| In 2015,the central government proposed supply-side structural reform,aiming to optimize the economic structure and promote the optimal allocation among factors.Under the situationg of supply-side structural reform,enterprises should optimize investment structure and promote resource integration while increasing investment,so as to realize effective allocation of resources and optimize regeneration.In this context,enterprises need to change the development model that relied on high investment to drive the growth of industrial economy,and rationally optimize resources to improve investment efficiency.But modern enterprise "two rights separation" mode,make the agency conflicts between shareholders and managers,executives seek personal gain based on the motivation of easy dissimilation enterprise investment behavior,leading to the enterprise the investment efficiency.Corporate social responsibility focuses on stakeholders and is a bridge for effective communication between enterprises and stakeholders.Based on the information asymmetry theory and principal-agent theory,the research on corporate social responsibility mechanism of action of the efficiency of the enterprise investment,and on this basis,the research on the relationship between the board characteristics,to study corporate social responsibility has provided the new mentality and the efficiency of investment.First of all,this paper summarizes and summarizes previous research results,and defines corporate social responsibility and non-efficiency investment.On this basis,the theoretical basis of this paper is introduced and analyzed,mainly including information asymmetry theory,principal-agent theory and stakeholder theory.Secondly,combining with the actual situation of the current capital market in our country,selected from 2014 to 2016,the Shanghai and shenzhen two city has disclosure of corporate social responsibility information of listed companies as the sample data,using Richardson model quantitative investment efficiency,and on this basis of corporate social responsibility and the efficiency of investment through analyzing the mechanism of action between;Then,the conclusions and implications of this paper are obtained,and some policy Suggestions are provided for enterprises based on the characteristics of the board of directors,corporate social responsibility and non-efficiency investment.Finally,this paper points out the shortcomings of this research,and aims at pointing out the direction for future research.In this thesis,the main research conclusions are as follows:(1)the enterprise performance and disclosure of social responsibility to reduce and the information asymmetry between stakeholders,can effectively reduce the financing constraints,thus inhibiting the efficiency of investment;(2)the enterprises to actively fulfill the social responsibility and disclosure to efficient allocation of responsibilities between the principal and agent,and benefits,to reduce the company’s agent conflict,thus inhibiting the efficiency of investment;(3)the board of directors,as the core of corporate governance,has a moderating effect on corporate social responsibility and non-efficiency investment relationship;Among them,the scale of the board of directors and the proportion of independent directors can significantly enhance the inhibitory effect of corporate social responsibility on non-efficiency investment,and the dual roles of chairman and general manager will weaken the relationship between them. |
