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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。
Taking the listed companies in Shanghai and Shenzhen stock markets for 2012-2013 as the research sample, the index of corporate social responsibility is selected according to the stakeholder theory and the factor analysis is adopted to select the return on total assets of the main business to measure the financial performance of the enterprises. The simultaneous equations model is constructed according to the regression results After using simultaneous equations identification and Hausman test to prove that corporate social responsibility is endogenous, and use the GMM method from the endogenous perspective empirical study of the interaction between corporate social responsibility and financial performance. The results show that there is a two-way positive correlation between corporate social responsibility and financial performance. This conclusion provides the theoretical and practical basis for enterprises to shoulder their social responsibilities.