在中国经济持续增长,企业规模持续扩大的背景下,企业对利益相关者的影响力不断增大,企业社会责任问题受到更多的关注。企业社会责任问题的本质是外部性问题,是企业在履行与利益相关者的契约过程中对利益相关者施加了成本,却没有付出相应的对价。这种行为在短期内能够降低直接经营成本,但是却增加了企业与利益相关者谈判的费用,并增加双方合作过程中的摩擦。其后果是利益相关者不愿意将资源投入该企业,或者要求企业支付更高的对价,由此提高了企业的交易费用,并对企业财务绩效产生影响,这是企业社会责任对企业财务绩效的传导机制。只有正确理解企业社会责任的本质以及企业社会责任对企业财务绩效的传导机制,政策制定者才能够出台更有效的政策,企业才懂得应该如何履行社会责任。 With the continuous growth of China’s economy and the ever-expanding scale of enterprises, the influence of enterprises on stakeholders has been constantly increasing, and the issue of corporate social responsibility has received more attention. The essence of the problem of corporate social responsibility is the issue of externalities. It is the cost that the enterprise imposes on the stakeholders during the process of fulfilling the contract with the stakeholders, but does not pay the corresponding price. Such behavior can reduce direct operating costs in the short term, but it increases the costs of business-stakeholder negotiations and increases the friction in the cooperation between the two parties. The consequence is that stakeholders are reluctant to put resources into the enterprise or require the enterprise to pay a higher price, which increases the transaction cost of the enterprise and has an impact on the financial performance of the enterprise, which is the impact of corporate social responsibility on the financial performance of the enterprise Conduction mechanism. Only by properly understanding the nature of corporate social responsibility and the transmission mechanism of corporate social responsibility to the financial performance of enterprises can policymakers introduce more effective policies so that enterprises can understand how to fulfill their social responsibilities.