| In recent years,many new types of loan routes have appeared to solve problems such as corporate loans.Among them,the financing method of stockholdings is breaking traditional traditional asset guarantee models,the examination and authorization process is efficient and convenient,the source is wide,the margin is flexible,the acceptance speed is high,and the fund cost is low,and It has the advantage that it does not affect the control right of the stockholder,and thus,the Stockholm pushing business is loved by the large shareholder,especially stockholders,in the capital market.As shareholders of the company,the holding shareholder has a very important remark on the company’s various managerial decisions,and the stock offerings must have a profound impact on the selection and strategic decisions of listed companies.Corporate social responsibility is a serious long term strategy to promote sustainable sound development of Chinese companies,and will the stockholders’ equity oppression affect the performance level? As for whether there is a certain relationship between the two,the existing relevant research is still relatively rare.Therefore,this paper attempts to explore whether the behavior of the controlling shareholders of listed companies pledging their equity will have some impact on the social responsibilities of enterprises from the perspective of the controlling shareholders.Considering that the stock market is widely applied in the a stock market,the paper examines the panel data from 2015 to 2020 of the listed companies listed in the two listed companies in Shanghai and Shenzhen.In the meantime,in order to guarantee that the effective company governance mechanism can demonstrate the supervisory governance effect,it is possible for the listed companies to make scientific and rational decision making and to guarantee and cooperate with each other’s interests The company introduced a corporate governance variable.The internal and external governance mechanism of the company were examined by the relation between the stock ownership of the holding stockholder and the corporate social responsibility performance.As a result of the demonstration,(1)stock ownership of the holding stockholder lowered the level in which the enterprise fulfills the social responsibility,in further analysis,it is found that the capital occupation of controlling shareholders plays an intermediary role in the relationship between the two.(2)from the perspective of corporate internal governance,a high degree of equity check and balance can weaken the negative impact of controlling shareholders’ equity pledge on the performance of corporate social responsibility;a higher proportion of independent directors can weaken the negative impact of controlling shareholders’ equity pledge on the performance of corporate social responsibility;executive equity incentive can weaken the negative impact of controlling shareholders’ equity pledge on the performance of corporate social responsibility.(3)from the perspective of corporate external governance,higher institutional shareholding ratio can weaken the negative impact of controlling shareholders’ equity pledge on the performance of corporate social responsibility;Higher analyst attention can weaken the negative impact of controlling shareholders’ equity pledge on the performance of corporate social responsibility.The literature in the direction of the study provided a more complete view to fully understand the effects of corporate social responsibility and the economic consequences of stockholdings of stockholders,and at the same time the government department provided a useful revelation to scientifically normative the cohesion of stockholders. |
