CAJ | 학술논문

为了支持企业持续地将履行社会责任作为一种长期的战略，探讨企业社会责任与业务相结合对财务绩效的影响以及如何选择既造福社会又有利于商业的社会责任项目。基于价值链视角，采用利益相关者理沧和归因理论，用实证方法，选择中国公司社会责任披露的数据，采用因子分析法划分企业社会责任活动，采用面板数据回归分析每种社会责任活动及其交互作用对企业财务绩效的影响。研究结果表明，把社会责任活动分为与价值链基本活动相关的社会责任、与价值链支持活动相关的社会责任和一般性社会责任（与价值链活动无关），与价值链基本活动相关的社会责任和与价值链支持活动相关的社会责任对财务绩效有积极影响，与价值链活动无关的一般性社会责任对财务绩效有消极影响，他们的交互作用对财务绩效也有方向不同的显著影响，即基本活动与支持活动的交互作用对财务绩效有积极影响，基本活动与一般性活动的交互作用对财务绩效有积极影响，而支持活动与一般性活动的交互作用对财务绩效有消极影响。研究结果对企业将履行社会责任与价值创造相结合、实现社会效益和经济效益双赢提供具体的参考。
위료지지기업지속지장리행사회책임작위일충장기적전략，탐토기업사회책임여업무상결합대재무적효적영향이급여하선택기조복사회우유리우상업적사회책임항목。기우개치련시각，채용이익상관자리창화귀인이론，용실증방법，선택중국공사사회책임피로적수거，채용인자분석법화분기업사회책임활동，채용면판수거회귀분석매충사회책임활동급기교호작용대기업재무적효적영향。연구결과표명，파사회책임활동분위여개치련기본활동상관적사회책임、여개치련지지활동상관적사회책임화일반성사회책임（여개치련활동무관），여개치련기본활동상관적사회책임화여개치련지지활동상관적사회책임대재무적효유적겁영향，여개치련활동무관적일반성사회책임대재무적효유소겁영향，타문적교호작용대재무적효야유방향불동적현저영향，즉기본활동여지지활동적교호작용대재무적효유적겁영향，기본활동여일반성활동적교호작용대재무적효유적겁영향，이지지활동여일반성활동적교호작용대재무적효유소겁영향。연구결과대기업장리행사회책임여개치창조상결합、실현사회효익화경제효익쌍영제공구체적삼고。
Although corporations are demonstrating a commitment to corporate social responsibility （ CSR ） , many still relegate it to the periphery of one＇s own businesses. To encourage corporations to a- dopt CSR as a long-term core strategy, certain issues including identifying where CSR and financial per- formance intersect as well as selecting CSR objectives that benefit beth society and business must be re- solved. While some relevant empirical work has been conducted in developed markets, little has been con- ducted in emerging markets to name one as in China given the rapid growth in financial and market power of the players in these emerging markets. We believe there exists the importance to make Chinese corpora- tions understand the engagement of CSR as a useful strategy improves business performance significantly with data supported analysis. This article offers a fresh approach for integrating CSR activities with business objectives by categorizing CSR into three activities associated with the value chain （i. e., CSR in primary activities of value chain, CSR in support activities of value chain, and generic CSR ）. Furthermore, we explored the impacts of each CSR activity on corporate financial performance （CFP） with Chinese corpora- tion data. Results show that CSR based on the primary and support activities of the value chain has a posi- tive impact on CFP, while generic CSR affects CFP negatively. Their interactions also have complementary or substitute effects on CFP. Hence, we designed a new approach to integrate CSR activities with business via the value chain. We categorized CSR activities by reference to the value chain as primary, support, and generic activity respectively. Then, we used data collected from Chinese corporations （and others where relevant ） to examine the effect of each type of the value chain-based CSR activities on financial performance. From this analysis, we have learned that the three categories of CSR activities did not con- tribute financial value equally; positive financial returns resulted from primary and support activities, but generic CSR had a negative impact, where interactions appear opposite impacts on financial value. Howev- er, it is believed that this study contributes to the broader literature on CSR and business strategy in two ways. First, we offer a new theoretical perspective regarding CSR activities. With our reference to the val- ue chain to position various CSR activities through the entire process of value creation and delivery while classification according to their connections with businesses, our findings expand the understandings of rela- tionships between CSR, business, and corporation value; Then it may lead to some valuable theoretical references as well as practical approaches for generating greater innovation and growth for businesses, as well as greater benefits for a society.