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企业在提高股东利益的同时,必须承担相应的社会责任。然而社会责任中大部分的投入不能给企业带来利润的增加,因而便出现企业财务绩效与承担社会责任的两难问题。本文以2003~2012年上交所A股医药公司为研究样本,考察企业创新程度对企业表现曲线(以企业社会责任为横坐标、财务绩效为纵坐标绘制的曲线,其中财务绩效采用Tobin’Q)的抬高问题。研究发现,企业创新能够缓解社会责任投入与企业财务绩效的关系;创新程度越大,对表现曲线的抬高作用越明显。
While improving the interests of shareholders, enterprises must assume the corresponding social responsibilities. However, most of the social responsibility investment can not bring profits to the enterprise, so there will be a dilemma of corporate financial performance and social responsibility. Based on the sample of A-share pharmaceutical companies in Shanghai Stock Exchange from 2003 to 2012, this paper examines the curves of firm innovation versus firm performance (curves plotted on the abscissa of corporate social responsibility and financial performance as ordinate, including Tobin’Q for financial performance) Raise the problem. The study found that enterprise innovation can ease the relationship between social responsibility investment and corporate financial performance; the greater the degree of innovation, the more obvious the role of the performance curve.