摘要
基于机构投资者的视角,分析其对上市公司履行社会责任的影响机理,并实证检验境内外机构持股对企业社会责任改善作用的差异。研究发现,机构投资者有助于上市公司履行社会责任;境外机构投资者对企业社会责任的提升效果比境内机构投资者更明显;在A股加入MSCI指数之后,成分股所属上市公司的社会责任因境外机构配资而显著增加。进一步分析表明,资产规模较小、股权集中度较高的上市公司,机构投资者对企业社会责任的正面影响更大;公募基金、阳光私募、保险公司以及社保基金持股,均能促进企业履行社会责任,但券商理财产品持股对企业社会责任产生负面效应。
This paper systematically analyzes the mechanism of institutional investors'impact on corporate social responsibility(CSR)from the perspective of voting with their hands and voting with their feet,and empirically examines the differences of CSR improvement between domestic and foreign institutional shareholders.The study find that institutional investors help companies fulfill their social responsibilities,and foreign institutional investors'positive effects are more pronounced than domestic institutional investors.Since China's A-shares joined MSCI,CSR of constituent companies has increased significantly due to the allocation of funds by overseas institutions.Further analysis shows that for listed companies with smaller assets and higher equity concentration,institutional investors have greater positive impact on CSR;public equity funds,sunshine private equity,insurance companies,and social security fund promote CSR,while financial products issued by brokers have negative influence on CSR.The above conclusions are still robust after controlling the endogenous problems.
作者
郭东杰
李梦雨
邹谧
GUO Dong-jie;LI Meng-yu;ZOU Shi(Zhejiang University of Technology,Hangzhou,Zhejiang 310023,China;Beijing Technology and Business University,Beijing 100084,China;Shandong Jiaotong University,Jinan,Shandong 250357,China)
出处
《贵州财经大学学报》
CSSCI
北大核心
2023年第2期42-52,共11页
Journal of Guizhou University of Finance and Economics
基金
河北省哲学社会科学基金项目“人工智能对高质量就业和收入分配格局的影响机制研究”(HB20LJ004)
国家社会科学基金项目“数字技术驱动就业技能结构转变的内在机理、效应评估与应对政策研究”(21BJY087)。
关键词
社会责任
资本市场
机构投资者
外资持股
corporate social responsibility
capital marker
institutional investor
foreign ownership
