Research on the relationship between corporate social responsibility (CSR) and financial performance (CFP)，Can be summarized as three categories。One，I believe that there is a positive correlation between corporate social responsibility and financial performance，The corporate profitability with good social responsibility performance is stronger;，I believe that there is a negative relationship between corporate social responsibility and financial performance，Enterprise performing social responsibility will cause cost pressure to the enterprise，Drag the financial performance of the enterprise;，I believe that the social responsibility performance of the enterprise、There is no obvious correlation between two financial performance，The level of corporate social responsibility cannot be reflected in the financial status of the enterprise。other，There is another point of view，Enterprises with medium social responsibility performance，Its financial performance is the most prominent，This view is first、Fusion of two views。

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The first academic article on exploring the relationship between corporate social responsibility and financial performance appeared on the "Commercial Social Review" in 1972，Author Milton Moskowitz thinks，Enterprises with good social responsibility have investment value for investors，Although there is no direct evidence to prove corporate social responsibility performance (hereinafter referred to as & ldquo; social performance & rdquo;，CSP) will affect the investment in the capital market，But Moskowitz still thinks，Due to very good social performance，These companies should be used as potential investment objects。After that，The second article of "Commercial Social Review" conducted a 6 -month tracking observation bet365 live casino games of 14 companies recommended by Moskowitz，I found that they have a good performance on the stock market。Compared with the Dow-Jone Index average of 4.4%、New York Securities Trading Index 5.1%increase，These companies have an average of 7.28%growth，Therefore，The author thinks further，Enterprises with higher social responsibility have higher investment value。

Stanley Vance by testing the market performance bet365 live casino games of 14 companies recommended by Moskowitz in 1972 & mdash; 1975，Refucar。He found，Compared to the DOW-JONE index、New York Securities Trading Index and Standard-Poor Index，Moskowitz recommended 14 companies recommended in 1972 & mdash; the stock price of 1975 was backward。In order to further confirm your point of view，Vance also surveyed by the "Commercial Social Review"、Low two social performance companies conduct comparative analysis，Compare its financial performance。Vance Discovery，There is a negative relationship between corporate social responsibility and financial performance，Companies with higher corporate social responsibility do not have higher investment value。

After Moskowitz and Stanley Vance，Many scholars and experts have studied this problem。Alexander & Buchholz's "The Expression of the Social Responsibility and Stock Price" of Buchholz has an important impact on future research。Different from previous research，In this article，Alexander & Buchholz introduced risk factor Beta to adjust corporate financial data，The purpose is to weaken the impact of the risk of industry system on corporate profitability。They think，There is no obvious correlation between the social responsibility of the enterprise and the stock price of the enterprise。Alexander & Buchholz's paper is greatly praised because of the risk adjustment coefficient，But in the choice of CSP's proxy variables, the reputation ranking of "Business Social Review" is still used，Therefore，Compared with previous academic research，bet365 Play online games The results have not been made in essence。Selection of the agency variables of corporate social responsibility，Abbott & Monsen uses different methods (content analysis)，How much the corporate social responsibility practice reflected by the company's annual report as an indicator of its social responsibility practice，Divided the Fortune 500 companies in turn into two categories:，Compare the difference in investment income between these two categories。During the analysis process，The author puts the size of the enterprise as a control variable in the model at the same time。According to the analysis results，Alexander and Buchholz think，There is no direct relationship between CSR and investment returns。

Bowman & haire and Sturdivant & Ginter's research results have similarities。Although the CSR indicators used are different (the former uses the CSR situation reflected in the company's annual report，The latter uses a questionnaire、The CSR survey ranking of "Business Social Review" is used as a measure of the corporate execution of CSR)，They all classify the social responsibility of the enterprise (high、Middle、Low)，Analysis of a curve similar to U -shaped，Enterprises that believe that the performance of intermediate CSR often has good financial performance。

Aupperle, Carroll & Hatfield has made a very comprehensive one at a time on the research on the relationship between CSR and CFP and data and methodology、Clear summary and analysis。In order to overcome the representative problems of the CSR index，They designed questionnaire surveys according to the four corporate social responsibility in the corporate social responsibility model of corporate social responsibility，and summarize four responsibilities as economic and non -economic responsibilities through factor analysis; the model is in the short term (1 year)、Long -term (5 years) asset profit margin (ROA) as an indicator Bet365 app download for corporate financial performance，Analyze the correlation between its two social responsibilities and the enterprise，The results show that there is no significant correlation between the two。Aupperle、Carroll & The innovation of the papers in Hatfield is，The author designed a targeted survey questionnaire according to the Carroll model，and are reflected in the model as variables。Author analysis found，Enterprise economic responsibilities and non -economic responsibilities have the phenomenon of mutual rejection during the implementation process，Enterprises that emphasize economic responsibility will easily ignore corporate laws、Morality and freedom choice other non -economic and social responsibilities，Vice vice versa。

mcguire & SUNDGREN By the Research on the Research on the Research on the Relations of the Relations between Corporate Financial Data ROA and corporate social responsibility (Fortune "magazine's corporate social liability ranking) during 1985;，The financial performance of the enterprise has more obvious correlation with its previous social responsibility investment。The difference between this paper is，mcguire &Sundgren's social responsibility of the enterprise classified in time，It is believed that the social responsibility of the enterprise will mainly affect its future financial performance。

　　New progress after incorporating other factors　　

Most of the subsequent research has begun to be more and more affected by corporate social responsibility、Other possible factors of financial performance integrate into the model。

Sandra & Samuel combines the size of the enterprise、Many control variables such as risks and industry nature，The results show that there is a positive correlation between the two。mcwilliams & Siegel analyzed the relationship between the two，Considering the enterprise R&d influencing factor. Mcwilliams bet365 best casino games & Siegel thinks，Enterprise R & D investment is a technical capital for enterprises，This total capital is speaking in the long run，will accelerate the update of the product，Make corporate products more competitive，Improve the financial performance of the enterprise。In addition，The author also considers industry factors，Put it and R&D as a variable to explain the preferences of consumers brought about by the differentiation of enterprise products。Here，mcwilliams & SIEGEL uses Kinder、lydenberg & Domini (KLD) The research results of the corporate social responsibility survey indicators provided by the company show，Considering the research and development investment of the enterprise、Industry and other factors，The social responsibility of the enterprise is more obvious for the interpretation of financial performance。

Meng-Ling Wu used the method of Meta-Analysis to discuss this problem。Wu uses company information disclosure、Social Responsibility Activities、Credit ranking, etc. as a measure of CSR，At the same time, ROA、Investment return rate (Roi)、Company's income per share (EPS)、Sales In returnive rate (ROS) and other financial indicators，As a result，The cost of corporate social responsibilities is very small compared to corporate operations，Enterprises can benefit from their social responsibility behavior。

Impact factor on the relationship between corporate social responsibility and corporate financial expression，Former scholars have many different opinions based on their own research。Uncertainty phenomenon found in the study，The explanation given by scholars can be roughly divided into two cases。

The first view is considered，CSP、The proxy variables of CFP cannot accurately describe the connotation of the concept，As a result, the results reflected cannot explain the proposition。This statement has argued more in early research，But with the deepening Bet365 lotto review of research，Backage of net assets (ROE)、ROA and EPS and other financial variables are gradually accepted by most researchers。Although the debate on CSP is still continuing，But it is no longer so obvious。

The second point of view is also a very popular saying in the academic world。This view is considered，CSR and CFP is the reason for the research content.，The differences in the research results are caused by different or lack of model control variables。SturDivant & Ginter puts industry factors into the model for the first time in 1977.，They divide the samples into four industries，Analysis results found，There is no obvious relationship between CSP and CSR; Ullman also considers the size of the enterprise、Influential factors such as industry risk and industry nature; Sandra & Samuel also combines the size of the enterprise、Many control variables such as risks and industry nature，Results show，There is a positive correlation between the two; mcwilliams & Siegel analyzed the relationship between the two，Considering the enterprise R&d influencing factor. Mcwilliams bet365 best casino games & Siegel thinks，Enterprise R & D investment is a technical capital for enterprises，This total capital will accelerate the update of the product from the long run，Make corporate products more competitive，and improve the financial performance of the enterprise。Another，Management level、The years of corporate assets、Marketing density and many factors，It has also been used by different frequencies。

(Author Unit: School of Management, Peking University)