企业社会责任对财务绩效的影响研究——基于高管学历的调节作用

A Study on the Impact of Corporate Social Responsibility on Financial Performance—Based on the Moderating Effect of Executive Education

摘要: 2011年以来，企业CSR报告的发布数量几乎翻了一番，且随着我国市场经济的不断完善，企业社会责任作为影响公司财务绩效的一个重要方面，已成为社会各界普遍关注的问题。明确企业承担社会责任和财务绩效之间的传导路径，理解二者之间的影响原理，能够推动更多企业履行职责，促进国民经济的健康稳步发展。另外，企业社会责任属于企业高管战略决策的范畴，本文引入高管特征中学历这一调节变量，观察上市公司的企业社会责任对企业绩效的影响是否会因为高管学历水平的高低而存在差异。本文利用上市公司2016~2019的相关数据，基于国内外已有研究成果、结合相关理论，对企业社会责任与财务绩效的关系以及高管学历这一调节变量进行研究。结果表明，企业CSR表现越好，财务绩效就越高，而且该关系受高管学历这一调节变量正向影响。这一研究成果不仅可以帮助我们更好地了解企业的社会责任动机及其所带来的经济影响，而且还能促进企业积极承担社会责任，优化公司治理结构，实现企业长期发展。

Abstract: Since 2011, the number of corporate CSR reports issued has almost doubled, and with the continuous improvement of my country’s market economy, corporate social responsibility, as an important aspect affecting corporate financial performance, has become a common concern of all sectors of society. Clarifying the transmission path between corporate social responsibility and financial performance, and understanding the principle of influence between the two can promote more companies to perform their responsibilities and promote the healthy and steady development of the national economy. In addition, corporate social responsibility belongs to the category of strategic decision-making of corporate executives. This paper introduces the moderating variable of educational background in the characteristics of executives, and observes whether the impact of corporate social responsibility of listed companies on corporate performance is different due to the level of executive education. This paper uses the relevant data of listed companies from 2016 to 2019, based on the existing research results at home and abroad, combined with relevant theories, to study the relationship between corporate social responsibility and financial performance and the moderating variable of executive education. The results show that the better the corporate CSR performance, the higher the financial performance, and this relationship is positively affected by the moderator variable of executive education. This research result can not only help us better understand the motivation of corporate social responsibility and its economic impact, but also promote enterprises to actively undertake social responsibility, optimize corporate governance structure, and achieve long-term development of enterprises.