From the external perspective,this study divides corporate social behaviors into positive and negative externalities,namely "doing good" (CSR) or "doing bad" (CSiR).We use 3 773 global listed companies from 1998～2015 as samples,studying the influences of two types of social behaviors on financial performance.The results show that the "doing good" has an inverted U shape impact on financial performance,that is,it has a significant positive impact at first,and to a certain critical value,changes into a negative impact;while "doing bad",that is corporate social irresponsibility,is on the contrary,which has a U-shaped impact on financial performance,that is,it has a significant negative impact at first,and to a certain critical value,has a positive impact.%采用1998～2015年间3 773家全球上市公司的相关数据为研究样本,对企业这两类社会行为和财务绩效的关系进行理论探讨和实证分析.研究表明,企业社会责任对财务绩效呈倒U型影响,即先有显著正向影响,到一定临界值后,变成负向影响;而企业社会责任的缺失则相反,对财务绩效呈U型影响,即先有显著负向影响,到一定临界值后,变成正向影响.
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