社会责任治理、履责表现与企业绩效

基于合法性理论，以合法性缺口为视角，采用ESG因素作为企业社会责任代理变量，以沪深A股300指数成分股上市公司为研究样本，对企业在社会责任领域内的责任治理、履责表现和企业绩效之间的关联进行检验。研究发现，只有实质性的社会责任治理才能改善企业在环境和社会方面的履责表现，进而提升企业绩效。换句话说，企业的履责表现在社会责任治理与企业绩效之间发挥着中介作用。由此提出，中国企业应建立实质性的社会责任治理机制，将履责与日常经营整合起来，进一步改善ESG综合绩效。

CSR governance, CSR performance and corporate financial performance

Based on the legitimacy theory, from the perspective of the legitimacy gap, the ESG factor is adopted as the proxy variable of corporate social responsibility (CSR), and the listed companies of Shanghai and Shenzhen A share 300 index are taken as the research samples to test the relationship between CSR governance, CSR performance and corporate financial performance in the field of social responsibility. The research finds that only substantial CSR governance can improve the CSR performance of enterprises in environmental and social aspects, and then improve the corporate financial performance. In other words, the CSR performance of corporate plays an intermediary role between CSR governance and corporate financial performance. Based on the result, the study pointed out that Chinese enterprises should establish a substantial CSR governance mechanism, integrate CSR performance with daily operation, improve the comprehensive performance of ESG, so as to achieve a long lasting foundation.