| After the meeting, the third plenary session of the China will as a basic state policy of reform and opening-up, the economy has been rapid development. Enterprise as the main force of economic and technological progress, has played an important role. Enterprises in pursuit of economic interests at the same time, the problem of corporate social responsibility also appear constantly, so as to reflect the corporate social responsibility consciousness, not safeguard the interests of other stakeholders. So, the problem of social responsibility gradually got the attention of all parties, to become scholars study important issue.Based on corporate social responsibility as the carrier, this paper discussed the ownership structure, the relationship between the corporate social responsibility and financial performance. First of all, given the research object, ownership structure, corporate social responsibility and financial performance), the definition of stakeholder theory, principal-agent theory, and the theory of information asymmetry theory as the theoretical support of paper, with 2013 to 2014, the Shanghai and shenzhen two city of listed companies as research samples, using econometric method such as on the sample data. Equity structure was discussed, the relationship between corporate social responsibility and financial performance.Based on corporate social responsibility as the research emphasis and social responsibility coefficient as a measure, from the ownership concentration and equity balance degree, executive ownership and property rights of four indexes to measure the equity structure, using ROA and TobinQ as a measure of financial performance indicators, probes into the relationship between the two. Through the empirical study:(1) the ownership concentration and corporate social responsibility is related, equity balance degree and corporate social responsibility is related, executive shareholding and corporate social responsibility is related, the extent of state-owned holding company to perform the social responsibility better than non-state-owned holding companies;(2) the ownership concentration and equity balance degree, executive ownership and financial performance are related, non-state-owned holding company’s financial performance is better than the state-owned holding company.(3) corporate social responsibility and corporate financial performance are related.(4) the equity structure on corporate social responsibility is one of the intermediary variables that affect financial performance.Thus, this paper puts forward policy Suggestions: first, correctly understand the content of the corporate social responsibility, intensify the fulfillment of social responsibility. Second, perfecting the legal system, to perform the social responsibility to provide legal protection for the enterprise. Again, equity structure optimization to promote enterprise more social responsibilities for the implementation of the proactive. Finally, the appropriate increase executive shareholding, play a good effect of equity incentive mechanism. |
