异质机构投资者持股与企业声誉——基于企业社会责任的中介效应检验  

Heterogeneous Institutional Investors and Corporate Reputation:Social Responsibility:Intermediate Effect Test Based on Corporate Social Responsibility

作　　者：宋岩[1] 刘悦婷 张鲁光[1] SONG Yan;LIU Yue-ting;ZHANG Lu-guang(School of Economics and Management,Yantai University,Yantai 264005,China)

机构地区：[1]烟台大学经济管理学院,山东烟台264005

出　　处：《中国管理科学》2023年第7期103-114,共12页Chinese Journal of Management Science

基　　金：山东省社会科学规划重点项目(18BGLJ04)。

摘　　要：本文以2014-2018年沪深A股上市公司为研究对象,运用因子分析法构建了企业声誉的评价体系,得出各个企业的声誉综合评分,并基于企业社会责任的视角讨论了异质机构投资者持股影响企业声誉的途径。基于相关数据的实证研究结果表明,机构投资者持股与企业声誉之间存在显著的线性相关关系,并证实了机构投资者持股通过企业社会责任的中介效应影响企业声誉的内在机理。区分机构投资者的独立程度进行分析,压力抵抗型机构投资者持股比压力敏感型机构投资者持股更能促进企业履行社会责任,建立良好企业声誉。With the development of the economy and the continuous improvement of the capital market,the rapid development of institutional investors has been attracted more and more attention.Institutional investors have many advantages such as capital,information and expertise,so they can participate more in the daily operation and decision-making of the company,so people have high expectations of them in supervising the development of the invested enterprises and improving the capital market.At the same time,as the economic structure of our country is upgraded and developed,the focus of development is transformed into quality and sustainability,and all kinds of problems in the process of deepening the reform of enterprises are also increasingly prominent.Especially in the pandemic of Covid-19,the quasi-insurance role of corporate social responsibility has been fully confirmed,and the role of corporate social responsibility and corporate reputation in crisis is becoming more and more significant,so exploring the relationship between heterogeneous institutions and corporate reputation is worth studying.

关 键 词：机构投资者 异质性 企业声誉 企业社会责任 

分 类 号：F270[经济管理—企业管理] F832.51[经济管理—国民经济]