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我国上市公司企业社会责任与财务绩效关系的实证研究/Empirical Research on the Relationship between the

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由北京师范大学邓洪林同学撰写的论文《我国上市公司企业社会责任与财务绩效关系的实证研究》,荣获2009年对外经济贸易大学国际经济伦理研究中心举办的第三届大学生企业社会责任征文大赛二等奖,全文请参考附件。

我国上市公司企业社会责任与财务绩效关系的实证研究

摘要:本文提出企业的社会责任贡献对企业财务绩效的影响具有滞后效应并依据行业差异而会得出不同结论的假设,然后以我国上海证券交易所和深圳证券交易所除制造业和金融、保险业之外所有行业的全部上市公司为样本,使用2004~2006三年的数据进行时间序列回归分析和分行业的时间序列回归分析。最后得出,企业在员工和投资者层面的社会责任贡献对财务绩效的影响存在滞后效应,在国家层面的社会责任贡献对财务绩效的影响不存在明显的滞后效应,在公益事业层面的社会责任贡献对财务绩效并没有显著的影响;同时,两者之间的关系会因行业差异而有不同表现。

关键词:社会责任 财务绩效 上市公司 滞后效应

The Paper “Empirical Research on the Relationship between the fulfillment of corporate social responsibility and Their Financial Performance”, written by Deng Honglin from Beijing Normal University, is the Second Prize of 2009 Collegiate Corporate Social Responsibility Essay Competition, which is organized by the Center for International Business Ethics at UIBE, Beijing. The whole paper can be found in the attachment.

Empirical Research on the Relationship between the fulfillment of corporate social responsibility and Their Financial Performance

Abstract: The thesis suggests that corporate social responsibility has a lagging effect on enterprises’ financial performance and the reality varies for different industries. Then, based on the data samples of all listed companies in the field excluding manufacture, finance and insurance in Shanghai and Shenzhen Stock Exchange from 2004 to 2006,the thesis made general time series regression analysis and time series regression analysis for different industries. The result is: the fulfillment of corporate social responsibility for staff and investors has a lagging effect on enterprises’ financial performance while the fulfillment of corporate social responsibility for the country doesn’t have a lagging effect on enterprises’ financial performance and the fulfillment of corporate social responsibility for public welfare doesn’t have an obvious impact on enterprises’ financial performance. The relationship between the two varies for different industries.

Keywords: social responsibility; financial performance; listed company; lagging effect
Attachments: Empirical Research on the Relationship.PDF (3,396.3k)