企业社会责任履行、R&D投入与财务绩效——基于我国主板上市公司的经验证据

在当前市场竞争环境中,社会责任履行情况已成为企业竞争的重要因素之一,而企业选择主动承担社会责任是否能够有效促进财务绩效的提高和企业价值的实现?基于我国A股上市公司2010—2015年六年数据共3181个研究样本,研究不同作用机制下企业社会责任履行情况、R&D投入与财务绩效的三者的复杂关系。实证结果表明：（1）企业履行社会责任与财务绩效呈正相关关系;（2）不同的作用机制不会改变企业社会责任履行与财务绩效的正相关关系;（3）技术创新投入增强了企业社会责任对企业财务绩效的积极影响,但是这一结果主要是基于研发投入与战略性社会责任的履行保持一致对企业绩效产生正向的刺激效果,而研发投入对利他性社会责任与财务绩效的调节作用表现并不显著。

Corporate social responsibility performance,R&D investment and financial performance-Based on the data of listed companies in China

Under the "new normal" economy, the corporate social responsibility has become one of the important factors in the competition. However, it is a problem that whether the corporate social responsibility can effectively promote the improvement of financial performance and the realization of enterprise value. This article selects listed companies in our country and the years from 2010 to 2015, a total of 3181 data sample. This paper studies the relationship between corporate social responsibility performance, R&D investment and financial performance under different mechanisms. The results show that:(1) The relationship between corporate social responsibility and financial performance is positively related;(2) Different mechanisms do not change the positive correlation between corporate social responsibility and financial performance;(3) The investment in technological innovation enhances the positive impact of corporate social responsibility on corporate financial performance. However, this result is mainly based on R&D investment and the implementation of the strategic social responsibility to maintain a consistent positive effect on Corporate Performance. However, R&D investment has no significant effect on altruistic social responsibility and financial performance.