制度环境、机构投资者持股与企业社会责任  

Institutional Environment,Institutional Investors ownership and Corporate Social Responsibility

作　　者：何丹[1] 汤婷[1] 陈晓涵[1] 

机构地区：[1]西南财经大学会计学院

出　　处：《投资研究》2018年第2期122-146,共25页Review of Investment Studies

基　　金：教育部课题"投资者关系管理战略驱动下的机构股东积极治理研究:制度;机理与效应"(15YJC630031)资助;"四川省社会科学‘十三五’规划2017年度项目混合所有制企业中小投资者权益保护研究"(SC17B095)资助

摘　　要：本文研究了压力敏感型和压力抵制型机构投资者对企业社会责任的作用,并结合我国制度环境,探讨了制度因素对机构投资者参与企业社会责任程度的影响。研究发现,机构投资者持股对企业社会责任承担水平存在正向影响,压力抵制型投资者持股水平与企业社会责任显著正相关,压力敏感型投资者持股水平与企业社会责任关系不显著。此外,企业所在地制度环境越好,压力抵制型投资者持股水平与企业社会责任的正向关系越显著。In this paper, institutional investors are divided into pressure-sensitive investors and pressure-resistant investors, and their impact on corporate social responsibility is discussed respectively. Combined with the unique institutional environment of China, we explore the impact of institutional factors on the degree of institutional investors＇ participation in corporate social re- sponsibility. The study found that institutional investors＇ shareholding has a significant positive impact on corporate social re- sponsibility, pressure resistant ownership and corporate social responsibility is positively related, but the pressure sensitive in- vestors and the level of corporate social responsibility is not significant. In addition, we find that the better the institutional en- vironment is, the positive the relationship between institutional investors and the level of stress resistant investors and corporate social responsibility will be more significant.

关 键 词：制度环境 机构投资者 企业社会责任 

分 类 号：G23[文化科学] G32