企业社会责任对财务绩效影响的实证研究以我国上市公司为研究对象.pdfVIP

第32 卷第2期 东 北 大 学 学 报 自 然 科 学 版 Vol32, No. 2 2 0 1 1 年 2 月 Journal of Northeastern U ni ersity Natural Science Feb. 2 0 1 1 1 2 1 1 张兰霞, 袁栋楠 , 牛 丹, 金 越 1. , 110819; 2. , 115007 : , , , 2003~ 2008 1 000 , : , ; , ; , ; : ; ; ; ; : C 931 : A : 2011 An Empirical Research on the Effect of CSR on CFP Based on Listed Companies in China 1 2 1 1 ZHAN G L anx ia , Y UAN Dongnan , NI U Dan , JIN Yue 1. School of Business Administration, Nort heastern Uni ersity, Shenyang 110819, China; 2. Haixing Agency, Bayuquan District, Y ingkou 115007, China. Corresponding author: ZHANG Lanxia, associate professor, Email: lxzhang @ mail. neu. edu. cn Abstract: Based on the theory of stakeholders, a model of the effect of corporate social responsibility CSR on corporate financial performance CFP w as de eloped w ith ROA return on assets as the dependent ariable, and the scale, trade and ownership of a company as the controlling ariables, and some hypotheses were suggested. To erify the model and hypotheses, the data of 1 000 listed companies in China from 2003 to 2008 was used for statistical analysis. T he results indicated that those companies didn t pay close attention to their dow nstream customers and go ernments though they took well the CSR for their creditors, employees and upstream suppliers. In addition, the scale of a company and w hat trade it w as making affect CFP to a certain extent, w hile the ow nership affected it unobtrusi ely. The current CFP of those companies w as positi ely affected ob iously by how they did in CSR currently and pre iously . M eanw hile, it w as found there w as a multicollinearity betw