CAJ | 학술논문

基于利益相关者视角，引入社会资本的概念，深入研究企业社会责任表现与企业财务绩效关系的中间作用机制。构建企业社会责任表现、社会资本与财务绩效（短期财务绩效和长期财务绩效）的关系模型，采用261家企业的样本数据，运用 AMOS 7．0和 SPSS 19．0工具进行实证检验。研究结果表明，企业社会责任表现与短期财务绩效间不具有预期的显著负相关关系，与长期财务绩效具有显著正相关关系；社会资本是企业社会责任表现与企业财务绩效关系的中介变量，即良好的企业社会责任表现能够帮助积累社会资本，进而提升财务绩效。研究结果为企业社会责任表现与财务绩效关系的研究提供新的视角，阐明企业承担社会责任的内在动因和作用机制，为企业主动承担自身社会责任和政府制定相关政策规定提供理论依据。
기우이익상관자시각，인입사회자본적개념，심입연구기업사회책임표현여기업재무적효관계적중간작용궤제。구건기업사회책임표현、사회자본여재무적효（단기재무적효화장기재무적효）적관계모형，채용261가기업적양본수거，운용 AMOS 7．0화 SPSS 19．0공구진행실증검험。연구결과표명，기업사회책임표현여단기재무적효간불구유예기적현저부상관관계，여장기재무적효구유현저정상관관계；사회자본시기업사회책임표현여기업재무적효관계적중개변량，즉량호적기업사회책임표현능구방조적루사회자본，진이제승재무적효。연구결과위기업사회책임표현여재무적효관계적연구제공신적시각，천명기업승담사회책임적내재동인화작용궤제，위기업주동승담자신사회책임화정부제정상관정책규정제공이론의거。
From the perspective of stakeholder and introducing the concept of social capital , this study makes an in-depth investi-gation of the intermediate mechanism between corporate social performance (CSP) and corporate financial performance (CFP). After constructing the conceptual model of relationships among CSP , social capital and CFP (short-term vs.long-term), we con-duct an empirical research using AMPS 7.0 and SPSS 19.0 with data from 261 firms as samples.Results indicate that:①CSP is not negatively related to short-term financial performance as expected , but is positively related to long-term financial perform-ance;and ②social capital is the mediator between CSP and CFP , which means the accumulation of social capital benefits from the good corporate social performance , and then improves the financial performance .Our findings provide a new perspective in exploring the CSP-CFP relationship by clarifying the intrinsic motivation and mechanism of taking social responsibilities , as well as providing basis for corporates to take social responsibilities initiatively and policy developments .