企业社会责任与企业增加价值相关性研究
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摘要
随着经济全球化的不断发展和企业管理国际化进程的不断加快，企业履行社会责任已是当前的大势所趋，也是企业寻求可持续发展和创造更多增加价值的客观要求。企业社会责任与其财务绩效之间的相关性研究是近20多年来国内外企业管理领域研究的一个热点问题。企业社会责任与其财务绩效之间的关系是比较复杂的，如果能理清这两者之间的关系，不仅对研究企业社会责任的内在动力机制有重要意义，也有助于企业管理者更加主动地去履行企业社会责任。基于利益相关者视角来设定企业的财务绩效指标，能更好的剖析这两者之间的关系，而增加价值正是基于这一视角用来评价企业财务绩效的一个很重要的指标。已有研究结果表明增加价值这一财务指标比利润指标和市场收益指标都具有更强的解释市场风险的能力。因此，研究企业社会责任与增加价值之间的关系就具有非常重要的理论和现实意义。
国内外大多数学者都站在股东的视角设定财务绩效指标来验证企业社会责任与财务绩效之间的关系，有学者认为目前使用的这些指标视角比较狭隘，且很容易被人为操控，并难以反映公司的长期业绩。那么如何从利益相关者视角构建企业财务绩效的指标来研究两者之间的关系，就是一个亟需解决的一个重要议题。文章用增加价值作为衡量财务绩效的指标，设计出一套切实可行且具有可比性的定量社会责任评价指标体系，并将理论分析与实证分析有机结合，系统研究企业社会责任与增加价值之间的相关性，具体研究内容以及主要创新点如下：
1.构建企业社会责任与增加价值关系的理论基础。分析总结了企业社会责任的理论基础和增加价值理论的理论基础，并阐述了两者关系的理论基础。基于关系契约理论构建了企业目标的理论框架。
2.分析企业社会责任和增加价值关系的作用机理。基于契约理论，把众多利益相关者分为三大类，即关系性契约（员工和股东）、交易性契约（债权人、供应商和消费者）和特殊契约（政府和社区），分别详细阐述企业对每一个利益相关者社会责任的履行对增加价值的作用机理，进而认为企业社会责任应该纳入增加价值的创造系统，并建立了一个企业对所有利益相关者社会责任的履行对增加价值作用机理框架。为企业管理者提供履行社会责任的理论支撑。
3.构建企业社会责任评价指标体系。本研究利用“KLD指数法”的主要思想、借鉴“社会责任会计法的指标体系”，构建企业社会责任的评价指标体系；根据本论文构建的社会责任评价指标体系，对上市公司面板数据统计研究发现：(1)公共事业类履行社会责任得分最高，工业类综合履行社会责任得分最低；(2)国有企业综合履行社会责任比非国有企业要好。
4.企业社会责任与增加价值之间的关系的实证研究。借助相关利益者理论，设计出一套切实可行的衡量我国企业社会责任的指标，从利益相关者视角，选取增加价值这个指标为反映企业的财务绩效，以中国上市公司为研究对象，提出了研究问题和检验假设、构建固定效应面板数据模型，对企业社会责任与企业增加价值之间的相关性进行检验。得出了如下的结论：(1)无论是当期还是从长期看，履行企业社会责任越好，其增加价值就会越高(2)前一期增加价值的提高对当期履行社会责任有积极的影响。一方面，从相关利益者视角选取了一些合适的指标来衡量企业社会责任，得出企业社会责任表现越好，企业的增加价值就会越高，这个结论支持了“社会影响”假说。另一方面，前一期较好的增加价值可以为企业履行社会责任提供所需的资源，从而能够促进企业积极地去履行社会责任，这个结论支持“资金提供”假说。
With the continuous development of economic globalization and accelerating theinternationalization of enterprise management, enterprise fulfilling the socialresponsibility is the current trend and is the objective requirement for the enterpriseseeking sustainable development and creating much more add value. The relevancebetween CSR and financial performance has become a hot issue in the academic circleof business management research at home and abroad over the past20years. Therelationship between CSR and corporate financial performance was very complicatedfrom the theoretical or methodological point of view. The clarification of therelationship between them is invaluable for the business managers, shareholders orstakeholders, Because it is not only of importance for the study of the dynamicsmechanisms of CSR, but of important practical significance for various stakeholders ofenterprises, and meanwhile, it enables business managers to make more proactivefulfillment of CSR. At the same time, by setting financial performance index as theexplained variable from the perspective of stakeholders, value added is a very importanttool to evaluate corporate financial performance from this perspective. Some studyresults confirmed that the index of value added has an ability to explain the market risks,which is more powerful than the indexes of profit and indexes of market. So,studyingthe relationship between CSR and financial performance is of important theoretical andpractical significance
Most scholars from home and abroad study the relationship between CSR andfinancial performance from the perspective of shareholders, by setting the profit indexor market return index as the explained variable. Some scholars think that the presentindicators have a narrrow view,and are easy to manipulate,what’s more,they aredifficult to reflect the company's long-term performance, So it is an important issue tobuild financial performance indicators from the perspective of stakeholders to study therelationship between them. Taking added value as financial performance indicator,designing a set of feasible and comparable quantitative indicators the dissertationsystematically researches correlation between corporate social responsibility and addedvalue based on the organic combination of theoretical analysis and empirical analysis,concrete research content and main innovation points are as follows:
1. Bould theory foundation of relations on corporate social responsibility and added value. Mainly aiming at several mainstream theories: the basic theory of corporatesocial responsibility (stakeholder theory and resource dependency theory) and thebasic theory of added value (contract theory and human capital theory), the paperfurtherly elaborates theoretical basis of their relationship.Bould framework ofenterprise target basing on relational contract theory。
2.Mechanism between corporate social responsibility and added value isanalyzed.Based on the contract theory, t various stakeholders are divided into threecategories, namely the relational contract (employees and shareholders), transactionalcontract (creditors, suppliers and consumers), and special contract (government andcommunity), and the framework based on all stakeholders to added value isestablished,it can be found: enterprise performing a certain degree of socialresponsibility for all stakeholders not only can improve enterprise image and enterprisevisibility and reputation, at the same time, will get greater harvest than the cost, willalso improve the production efficiency of enterprises, thus will boost add value. I Hopethis research can provide theory support.of performing CSR for managers.
3. Construct the index system of corporate social responsibility. The dissertation willorganically combine "index system of social responsibility accounting method" and themain idea of the "KLD index method" to construct the index system of corporate socialresponsibility. At the same time, according to building the index system of socialresponsibility, using panel data of listed companies to statistically study,it is found:(1)the utility class perform the social responsibility acquiring highest score, industrialclass scored lowest;(2) state-owned enterprises performing social responsibility isbetter than non-state-owned enterprises.
4.This paper verifies the relationship between corporate social responsibility andadded value in China. This chapter designs a set of practical and feasible measureindicators of CSR in our country with the aid of stakeholders theory,From theperspective of stakeholders, value added is a very important tool to evaluate corporatefinancial performance from this perspective.basing on the financial statements of listedcompanies as the research object, puts forward the research questions and testhypotheses, establishes testing model, defines related testing variables, and withstatistical description of samples, correlation analysis and the empirical researchmethods using fixed effect panel data model, to test the revelance between the CSR andadd value. Different conclusions are drawn:(1) Improving the previous add value has apositive impact on performance of the current social responsibility.(2) whether current or in the long term, the better enterprises perform social responsibility, the higher addedvalue will be.On the one hand, from the perspectives of stakeholders to choose somesuitable indicators to measure corporate social responsibility, it is concluded that thebetter corporate social responsibility perform, added value will be higher, and theconclusion supports the hypothesis of "social impact". On the other hand, previous goodadd value can fulfill social responsibility for the enterprise to provide the resourcesneeded, so that they can actively promote the enterprises to fulfill social responsibility,this conclusion support "funding" hypothesis".
国内外大多数学者都站在股东的视角设定财务绩效指标来验证企业社会责任与财务绩效之间的关系，有学者认为目前使用的这些指标视角比较狭隘，且很容易被人为操控，并难以反映公司的长期业绩。那么如何从利益相关者视角构建企业财务绩效的指标来研究两者之间的关系，就是一个亟需解决的一个重要议题。文章用增加价值作为衡量财务绩效的指标，设计出一套切实可行且具有可比性的定量社会责任评价指标体系，并将理论分析与实证分析有机结合，系统研究企业社会责任与增加价值之间的相关性，具体研究内容以及主要创新点如下：
1.构建企业社会责任与增加价值关系的理论基础。分析总结了企业社会责任的理论基础和增加价值理论的理论基础，并阐述了两者关系的理论基础。基于关系契约理论构建了企业目标的理论框架。
2.分析企业社会责任和增加价值关系的作用机理。基于契约理论，把众多利益相关者分为三大类，即关系性契约（员工和股东）、交易性契约（债权人、供应商和消费者）和特殊契约（政府和社区），分别详细阐述企业对每一个利益相关者社会责任的履行对增加价值的作用机理，进而认为企业社会责任应该纳入增加价值的创造系统，并建立了一个企业对所有利益相关者社会责任的履行对增加价值作用机理框架。为企业管理者提供履行社会责任的理论支撑。
3.构建企业社会责任评价指标体系。本研究利用“KLD指数法”的主要思想、借鉴“社会责任会计法的指标体系”，构建企业社会责任的评价指标体系；根据本论文构建的社会责任评价指标体系，对上市公司面板数据统计研究发现：(1)公共事业类履行社会责任得分最高，工业类综合履行社会责任得分最低；(2)国有企业综合履行社会责任比非国有企业要好。
4.企业社会责任与增加价值之间的关系的实证研究。借助相关利益者理论，设计出一套切实可行的衡量我国企业社会责任的指标，从利益相关者视角，选取增加价值这个指标为反映企业的财务绩效，以中国上市公司为研究对象，提出了研究问题和检验假设、构建固定效应面板数据模型，对企业社会责任与企业增加价值之间的相关性进行检验。得出了如下的结论：(1)无论是当期还是从长期看，履行企业社会责任越好，其增加价值就会越高(2)前一期增加价值的提高对当期履行社会责任有积极的影响。一方面，从相关利益者视角选取了一些合适的指标来衡量企业社会责任，得出企业社会责任表现越好，企业的增加价值就会越高，这个结论支持了“社会影响”假说。另一方面，前一期较好的增加价值可以为企业履行社会责任提供所需的资源，从而能够促进企业积极地去履行社会责任，这个结论支持“资金提供”假说。
With the continuous development of economic globalization and accelerating theinternationalization of enterprise management, enterprise fulfilling the socialresponsibility is the current trend and is the objective requirement for the enterpriseseeking sustainable development and creating much more add value. The relevancebetween CSR and financial performance has become a hot issue in the academic circleof business management research at home and abroad over the past20years. Therelationship between CSR and corporate financial performance was very complicatedfrom the theoretical or methodological point of view. The clarification of therelationship between them is invaluable for the business managers, shareholders orstakeholders, Because it is not only of importance for the study of the dynamicsmechanisms of CSR, but of important practical significance for various stakeholders ofenterprises, and meanwhile, it enables business managers to make more proactivefulfillment of CSR. At the same time, by setting financial performance index as theexplained variable from the perspective of stakeholders, value added is a very importanttool to evaluate corporate financial performance from this perspective. Some studyresults confirmed that the index of value added has an ability to explain the market risks,which is more powerful than the indexes of profit and indexes of market. So,studyingthe relationship between CSR and financial performance is of important theoretical andpractical significance
Most scholars from home and abroad study the relationship between CSR andfinancial performance from the perspective of shareholders, by setting the profit indexor market return index as the explained variable. Some scholars think that the presentindicators have a narrrow view,and are easy to manipulate,what’s more,they aredifficult to reflect the company's long-term performance, So it is an important issue tobuild financial performance indicators from the perspective of stakeholders to study therelationship between them. Taking added value as financial performance indicator,designing a set of feasible and comparable quantitative indicators the dissertationsystematically researches correlation between corporate social responsibility and addedvalue based on the organic combination of theoretical analysis and empirical analysis,concrete research content and main innovation points are as follows:
1. Bould theory foundation of relations on corporate social responsibility and added value. Mainly aiming at several mainstream theories: the basic theory of corporatesocial responsibility (stakeholder theory and resource dependency theory) and thebasic theory of added value (contract theory and human capital theory), the paperfurtherly elaborates theoretical basis of their relationship.Bould framework ofenterprise target basing on relational contract theory。
2.Mechanism between corporate social responsibility and added value isanalyzed.Based on the contract theory, t various stakeholders are divided into threecategories, namely the relational contract (employees and shareholders), transactionalcontract (creditors, suppliers and consumers), and special contract (government andcommunity), and the framework based on all stakeholders to added value isestablished,it can be found: enterprise performing a certain degree of socialresponsibility for all stakeholders not only can improve enterprise image and enterprisevisibility and reputation, at the same time, will get greater harvest than the cost, willalso improve the production efficiency of enterprises, thus will boost add value. I Hopethis research can provide theory support.of performing CSR for managers.
3. Construct the index system of corporate social responsibility. The dissertation willorganically combine "index system of social responsibility accounting method" and themain idea of the "KLD index method" to construct the index system of corporate socialresponsibility. At the same time, according to building the index system of socialresponsibility, using panel data of listed companies to statistically study,it is found:(1)the utility class perform the social responsibility acquiring highest score, industrialclass scored lowest;(2) state-owned enterprises performing social responsibility isbetter than non-state-owned enterprises.
4.This paper verifies the relationship between corporate social responsibility andadded value in China. This chapter designs a set of practical and feasible measureindicators of CSR in our country with the aid of stakeholders theory,From theperspective of stakeholders, value added is a very important tool to evaluate corporatefinancial performance from this perspective.basing on the financial statements of listedcompanies as the research object, puts forward the research questions and testhypotheses, establishes testing model, defines related testing variables, and withstatistical description of samples, correlation analysis and the empirical researchmethods using fixed effect panel data model, to test the revelance between the CSR andadd value. Different conclusions are drawn:(1) Improving the previous add value has apositive impact on performance of the current social responsibility.(2) whether current or in the long term, the better enterprises perform social responsibility, the higher addedvalue will be.On the one hand, from the perspectives of stakeholders to choose somesuitable indicators to measure corporate social responsibility, it is concluded that thebetter corporate social responsibility perform, added value will be higher, and theconclusion supports the hypothesis of "social impact". On the other hand, previous goodadd value can fulfill social responsibility for the enterprise to provide the resourcesneeded, so that they can actively promote the enterprises to fulfill social responsibility,this conclusion support "funding" hypothesis".
引文
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