企业社会责任一致性对财务绩效的影响研究

基于工具性利益相关者理论,以A股上市公司为研究对象,考察了企业社会责任时间和结构这两类一致性对财务绩效的影响,并检验了信任因素在该过程的中介作用,以及企业社会责任水平和不同利益相关者关注的调节效应。研究表明:企业持续地承担社会责任(时间一致性)有助于提升财务绩效,而公平地承担社会责任(结构一致性)则对财务绩效有负面影响;信任因素是一致性和财务绩效之间的中介机制,“时间/结构一致性—信任—财务绩效”是社会责任发挥作用的逻辑路径之一;企业社会责任整体水平的提升将强化结构一致性的负面作用,而外部利益相关者中分析师的关注会强化时间一致性的积极影响;对于结构一致性而言,包括公众和分析师在内的外部利益相关者的关注会强化其负面影响,而内部独立董事的关注则有助于缓和这一负面影响。

Impacts of Corporate Social Responsibility Consistency on Financial Performance

Based on the instrumental stakeholder theory,this study pays attention to the impact of time and structure consistency in corporate social responsibility(CSR)on company financial performance(CFP),and tests the mediating effects of trust,as well as the moderating effects of overall level of CSR and attention from various stakeholders.Using samples of non-financial companies listed on Shanghai and Shenzhen Stock Exchanges,the research finds that time consistency is positively related to CFP,while structure consistency has opposite effect.Results also confirm the mediating effect of trust,through which CSR consistencies are able to exert their influence.Further,in terms of time consistency,the increase of overall CSR level strengthens its negative relationship with CFP,and analysists will eliminate the positive relationship.Besides,for structure consistency,its negative effects on CFP will be amplificated by the existence of the public as well as analysts,while be alleviated by attention from independent directors.