企业社会责任与财务绩效的关系

The University of Essex

2018/19

Essex Business School

BE936 Accounting Project

Corporate Social Responsibility and Financial Performance:

A Comparative Study of China and the UK

1706895

Presented for BSc. Accounting & Finance

This project is entirely the original work of student registration number

1706895. Where material is obtained from published or unpublished works, this

has been fully acknowledged by citation in the main text and inclusion in the

list of references.

Word Count: 4950 words

Abstract

This project studies the relationship between corporate social responsibility (CSR) and financial performance. Specifically, 51 British media listed companies and 51 Chinese media listed companies were selected as research samples, and ROA and Tobinq were selected to represent the financial performance of enterprises for comparative study. The results show that CSR in China and the UK has a significant positive correlation with ROA, but no significant correlation with Tobinq. Meanwhile, there is no significant relationship between CSR and financial performance of listed media companies in China and the UK. Therefore, this project concludes that corporate social responsibility can significantly improve its financial performance in the short term and will not harm corporate financial performance in the long term. Secondly, although there is a significant gap in the development time of CSR between China and the UK, there may be no obvious difference between the two countries due to the requirements of Chinese society and stakeholders for enterprises to fulfill their social responsibility.

Acknowledgement

I would like to express deep gratitude to my supervisor, Prof. Musa Mangena. From the topic selection to the final completion of the project, he gave me careful guidance and unremitting support. I am also very grateful to Ms. Ai Gooch for her help when I encountered difficulties in data collection. Last but not least, I would like to thank my parents and friends who have been around to give me help and support in the completion of the project.

Contents

1. Introduction (1)

2. Literature Review (2)

3. Methodology (5)

3.1 Data (5)

3.2 Measurement of CSR (6)

3.3 Measurement of CFP and Control Variables (6)

3.4 Models (7)

4. Result & Discussion (8)

4.1 Descriptive Statistics (8)

4.2 Correlation Analysis (9)

4.3 Significance Test of Difference (10)

4.4 Regression Result (11)

4.5 Discussion (15)

5. Conclusion (16)

References (18)