Corporate Social Responsibility,Management Shareholding And Listed Companies Violations

The violations of listed companies will not only have an indelible impact on the internal operations and income of the company,but also cause external investors to lose their investment confidence in the enterprise.From the perspective of the entire securities market,it will affect the normal operation of the capital market,so it will be discovered in time.It is very urgent to stop the violations of listed companies.The way to stop them is to study the factors that affect the violations of listed companies,that is,to stop the occurrence of violations from the source.The current research direction is mainly to explore the factors affecting the violations of listed companies from the perspectives of internal governance and external governance.Specifically,it includes internal factors such as corporate shareholding structure,equity concentration,and manager market.Including external factors such as institutional environment,product market competition and media constraints,in addition to the internal governance and external governance of the company,the existence of corporate social responsibility will also have an effect on corporate management and violations.At this stage,corporate social responsibility has received more and more attention.Many enterprises and organizations have begun to disclose their efforts in fulfilling their social responsibilities through social responsibility reports,formulate corresponding management standards and assessment indicators,and strictly implement them.At the same time,some organizations and institutions evaluate the implementation and disclosure of corporate social responsibility,with the aim of making corporate social responsibility more intuitive and better motivating companies to fulfill their responsibilities.This paper first reviews the research status of corporate social responsibility and listed company's violations at home and abroad.On the basis of reading a large number of relevant literatures,we can find that most of the literature regards corporate social responsibility as an independent variable and studies corporate social responsibility.The economic consequences are mainly concentrated on the effect of corporate social responsibility on corporate value and earnings management.The research on the violations of listed companies includes two aspects: on the one hand,it discusses the influencing factors of listed companies' violations,on the other hand,discusses the economic consequences of listed companies' violations,and discusses the ownership structure,equity concentration,manager market and board of directors.How internal governance effects such as characteristics and institutional environment,product market competition,laws and regulations,and media constraints affect the violation behavior of listed companies,and how the violations of listed companies affect the excessive investment behavior and stock price collapse risk through information effects and governance effects.Regarding the literature on management shareholdings,research focuses on risk-taking,capital structure,and company performance.On the basis of reading and collating the literature,the paper summarizes the corporate social responsibility as the independent variable of the empirical analysis.The violation behavior of the listed company is the dependent variable of the empirical analysis.The two are placed in the same model for analysis.The management shareholdings are used as adjustment variables to explore the logical relationship between corporate social responsibility,management shareholding and listed company violations.Based on the above research background,this paper uses the data of China's Shanghai and Shenzhen A-share listed companies from 2007 to 2015 to study the logical relationship between the three,and also the corporate social responsibility,management shareholding and listed company violations.The theory involved is summarized,including contract theory,stakeholder theory,principal-agent theory and information asymmetry theory.Then,based on the theory involved in this paper,theoretical analysis is carried out and hypotheses are proposed based on theoretical basis.Then,literature analysis and empirical test are used.Combining research methods to investigate the important factors affecting the violation behavior of listed companies,using management stockholding as a regulatory variable,using linear regression analysis method to analyze the impact of corporate social responsibility on listed companies' violations,whether corporate social responsibility affects listing What are the important factors of company violations? Does management shareholding promote the effect of corporate social responsibility on listed company's violations? Finally,the empirical research and analysis of the four research hypotheses proposed in this paper are made.Through theoretical deduction and empirical analysis,the following conclusions are drawn:(1)There is a significant negative correlation between corporate social responsibility and listed company violations,that is,the better the enterprise The fulfillment of social responsibilities,the less the listed company will not violate the rules or the severity of the violations.(2)Management shareholding promotes the negative correlation between corporate social responsibility and listed company's violations,that is,management shareholding promotes the negative relationship between corporate social responsibility and the possibility and severity of listed company's violations.The more complete the company fulfills its social responsibilities,the less the listed company will be violated or the less serious the violation.In response to these conclusions,this paper puts forward several policy recommendations:(1)The government can encourage enterprises to actively and actively undertake corporate social responsibility through policy support and public opinion guidance,and regulate corporate behavior from the perspective of external supervision.(2)The enterprise independently establishes internal mechanisms,improves internal control and management,and strictly implements corporate social responsibility.(3)The regulatory authorities such as the CSRC strengthen external supervision and improve relevant laws.