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| 机构投资者持股对企业承担社会责任的影响
摘 要
机构投资者持股比例的增加究竟会促进还是抑制企业履行社会责任是近年来的热点研究问题。为探讨企业应遵循的和谐社会发展道路，本文以机构投资者的重要性为切入点，使用2010年至2019年期间中国A股上市公司的CSR得分数据，探究了机构投资者的持股比例对企业履行社会责任（CSR）是否存在驱动或抑制的作用。结果发现：机构投资者持股对CSR得分呈现U型影响，即先有显著负向关系，到达一定临界值后变成正向影响。同时本文根据机构投资者的异质性理论将其区分为压力敏感型（例如银行）和抗压力型（例如基金）机构投资者，通过研究发现压力敏感型机构投资者与企业社会责任得分之间呈现U型关系，而抗压力型机构投资者的作用则与此相反，对企业CSR得分产生倒U型影响，从而推理出其可能存在的不同动机和利益冲突。其中我们还讨论了财务绩效在其中的调节效应。
关键词： 企业社会责任 机构投资者 U型关系 异质性 调节效应
Abstract
Whether the increase in the shareholding ratio of institutional investors willpromote or inhibit the fulfillment of corporate social responsibilities has become a hot issue in the cross-study of sociology and finance in recent years. In order to explore the harmonious development path that enterprises with socialresponsibility should follow,this article takes the importance of institutional investors as the starting point, and uses the CSR score data of Chinese A-share listed companies from 2010 to 2019 to explore the holdings of institutional investors. Does the shareholding ratio drive or inhibit corporate social responsibility (CSR) performance?The results found that: institutional investors’ shareholding has a U-shaped impact on CSR scores, that is,there is a significant negative relationship first, and then it becomes a positive impact after reaching a certain critical value. At the same time, according to the heterogeneity theory of institutional investors, this paper divides them into pressure-sensitive (such as banks) and pressure-resistant (such as funds) institutional investors. Through research, it is found that there is a difference between the pressure-sensitive institutional investors and corporate social responsibility scores. It presents a U-shaped relationship,while the role of anti-stress institutional investors is the opposite, which has an inverted U-shaped impact on the company’s CSR score, so as to infer the possible existence of different motives and conflicts of interest. Among them, we also discussed the moderating effect of financial performance.
Keywords: corporate social responsibility institutional investors U-shaped relationship heterogeneity, moderating effect
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