摘 要
随着社会对企业可持续发展要求的不断提高，企业社会责任（CSR）履行逐渐成为学术界和实务界关注的核心议题之一。本研究旨在探讨企业社会责任履行与财务绩效之间的关联性，并进一步分析其作用机制及边界条件。基于利益相关者理论和社会契约理论，本文选取2015年至2022年间中国A股上市公司为研究样本，采用多元回归分析方法，结合企业社会责任披露指数与财务指标数据，系统评估了CSR履行对财务绩效的影响。研究发现，企业社会责任履行与财务绩效之间存在显著正相关关系，且这种关系在不同行业和规模的企业中表现出异质性特征。此外，通过引入调节变量分析，结果表明良好的公司治理水平能够强化CSR履行对财务绩效的正向影响，而高负债率则可能削弱这一效应。本研究的创新点在于同时考虑了企业内部治理结构与外部环境因素对CSR-财务绩效关系的交互作用，并首次将行业差异纳入分析框架，从而为现有文献提供了更为全面的视角。研究结论不仅验证了企业社会责任履行的经济价值，还为企业管理者制定CSR战略提供了实证依据，同时也为政策制定者完善相关法规体系提供了参考。总体而言，本研究深化了对CSR与财务绩效关系的理解，推动了该领域理论与实践的发展。
关键词：企业社会责任；财务绩效；公司治理；行业差异；社会契约理论
Abstract
As societal demands for corporate sustainability continue to rise, the fulfillment of Corporate Social Responsibility (CSR) has gradually become one of the core issues of concern in both academic and practical domains. This study aims to explore the relationship between CSR fulfillment and financial performance and further analyze its underlying mechanisms and boundary conditions. Grounded in stakeholder theory and social contract theory, this paper selects A-share listed companies in China from 2015 to 2022 as research samples, employing multiple regression analysis to systematically evaluate the impact of CSR fulfillment on financial performance by integrating CSR disclosure indices with financial indicators. The findings reveal a significant positive correlation between CSR fulfillment and financial performance, with heterogeneous characteristics observed across different industries and firm sizes. Additionally, through the introduction of moderating variable analysis, the results indicate that high-quality corporate governance can enhance the positive effect of CSR fulfillment on financial performance, whereas a high debt ratio may weaken this effect. The innovation of this study lies in simultaneously considering the interactive influence of internal corporate governance structures and external environmental factors on the CSR-financial performance relationship, while incorporating industry differences into the analytical fr amework for the first time, thereby providing a more comprehensive perspective to the existing literature. The conclusions not only validate the economic value of CSR fulfillment but also offer empirical evidence for managers in formulating CSR strategies and provide references for policymakers in improving relevant regulatory systems. Overall, this study deepens the understanding of the relationship between CSR and financial performance and promotes the development of theory and practice in this field.
Keywords: Corporate Social Responsibility; Financial Performance; Corporate Governance; Industry Differences; Social Contract Theory
目 录
1绪论 1
1.1企业社会责任与财务绩效研究背景 1
1.2研究企业社会责任与财务绩效的意义 1
1.3国内外研究现状综述 1
1.4研究方法与技术路线 2
2企业社会责任履行的理论基础 2
2.1企业社会责任的概念界定 2
2.2社会责任履行的主要维度 3
2.3相关理论框架分析 3
2.4社会责任对企业价值的影响机制 4
2.5理论模型构建 4
3财务绩效评估体系与关联性分析 5
3.1财务绩效的核心指标体系 5
3.2不同类型企业的财务绩效特征 5
3.3社会责任履行对财务绩效的作用路径 6
3.4数据来源与样本选择 6
3.5实证分析方法设计 7
4企业社会责任与财务绩效的实证研究 7
4.1模型构建与变量定义 7
4.2描述性统计与初步分析 8
4.3回归分析结果解读 8
4.4调节变量的影响探讨 9
4.5研究发现总结 9
结论 11
参考文献 12
致 谢 13
