Research On The Effect Of Corporate Social Responsibility On Technological Innovation Based On Ownership

Over the past 40 years of reform and opening up,China has made remarkable achievements in its rapid economic development.However,economic development is accompanied by a series of social problems.Enterprises pursue interests by all means,which leads to the growing crisis of trust,environmental deterioration and serious damage to the ecosystem.Enterprises play a vital role in the whole national economy,and the fulfillment of corporate social responsibility(CSR)is of great significance to economic development and social stability.Therefore,in order to improve the enthusiasm and initiative of enterprises to fulfill social responsibility,it is necessary to study CSR from the perspective of economic interests.In recent years,CSR and technological innovation have attracted extensive attention in their respective fields,and a large number of practical cases also show that CSR plays a positive role in promoting technological innovation,but the academic community still lacks sufficient understanding of the relationship between CSR and technological innovation.Therefore,this paper will study the effect of CSR on technological innovation through empirical analysis,hoping that enterprises can have a different understanding of social responsibility and providing new ideas for enterprises to carry out technological innovation.On the other hand,in previous studies on CSR,many scholars also considered ownership and they believe that stakeholders will make different evaluations on the social responsibility behavior of enterprises due to different ownership,so the economic performance generated by the fulfillment of social responsibility of enterprises will also be different.Therefore,this paper further discusses whether the social responsibility of enterprises under different ownership has the same impact on technological innovation,which enriches the research on the relationship between CSR and technological innovation.Firstly,this paper summarizes the domestic and foreign literatures from the relationship between CSR and technological innovation as well as the performance of CSR under different ownership,and puts forward the research ideas and innovations of this paper;Then we analyze the influence mechanism of CSR on technological innovation from four aspects:capital support,talent introduction,knowledge acquisition and social capital accumulation,as well as the influence mechanism of CSR on technological innovation under different ownership systems,and puts forward corresponding research hypotheses based on these theoretical analysis;Finally,this paper uses sys-gmm to empirically analyze the relationship between CSR and technological innovation as well as the impact of ownership on this relationship.In the part of empirical analysis,this paper,based on the stakeholder theory,divides CSR into the responsibilities to shareholders,creditors,employees,consumers,suppliers,governments and a community,taking them as seven dimensions of CSR,constructs an overall indicator for CSR through principal component analysis.Then,using the panel data of 203 high-tech listed companies from 2011 to 2017 as the research sample,this paper empirically analyses the impact of CSR on technological innovation by systematic GMM regression.Next,we will carry out group regression based on ownership to see if the social responsibility of state-owned enterprises and non-state-owned enterprises plays the same role in promoting technological innovation.Finally,the robustness test is carried out by replacing core explanatory variables to further verify the two research hypotheses.Through the empirical research on the relationship between CSR and technological innovation performance,the following conclusions can be drawn:(1)CSR has a significant positive correlation with technological innovation,that is,increasing the fulfillment of CSR can promote the technological innovation performance of enterprises.This is because enterprises can better obtain funds,resources and accumulate social capital from stakeholders through the implementation of social responsibility to improve the performance of technological innovation;(2)Compared with state-owned enterprises,non-state-owned enterprises'social responsibility plays a greater role in promoting the technological innovation performance in China's high-tech industry listed companies.This is because state-owned enterprises have experienced a higher marginal revenue stage in the process of dealing with creditors,suppliers,employees,government and society by virtue of their special ownership nature and natural advantages,and have obtained more resources and support from these stakeholders.Once non-state-owned enterprises establish a certain degree of integrity and social reputation by assuming social responsibility,they will obtain higher marginal benefits from social responsibility,such as more funds,resources and social capital,to promote technological innovation of enterprises.The main innovations of this paper are as follows:(1)We construct the overall index of CSR through principal component analysis;(2)Based on the nature of ownership,the paper further considers whether the social responsibility of state-owned enterprises and non-state-owned enterprises plays the same role in technological innovation,which enriches the research on the relationship between CSR and technological innovation.