摘要
以2012—2013年沪深主板上市企业为研究样本,依据利益相关者理论选用因子分析法构建企业社会责任指数,选取主营业务总资产收益率衡量企业财务绩效,根据回归结果构建联立方程模型后采用联立方程识别和豪斯曼检验证明企业社会责任是内生的,并运用GMM法从内生性视角实证考察了企业社会责任与财务绩效的互动关系。研究结果表明:企业社会责任与财务绩效存在双向正相关关系。该结论为企业承担社会责任提供理论与实践依据。
The major companies listed in the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2012 to 2013 are taken as the research sample. A index is constructed by factor analysis according to the stakeholder theory. The total assets yield of the main business is selected to measure the financial performance of the companies. The simultaneous equations are constructed according to the results of regression analysis. The identification and Houseman test of the simultaneous equations prove that corporate social responsibility is endogenous. The relationship between corporate social responsibility and financial performance is empirically reviewed from endogenous perspective by using GM M method. The result shows that there is a positive correlation between corporate social responsibility and financial performance. This conclusion provides theoretical and practical basis for companies to undertake the social responsibility.
出处
《沈阳工业大学学报（社会科学版）》
2015年第4期329-336,共8页
Journal of Shenyang University of Technology(Social Sciences)
基金
辽宁省教育厅一般项目(W2012021)
关键词
企业社会责任
财务绩效
内生性
利益相关者
因子分析法
豪斯曼检验
广义矩估计
corporate social responsibility
financial performance
endogenousness
stakeholder
factor analysis
Houseman test
generalized method of monents
