Corporate Social Responsibility,External Supervision And Corporate Innovation

China's high-speed GDP growth model will cease to exist,replaced by high-quality sustainable growth,and the core driving force for high-quality growth must be technological innovation.At the same time,the Sino-US trade war is like a sword of Damocles hanging over China's head,and technology can revitalize the country.The strong core independent research and development capabilities can allow companies to develop sustainably in the midst of friction.Fall down in this war.The process of technological innovation is tortuous.It has the characteristics of high uncertainty,long-term and large amount of capital.At the same time,all links in the technological innovation process are inseparable from the support of enterprise stakeholders,including the upstream supply chain of the enterprise,the enterprise R &D personnel and shareholders,experience feedback from downstream customers of enterprises,and investors of enterprise innovation.The performance of corporate social responsibility will directly affect the level of corporate innovation.In this paper,we first searched the domestic and foreign literature related to corporate social responsibility,external supervision,and corporate innovation through HowNet to find out the relationship between the three.Study the theoretical basis,related concepts,research models and research methods,and then select the appropriate explanatory variables,explained variables and control variables.Select the 2012-2018 data of China's A-share listed companies,then on the basis of determining that there is no multi-collinearity and eliminate endogenousness,select an appropriate empirical model and perform multiple linear regression analysis to empirically test corporate social responsibility and corporate innovation The relationship between them.In order to explore whether external regulatory intermediaries can improve stakeholders' recognition and perception of corporate social responsibility,strengthen signal transmission and alleviate entrusted agency issues,this paper joins institutional investors on the basis of empirical research on social responsibility and corporate innovation The three adjustment variables,proportion,analyst tracking quantity and audit quality,test the adjustment effect of the above three external regulators on corporate social responsibility and corporate innovation.In the end,the research in this paper has reached the following conclusions.(1)The higher the corporate social responsibility score,the higher the investment in corporate innovation.If the stakeholders search for information about corporate social responsibility on their own,the cost will be relatively high and very troublesome,but the company will actively disclose the performance of social responsibility to stakeholders,which will allow stakeholders to better recognize the feeling and win the right Enterprise trust.While the corporate social reputation is improved,the innovation input of external resources is increased;at the same time,the company's active fulfillment of social responsibilities can improve the company's corporate governance mechanism,help stakeholders effectively monitor the management,and effectively alleviate the conflict between the principal and the agent.Thereby suppressing the short-term behavior of the managers and paying more attention to the company's innovation ability.(2)As audit quality improves,the role of corporate social responsibility in promoting corporate innovation will be strengthened.As an external monitoring mechanism,high-quality,high-transparency,and high-reputation audits can effectively reduce the short-sighted behavior of managers,and then effectively alleviate the principal-agent conflict between shareholders and managers of listed companies.High-quality audits can also transmit information to stakeholders more effectively by enhancing the transmission of social responsibility signals to further promote corporate innovation.(3)As the proportion of institutional investors increases,the role of corporate social responsibility in promoting corporate innovation will be strengthened.As an external regulatory mechanism,institutional investors are more professional and prudent than ordinary investors.The increase in their shareholding can release positive corporate business signals to the outside world and strengthen the transmission of social responsibility signals to stakeholders;meanwhile,institutionalinvestors can tolerate innovation Failure,thereby providing professional protection for company executives and effective supervision of company executives to alleviate the agency problem.(4)As the number of analysts tracking increases,the role of corporate social responsibility in promoting corporate innovation will be weakened.Analyst tracking,as an external regulatory mechanism,can alleviate the negative impact of information asymmetry and financing constraints on the company's R & D investment,but this effect is relatively small.The increase in the number of analysts tracking puts pressure on the managers to exacerbate the problem of principal-agent.This has a greater impact.Therefore,managers will act to undermine stakeholders and focus on short-term performance,resulting in reduced R & D investment and weakening corporate social responsibility The promotion effect of enterprise innovation.The innovation of this article is to study in detail the relationship between corporate social responsibility,external supervision(analyst tracking,institutional investors,audit quality)and corporate innovation.Broaden the theoretical basis of relevant research on the factors that affect corporate innovation behavior;enrich the research results of external regulation on the regulatory role of social responsibility information disclosure and corporate innovation.Finally,according to the research results,it is proposed that the company should take the improvement of social responsibility as its key strategic goal and actively and effectively disclose social responsibility information,introduce institutional investors,hire an audit firm with high audit quality,strengthen analyst moral education,and establish Management incentive system.