Abstract：Against the background of China’s continuous economic growth and enterprise expansion, the corporate influence upon the stakeholders has constantly increased. Corporate social responsibility is a big issue drawing more attention. In essence, it is an external issue. The corporation imposes cost upon its stakeholders when it fulfills the contract with them without paying any price. Such behavior can reduce the cost of direct investment in short term, but increase the cost of negotiation between the corporation and its stakeholders, and the friction in their cooperation. As a result, the stakeholders are not willing to devote resources to the corporation, or require the corporation to pay even higher price, thus increasing the transaction fee of the corporation, and affecting the financial performance of the corporation, which is a transmission mechanism between corporate social responsibility and its financial performance. Only when properly understanding the essence of the corporate social responsibility and the transmission mechanism between corporate social responsibility and its financial performance can policy-makers step up effective measures, and the corporation know how to fulfill social responsibility.
余峰. 企业社会责任对企业财务绩效的影响及其传导机制[J]. 《深圳大学学报》（人文社科版）, 2016, 33(2): 82-87.
YU Feng. The Impact of Corporate Social Responsibility upon Corporate Financial Performance and its Transmission Mechanism. , 2016, 33(2): 82-87.
[1] Schnietz & Epstein,Exploring the financial value of a reputation for corporate social responsibility during a crisis [J]. Corporate Reputation Review,2005,（4）:327-345. [2] Flammer,Does corporate social responsibility lead to superior financial performance? A regression discontinuity approace[M].MIT Sloan School of Management working paper,2013. [3] Zhang, Wang & Fung,Market reaction to corporate social responsibility announcements: Evidence from China [J]. China & Word Economy,2014.22(2); 81-101. [4] Moskowitz, M., Choosing socially responsible stocks [J]. Business and Society Review,1972,(1): 71-75. [5] Preston, L. and O'Bannon D., The corporate social-financial performance relationship: A typology and analysis [J]. Business and Society,1997,(36)：419-429. [6] Porter M. and Kramer M., The Competitive Advantage of Corporate Philanthropy [J]. Harvard Business Review,2002,(12):5-16. [7] Lin C., Yang H., Liou D., The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan [J]. Technology in Society,2009,(31):56-63. [8] 沈洪涛.公司特征与公司社会责任信息披露——来自我国上市公司的经验证据 [J]. 会计研究,2007,（03）. [9] 温素彬,方苑.企业社会责任与财务绩效关系的实证研究——利益相关者视角的面板数据分析 [J]. 中国工业经济,2008,（10）. [10] Vance, S., Are socially responsible corporations good investment risks [J]. Management Review,1975,(64),18-24. [11] Alexander, G. and Buchholz, R., Corporate social responsibility and stock market performance [J]. Academy of Management Journal,1978,(21):479-486. [12] Brammer, S.,Brooks,C. & Pavelin,S. Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures [J]. Financial Management,2006,(3)： 97-116. [13] 李正,企业社会责任与企业价值的相关性研究——来自沪市上市公司的经验证据 [J]. 中国工业经济,2006,（02）. [14] 周林彬,何朝丹.试论“超越法律”的企业社会责任 [J]. 现代法学,2008,（3）.
2016, Vol. 33 
粤公网安备44030502007936号