CAJ | 학술논문

重点关注以往企业社会责任与财务绩效关系经验研究中普遍被忽视的内生性问题，本文以2009年、2010年发布社会责任报告的非金融业A股上市公司为样本的实证分析表明：(1)企业社会责任外生假设下，当期企业社会责任对当期企业财务绩效具有显著正向影响，反之亦然；(2)企业社会责任内生假设下，当期企业社会责任与当期财务绩效之间相互影响、互为因果；(3)考虑跨期影响的回归结果与当期回归结果无显著差异。上述研究结论对我们深入理解企业社会责任的动因、资源约束和经济后果，增进企业自觉履行社会责任的战略意识具有一定的启示意义。
중점관주이왕기업사회책임여재무적효관계경험연구중보편피홀시적내생성문제，본문이2009년、2010년발포사회책임보고적비금융업A고상시공사위양본적실증분석표명：(1)기업사회책임외생가설하，당기기업사회책임대당기기업재무적효구유현저정향영향，반지역연；(2)기업사회책임내생가설하，당기기업사회책임여당기재무적효지간상호영향、호위인과；(3)고필과기영향적회귀결과여당기회귀결과무현저차이。상술연구결론대아문심입리해기업사회책임적동인、자원약속화경제후과，증진기업자각리행사회책임적전략의식구유일정적계시의의。
Focusing on the endogeneity problem ,which is neglected in studies on the relationship between corporate social responsibility ( CSR) and corporate financial performance ( CFP) , the paper tries to clarify the current and inter-temporal interactive relationship between CSR and CFP, based on the samples from Chinese A-share listed companies that released social responsibility reports independently in 2009 and 2010. The empirical analysis shows the following discoveries:(1) Assuming CSR is exogenous, the current CSR is playing a significant positive role in promoting the current CFP, and vice versa. (2) Assuming CSR is endogenous, there is an interactive relationship between the current CSR and the current CFP, that is, they endogenously reinforce each other and promote each other as well;(3) There is no significant differ-ence in the regression results when considering the inter-temporal effects. These conclusions have some enlightenment for us to understand of the motives, resource constraints and economic consequences of CSR and for the enterprises to enhance strategic awareness of corporate social responsibility.