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| 文章编号：1672-3104(2016)01-0114-09 |
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异质性企业社会责任的“前门”机制和“后门”机制——来自中国上市公司的经验证据 |
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田虹，王汉瑛 |
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（吉林大学商学院，吉林长春，130012） |
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| 摘 要： 基于CSR领域中的研究悖论和实践难题，针对利益相关者重要性理论在中国情境下应用的局限性，引入生态系统理论和风险管理理论，构建了一个异质性CSR通过协同降低异质性风险从而提升企业财务绩效的理论模型。并以2007—2013年沪深两市A股上市公司数据为样本对该模型进行了检验，结论表明，慈善型CSR只通过“前门”机制影响财务绩效；而商业型CSR以及异质性CSR的协同作用可以通过“前门”机制和“后门”机制同时影响财务绩效。 |
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| 关键词： 商业型CSR；慈善型CSR；异质性风险；企业财务绩效 |
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TIAN Hong, WANG Hanying |
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（School of Business, Jilin University, Changchun 130012, China） |
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| Abstract: Drawing on the limitations of stakeholder salience theory in Chinese context, we introduce both ecosystem theory and risk management theory to build a theoretical model for heterogeneous corporate social responsibilities (CSR) to improve corporate financial performance by synergistically alleviating idiosyncratic risk. Taking a sample of some listed companies in China from 2007 to 2013, we empirically test the model and reach the following conclusions: while philanthropic CSR affects CFP through a ‘‘Front Door’’ mechanism, business practice CSR and their synergistic effect affect CFP not only through a ‘‘Front Door’’ mechanism but also through a ‘‘Back Door’’ mechanism. In line with the conclusions, we propose a new idea to disengage the paradox of CSR research and to solve the problem of CSR in practice. |
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Key words: business practice CSR; philanthropic CSR; idiosyncratic risk; corporate financial performance |
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