机构投资者持股比例对企业社会责任绩效影响的实证研究

发布时间：2018-06-05 11:20

  本文选题：机构投资者持股比例 + 企业社会责任绩效　； 参考：《东北大学》2014年硕士论文

【摘要】：近几年,企业出现的产品质量与食品安全问题、矿难事故、拖欠工资、环境污染等事件,暴露了国内众多企业社会责任感的普遍缺失。另一方面,机构投资者在近些年得到了迅速发展,伴随着股东积极主义,市场如何通过机构投资者的力量来影响企业履行社会责任呢?机构投资者持股会不会对企业社会责任绩效有着改善作用呢,如果这样,将有助于考察机构投资者的道德改善能力,同时倡导股东积极主义和社会责任投资。本文在总结企业社会责任指标计量方法的基础上,基于卡罗尔企业社会责任模型,将“润灵环球”社会责任评级机构对企业社会责任的评估内容重新划分为经济绩效、法律绩效、伦理绩效和慈善绩效由低到高四个层次,以2009-2012年上市公司的数据为样本,对数据进行描述性统计分析和相关性分析,同时通过多元回归的方法,首先实证检验机构投资者整体持股对企业社会责任绩效的影响；同时将机构投资者分为六类：基金、券商、QFⅡ、社保基金、保险公司和信托公司,进一步检验各类机构投资者持股对企业社会责任绩效的影响；最后引入机构投资者持股集中度调节变量,进一步检验机构投资者持股比例对企业社会责任绩效的影响。研究结论表明,机构投资者整体持股有助于提高企业社会责任绩效；基金持股和券商持股比例有助于提高企业社会责任绩效,而QFⅡ、社保基金、保险公司和信托公司持股比例没有助于提高企业社会责任绩效；机构投资者持股集中度越高,机构投资者持股更有助于提高企业社会责任绩效。最后提出了三点建议：(1)倡导股东积极主义和社会责任投资,使机构投资者积极参与企业社会责任绩效的改善；(2)实现机构投资者多元化；(3)加强机构投资者的联合或组建联盟,对企业承担社会责任进行有效监督。
[Abstract]:In recent years, the problems of product quality and food safety, mine accidents, salary arrears and environmental pollution in enterprises have exposed the general lack of social responsibility of many enterprises in China. On the other hand, institutional investors have developed rapidly in recent years. With the shareholder activism, how can the market influence corporate social responsibility through the strength of institutional investors? If so, it will be helpful to examine the moral improvement ability of institutional investors and advocate shareholder activism and social responsibility investment. On the basis of summing up the measurement method of corporate social responsibility index and Carroll's corporate social responsibility model, this paper redivides the evaluation content of "Runling Global" social responsibility rating agency into economic performance. Legal performance, ethical performance and philanthropic performance change from low to high. Taking the data of listed companies from 2009-2012 as a sample, the paper carries out descriptive statistical analysis and correlation analysis of the data, at the same time, through the method of multiple regression. First of all, the paper empirically examines the impact of institutional investors' overall shareholding on corporate social responsibility performance. At the same time, it divides institutional investors into six categories: funds, securities firms QF 鈪，

本文编号：1981808