropy responsibility showing particularly strong positive impacts. Further analysis indicates that enterprises can improve their financial conditions through enhancing brand image, increasing customer loyalty, and optimizing resource allocation by fulfilling CSR. Additionally, this study examines the differences in the relationship between CSR and FP across different ownership types, finding that state-owned enterprises exhibit stronger positive effects in this relationship. An innovative aspect of this research is the introduction of industry competition intensity as a moderating variable, which shows that the promoting effect of CSR on FP is more pronounced in highly competitive industries. This study provides a theoretical basis for enterprises to formulate scientifically sound CSR strategies and offers valuable references for government regulators to refine relevant policies and regulations.
Keywords：Corporate Social Responsibility；Financial Performance；Multiple Regression Model；Environmental Responsibility；Social Public Welfare Responsibility；Brand Image；Industry Competition Intensity；State-Owned Enterprise
目 录
摘 要 I
Abstract II
引 言 1
第一章 企业社会责任与财务绩效的理论基础 2
1.1 企业社会责任的概念界定 2
1.2 财务绩效的衡量指标 2
1.3 理论框架与研究假设 3
第二章 文献综述与研究现状分析 5
2.1 国内外研究进展 5
2.2 研究方法综述 5
2.3 现有研究的不足与展望 6
第三章 实证研究设计与数据处理 7
3.1 研究样本选择 7
3.2 数据来源与收集 7
3.3 变量定义与模型构建 8
第四章 实证结果分析与讨论 10
4.1 实证结果呈现 10
4.2 结果解释与讨论 10
4.3 研究局限性分析 11
结 论 13
参考文献 14
致 谢 15
