I 摘要 改革开放以来，我国经济发取得了斐然的成绩。经济的快速发展也伴随着新的社 会问题产生。企业是社会经济最具活力的组成部分，企业在持续发展的过程中，不仅 必须考虑自身的利益，还应该考虑公司股东、债权人、员工等其他的利益相关者的利 益。然而，近年来，部分企业因未能较好地履行社会责任而被社会媒体曝光。这些曝 光事件不仅会影响企业地生产经营，还会有损于企业已树立的良好社会形象，对企业 的可持续发展产生影响。由于社会责任的履行往往需要企业付出现实的成本费用，会 影响企业的盈利状况，从而可能影响高管的薪酬。从决策和执行层面来讲，企业的行 为（包括履行社会责任行为）往往取决于企业高管的意识和行动。因此，本研究聚焦 企业社会责任、企业财务绩效和高管薪酬三者之间的作用关系。 本文使用中国 2014—2018 年 A 股上市公司的数据，使用多元回归的方法研究高 管薪酬、企业社会责任与财务绩效之间的关系。研究结果表明：（1）企业社会责任 与财务绩效之间呈现倒 U 型关系。运用利益相关者理论和微观经济学中的边际收益递 减规律，本文探讨分析倒 U 型关系形成的原因主要在于不同的利益相关者对于规避风 险的选择是不同的，以及运用边际收益递减的经济学规律；（2）高管货币薪酬及高 管持股比例会正向影响企业财务绩效，显示完善企业高管薪酬机制对企业财务绩效的 提高有正向影响；（3）高管货币薪酬及高管持股比例均正向调节企业社会责任与财 务绩效之间的关系。当企业社会责任的投入资源在一定的范围内时，企业增加社会责 任的投入水平会使得企业财务绩效也随之增加，且高管货币薪酬与高管持股比例会正 向影响这种关系。 本研究可能的创新点在于：（1）从高管薪酬的角度研究企业社会责任和财务绩 效间的关系，研究视角较为新颖；（2）研究结果表明高管货币薪酬及高管持股比例 均对企业社会责任履行和财务绩效之间的关系具有正向调节作用，可以用作企业的社 会责任和高管薪酬的决策考量因素。（3）本文采取的是每股社会贡献值来衡量企业 社会责任指标，社会责任指标测量角度创新。 关键字：企业社会责任；高管货币薪酬；高管持股比例；财务绩效 论文类型：应用研究西南科技大学硕士学位论文 II ABSTRACT Since the reform and opening up, China's economic development has achieved remarkable results. The rapidity of the economy is accompanied by the emergence of new social problems. Enterprises are the most dynamic part of society and economy. In the process of sustainable development, enterprises must consider not only their own interests, but also the interests of company shareholders, creditors, employees and other stakeholders. However, in recent years, some companies have been exposed by social media for failing to fulfill their social responsibilities. These exposure events will not only affect the production and operation of the enterprise, but also damage the good social image that the enterprise has established, and have an impact on the sustainable development of the enterprise. Because the performance of social responsibility often requires companies to pay realistic costs, it will affect the profitability of the company, which may affect the compensation of executives. From the perspective of decision-making and implementation, the behavior of an enterprise (including the performance of its social responsibility) often depends on the awareness and actions of its executives. Therefore, this study focuses on the relationship between corporate social responsibility, corporate financial performance, and executive compensation. This article uses data from China's A-share listed companies from 2014 to 2018, and uses multiple regression methods to study the relationship between executive compensation, corporate social responsibility and financial performance. The research results show that: (1) There is an inverted U-shaped relationship between corporate social responsibility and financial performance. Using the theory of stakeholder and the law of diminishing marginal returns in microeconomics, this article explores and analyzes the reasons for the formation of the inverted U-shaped relationship mainly because different stakeholders have different choices to avoid risks and the economics of diminishing marginal returns. Laws; (2) executive monetary compensation and executive shareholding will positively affect corporate financial performance, showing that improving the corporate executive compensation mechanism has a positive impact on the improvement of corporate financial performance; (3) executive monetary compensation and high The proportion of management and shareholding is positively regulating the relationship between corporate social responsibility and financial performance. When corporate social responsibility investment resources are within a certain range, increasing corporate social responsibility investment levels will also increase corporate financial performance, and executives'ABSTRACT III monetary compensation and executive shareholding ratios will positively affect this relationship. The possible innovations of this research are: (1) The relationship between corporate social responsibility and financial performance is studied from the perspective of executive compensation, and the research perspective is relatively new; (2) The research results show that both the monetary compensation of executives and the shareholding ratio of executives It has a positive adjustment effect on the relationship between the fulfillment of corporate social responsibility and financial performance, and can be used as a consideration factor for corporate social responsibility and executive compensation decisions. (3) This article uses the social contribution value per share to measure the corporate social responsibility index, and the innovation of the social responsibility index measurement perspective. KEY WORDS ： Corporate social responsibility; Executive monetary compensation; Executive shareholding; Financial performance TYPE OFTHESIS：Application Research西南科技大学硕士学位论文 IV 目 录 1 绪论 .......................................................................................... 1 1.1 研究背景和意义…………………………………………………………………1 1.1.1 研究背景…………………………………………………………………..1 1.1.2 研究意义…………………………………………………………………..3 1.2 研究思路和研究方法……………………………………………………………4 1.2.1 研究思路…………………………………………………………………..4 1.2.2 研究方法…………………………………………………………………..5 1.3 研究内容和论文框架……………………………………………………………5 1.3.1 研究内容…………………………………………………………………..5 1.3.2 论文框架…………………………………………………………………..6 1.4 可能的创新点……………………………………………………………………8 2 理论基础与文献综述 ...............................................................................................9 2.1 相关概念的界定…………………………………………………………………9 2.1.1 高管和高管薪酬…………………………………………………………..9 2.1.2 企业社会责任……………………………………………………………11 2.1.3 财务绩效…………………………………………………………………13 2.2 理论基础………………………………………………………………………..14 2.2.1 委托代理理论……………………………………………………………14 2.2.2 激励理论…………………………………………………………………15 2.2.3 利益相关者理论…………………………………………………………16 2.2.4 人力资本理论……………………………………………………………17 2.3 文献综述………………………………………………………………………..17 2.3.1 关于高管薪酬与财务绩效的文献综述…………………………………..17 2.3.2 关于高管薪酬与社会责任的文献综述…………………………………..18 2.3.3 关于社会责任与财务绩效的文献综述…………………………………..20 3 实证研究设计………………………………………………………………………23 3.1 研究假设………………………………………………………………………...23 3.2 样本选择和数据来源…………………………………………………………...25 3.3 研究变量………………………………………………………………………...26 3.4 模型构建………………………………………………………………………...29 4 实证结果与分析…………………………………………………………………….31 4.1 描述性分析………………………………………………………………………31 4.2 相关性分析………………………………………………………………………32 4.3 回归分析…………………………………………………………………………34目 录 V 4.4 稳健性检验………………………………………………………………………40 5 研究结论及对策建议………………………………………………………………..43 5.1 研究结论………………………………………………………………………....43 5.2 对策建议…………………………………………………………………………43 5.3 研究不足及未来展望……………………………………………………………45 5.3.1 研究的不足之处…………………………………………………………..45 5.3.2 未来展望…………………………………………………………………..45 致 谢…………………………………………………………………………………..46