社会责任、机构投资者与企业价值  

Social Responsibility,Institutional Investors and Corporate Value

作　　者：石璋铭 SHI Zhangming(School of Economics and Management,Hubei Polytechnic University,Huangshi Hubei 435003)

机构地区：[1]湖北理工学院经济与管理学院,湖北黄石435003

出　　处：《湖北理工学院学报（人文社会科学版）》2021年第3期32-40,共9页Journal of Hubei Polytechnic University(Humanities And Social Sciences)

基　　金：国家自然科学青年基金项目“技术融合驱动的新兴产业价值链构型与企业嵌入行为研究”,项目编号:71203172。

摘　　要：机构投资者能促进企业主动承担社会责任,帮助企业提升自己的声誉和价值,但是这种效果会因为机构投资者的市场行为差异而表现出一定差异。文章以2011—2018年上市公司为研究对象进行实证分析,结果表明:1)从投资视野来看,长、短期机构投资者对于社会责任与企业价值关系的影响没有多大差别;2)从机构投资的行业选择来看,机构投资者对高新技术企业履行社会责任影响企业价值的作用小于传统企业;3)从境内外的机构投资差异来看,国内机构投资者开始注重促进企业履行能在长期内提升企业价值的员工责任,而境外投资者则在环境责任上还没有真正意义起到作用。Institutional investors can promote enterprises to take initiative in discharging social responsibilities and help enterprises to improve their reputation and value,but the effect differs due to the differences in market behaviors of institutional investors.The empirical study of listed companies from 2011 to 2018 shows that:1)Long-term and short-term institutional investors have little difference in the impact of the relationship between social responsibility and enterprise value;2)From the perspective of industries,institutional investors affect high-tech enterprises less than traditional enterprises in taking social responsibilities so as to enhance enterprise value;3)From the perspective of institutional investment at home or abroad,domestic institutional investors begin to pay attention to promoting enterprises to fulfill the employee responsibility that can improve enterprise value in the long term,while foreign institutional investors don't urge enterprises to take environmental responsibility.

关 键 词：机构投资者 社会责任 企业价值 

分 类 号：F270[经济管理—企业管理]