摘要
企业社会责任（CSR）与财务绩效（FP）之间的关系是近年来学术界和实务界广泛关注的重要议题，其研究背景源于全球化背景下利益相关者对企业行为的更高期待以及可持续发展理念的深入推广。本研究旨在探讨企业履行社会责任对其财务绩效的影响机制，并进一步分析不同维度的CSR活动如何在特定情境下产生差异化效应。基于2015年至2022年间中国A股上市公司的面板数据，采用固定效应模型并引入调节变量进行实证分析。结果表明，企业社会责任总体上对财务绩效具有显著正向影响，且环境责任和社会责任的贡献尤为突出，而经济责任的影响相对有限。此外，企业规模和行业性质在这一关系中起到重要调节作用，大型企业和高污染行业的CSR活动对财务绩效的促进效果更为明显。本研究的创新点在于从多维度视角解析CSR与FP的关系，并结合中国制度背景考察了行业异质性的影响，为理论框架的完善提供了经验证据。同时，研究为企业管理者制定CSR战略提供了实践指导，强调需根据自身特点优化资源配置以实现经济效益与社会价值的双赢。
关键词：企业社会责任；财务绩效；环境责任；行业异质性；调节效应
Abstract
The relationship between corporate social responsibility (CSR) and financial performance (FP) has become an important issue of widespread concern in both academic and practical circles in recent years, with its research background rooted in the higher expectations of stakeholders regarding corporate behavior under globalization and the deepening promotion of sustainable development concepts. This study aims to explore the mechanism by which companies' fulfillment of social responsibilities influences their financial performance and further analyzes how CSR activities in different dimensions produce differentiated effects under specific contexts. Based on panel data from Chinese A-share listed companies between 2015 and 2022, a fixed-effects model was employed with moderating variables introduced for empirical analysis. The results indicate that corporate social responsibility has a significantly positive overall impact on financial performance, with environmental responsibility and social responsibility showing particularly prominent contributions, while the influence of economic responsibility remains relatively limited. Moreover, firm size and industry nature play important moderating roles in this relationship, as CSR activities in large firms and high-pollution industries demonstrate more pronounced promoting effects on financial performance. The innovation of this study lies in its multidimensional perspective in parsing the relationship between CSR and FP, combined with an examination of industry heterogeneity within the context of China's institutional background, thereby providing empirical evidence for the refinement of theoretical fr ameworks. Simultaneously, this research offers practical guidance for managers in formulating CSR strategies, emphasizing the need to optimize resource allocation according to their own characteristics to achieve a win-win outcome of economic benefits and social value.
Keywords：Corporate Social Responsibility; Financial Performance; Environmental Responsibility; Industry Heterogeneity; Moderating Effect
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状分析 1
(三) 研究方法与技术路线 2
二、企业社会责任的理论基础 2
(一) 企业社会责任的概念界定 2
(二) 企业社会责任的理论框架 3
(三) 企业社会责任的实践维度 3
三、财务绩效的影响因素分析 4
(一) 财务绩效的核心指标体系 4
(二) 内部因素对财务绩效的作用机制 4
(三) 外部环境对财务绩效的影响路径 5
四、企业社会责任与财务绩效的关系实证研究 5
(一) 数据来源与样本选择 6
(二) 模型构建与变量设定 6
(三) 实证结果分析与讨论 7
结 论 8
参考文献 9
