| Since the 18th National Congress of the Communist Party of China,the state has attached great importance to corporate social responsibility.Enterprises have played a vital role in the great project of building a beautiful China.It can bring economic and social benefits,but also cause social problems such as food safety and environmental pollution.As the main body of economic reform,enterprises should not only seek their own development,but also strengthen the sense of responsibility and form a long-term mechanism.Although China’s relevant legal system,such as the Company Law,has made it clear that enterprises should bear relevant social responsibilities,the explanation of their specific aspects is not clear enough,and the process of Chinese enterprises fulfilling relevant responsibilities and realizing high-quality social development also needs to be improved.In recent years,in the current domestic and foreign research on equity incentive,most of them explore the performance of enterprises themselves or analyze it from the perspective of management,while there are few studies on employee stock ownership and social responsibility.As an important part of equity incentive,most of the literature on ESOP in China focuses on "stock source","capital source" and "executive shareholding ratio" and so on in the scheme design.How to understand the relationship between esop and corporate social responsibility,optimize corporate governance and enhance corporate value is the theoretical and practical starting point of this paper.In order to explore the impact of employee stock ownership on corporate social responsibility from the perspective of equity incentive,and to help enterprises to better assume social responsibility,this paper takes China’s Shanghai and Shenzhen A-share listed companies in 2014-2020 as A research sample.From the perspective of stakeholders,combined with the theory of ordinary employee ownership on corporate social responsibility research content,using content analysis using accounting indicators to measure and evaluate related social responsibility,through the method of empirical research to explore the relationship between employee ownership and corporate social responsibility,and study the asset-liability ratio and equity concentration on the adjustment of the relationship between the two.The empirical results show that esop has a positive effect on the social responsibility of enterprises,and at the same time,the asset-liability ratio and the equity concentration degree have a positive adjustment effect on the two.Then,to ensure the reliability of the conclusion,the corresponding robustness test was conducted,and the conclusion has not changed.On the basis of the hypothesis,the heterogeneity of the nature and scale of the enterprise is found that the performance of state-owned enterprises is better than non-state-owned enterprises in undertaking social responsibility in terms of employee shareholding,and the social responsibility performance of large-scale enterprises is also better than that of small-scale enterprises.Finally,promote employee ownership,corporate governance and social responsibility:Enterprises should actively implement employee ownership,promote employee participation in corporate governance system,formulate corresponding systems to effectively restrain the power of shareholders and deepen their social responsibility;improve the legal system,improve the implementation mechanism of laws and regulations,strengthen the supervision and management,and improve the market order.This paper uses financial data to make objective measurement,reasonably selects corresponding variables,enrich related research and provide data support;and selects data of A-share listed companies to consider the comprehensive performance of corporate social responsibility,more representative and practical significance,combining theoretical and empirical research,enrich the research of corporate social responsibility. |
