CAJ | 학술논문

随着企业社会责任实践和研究的发展，社会责任已经成为企业获取合法性认同、维持企业生存和促进发展的重要内容。但是由于企业某些特征的差异，导致企业对通过履行社会责任获取合法性的需求以及将合法性转化为提高自身生存发展的能力会存在差异。本文结合中国转型经济下特殊的制度环境，从制度理论合法性视角探讨企业社会责任与财务绩效之间的关系，认为企业所在区域的市场发展水平与企业所有权性质对两者间关系能够产生调节作用。采用中国上市公司数据进行检验，得出以下结论：（1）企业社会责任与财务绩效存在显著的正相关关系；（2）企业所在地区的市场发展程度越高，企业社会责任对财务绩效的正向影响越强；（3）与政府所有企业相比．民营企业的社会责任对财务绩效的正向影响更强。
수착기업사회책임실천화연구적발전，사회책임이경성위기업획취합법성인동、유지기업생존화촉진발전적중요내용。단시유우기업모사특정적차이，도치기업대통과리행사회책임획취합법성적수구이급장합법성전화위제고자신생존발전적능력회존재차이。본문결합중국전형경제하특수적제도배경，종제도이론합법성시각탐토기업사회책임여재무적효지간적관계，인위기업소재구역적시장발전수평여기업소유권성질대량자간관계능구산생조절작용。채용중국상시공사수거진행검험，득출이하결론：（1）기업사회책임여재무적효존재현저적정상관관계；（2）기업소재지구적시장발전정도월고，기업사회책임대재무적효적정향영향월강；（3）여정부소유기업상비．민영기업적사회책임대재무적효적정향영향경강。
With the development of corporate social responsibility practice and research, social responsibility has become the key to obtain legitimacy to maintain the survival and promote the development of enterprises. But according to characteristics, enterprises may have different demand for legitimacy. Meanwhile, legitimacy may have different ability to promote the survival and development of enterprises. From the perspective of legitimacy of institutional theory, the relationship between corporate social responsibility and financial performance in China＇s special institutional environment during transition economy is analyzed. We proposed that market development and ownership moderate the relationship. Using data of Chinese listed companies, the empirical results show that there is significant positive relationship between corporate social responsibility and financial performance. Corporate social responsibility of firms located in more developed markets, has stronger positive influences on financial performance. Also, the positive relationship between private firms＇ corporate social responsibility and financial performance is stronger than that of government owned enterprises.