企业社会责任、内部控制与财务绩效——基于沪深上市零售业公司的实证研究

Corporate Social Responsibility, Internal Control and Financial Performance—Empirical Research Based on Retail Companies Listed in Shanghai and Shenzhen

摘要: 近年来，我国积极倡导企业积极履行社会责任，企业社会责任的履行情况已成为社会广泛关注的焦点。本研究以中国零售业上市公司为研究对象，基于2015~2022年的数据，深入探讨了企业社会责任与财务绩效之间的非线性关系，并特别关注了内部控制对这一关系的影响。研究发现：首先，企业社会责任与财务绩效之间存在倒U型关系；其次，内部控制的加强在一定程度上削弱了CSR与财务绩效之间的关系，使得这一倒U型曲线变得更为平缓。建议企业应审慎地控制社会责任的投资规模，寻找最佳投入点，以提升财务绩效；同时，优化公司治理机制，尤其是提升内部控制质量，对于降低CSR对财务绩效的潜在不利影响至关重要。本研究不仅丰富了CSR与财务绩效关系的理论探讨，也为管理者在进行社会责任与公司治理活动时提供了宝贵的经验证据，有助于推动企业实现可持续发展和绩效提升的双重目标。

Abstract: In recent years, China has actively promoted the active performance of social responsibility by enterprises, and the performance of corporate social responsibility has become a matter of widespread concern in society. This study focuses on listed retail companies in China as its research subject and explores the nonlinear relationship between corporate social responsibility and financial performance based on data from 2015 to 2022, with special attention given to the influence of internal control on this relationship. The findings are as follows: Firstly, there is an inverted U-shaped relationship between CSR and financial performance; Secondly, strengthening internal control weakens the relationship between CSR and financial performance to some extent, making the inverted U-shaped curve smoother. It is suggested that enterprises should prudently manage their investment scale in social responsibility and find the optimal investment point to improve financial performance. At the same time, optimizing corporate governance mechanisms, especially improving internal control quality, is essential for reducing potential adverse impacts of CSR on financial performance. This study not only enriches theoretical discussions on the relationship between CSR and financial performance but also provides valuable empirical evidence for managers to carry out activities related to social responsibility and corporate governance, which can help promote enterprises in achieving dual goals of sustainable development and improved performance.