社会责任投资基金对企业社会责任的影响研究

发布时间：2018-07-03 21:20

本文选题：社会责任投资基金 + 企业社会责任　；参考：《电子科技大学》2017年硕士论文

【摘要】：随着社会责任投资基金(Social Socially responsibleInvestment以下简称SRI)的兴起,不断有学者就该类投资基金对企业社会责任(coporate social responsible,以下简称CSR)的影响进行探讨。本文旨在利用我国社会责任投资基金的数据,从理论和实证两方面就我国社会责任投资基金持股对企业社会责任的影响展开相关研究。首先,本文基于信息不对称、信号传递等相关理论,对Gollier(2014)的模型进行拓展,探讨在信息不对称的情况下,社会责任投资基金对企业社会责任的影响机理。其次,根据理论模型及相关文献,本文提出了四个研究假设。并基于利益相关者理论,利用因子分析法构建CSR衡量指标,结合我国社会责任投资基金2007-2014的数据,采用多元回归分析对样本企业进行了实证检验。理论和实证研究表明:社会责任投资基金持股对企业社会责任具有促进作用。社会责任投资基金投资持股越多,企业社会责任表现越好。另外,通过加入交互项回归以及分组回归,我们还发现社会责任投资基金持股与企业社会责任的关系还受到基金持股时长、企业规模大小以及股权集中度大小的调节作用。具体而言,基金持股时间越长、企业规模越大,社会责任投资基金对企业社会责任的影响也越大。而相较于股权集中度较高的企业,社会责任投资基金持股对股权集中度较低的企业的影响更大,但这种差异并不明显。最后,本文通过关键变量替换对研究结果进行稳健性检验。本文的研究一方面探讨了社会责任投资基金对企业社会责任的影响,丰富了相关社会责任影响因素的研究,具有一定的学术价值。另一方面,检验社会责任投资基金对企业社会责任的促进作用,为推动我国社会责任投资基金的发展提供理论依据,具有一定的实践意义。
[Abstract]:With the rise of Social socially responsible Investment (Sri), some scholars have been discussing the influence of CSR on CSR (CSR). The purpose of this paper is to make use of the data of social responsibility investment fund in China to study the influence of social responsibility investment fund shareholding on corporate social responsibility from both theoretical and empirical aspects. Firstly, based on the theory of information asymmetry and signal transmission, this paper extends Gollier's (2014) model and discusses the influence mechanism of CSR investment fund on corporate social responsibility under the condition of asymmetric information. Secondly, according to the theoretical model and related literature, this paper puts forward four hypotheses. Based on stakeholder theory, the CSR measurement index is constructed by factor analysis method. Combined with the data of China's social responsibility investment fund 2007-2014, the sample enterprises are tested by multiple regression analysis. The theoretical and empirical studies show that the CSR investment fund ownership plays an important role in promoting corporate social responsibility (CSR). The more social responsibility investment fund shares, the better corporate social responsibility performance. In addition, by adding interactive item regression and grouping regression, we also find that the relationship between CSR investment fund shareholding and corporate social responsibility is also regulated by the duration of the fund holding, the size of the enterprise and the concentration of equity. Specifically, the longer the holding time of the fund, the larger the size of the enterprise, and the greater the impact of the social responsibility investment fund on corporate social responsibility. Compared with the enterprises with higher degree of equity concentration, the CSR investment fund has more influence on the enterprises with lower concentration of equity, but the difference is not obvious. Finally, the robustness of the research results is tested by the substitution of key variables. On the one hand, this paper discusses the influence of social responsibility investment fund on corporate social responsibility, which enriches the research on the influencing factors of social responsibility, and has certain academic value. On the other hand, it is of practical significance to test the promoting effect of social responsibility investment fund on corporate social responsibility, and to provide theoretical basis for promoting the development of social responsibility investment fund in China.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F832.51

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