Research On The Impact Of Supervision Funds On The Performance Of Corporate Social Responsibility

With the change of economic development target from high speed to high quality,the requirement for enterprise development is no longer limited to promoting the growth of economic development level,but also requires enterprises to take the social responsibility actively,for example,to ensure product quality,care for staff,to maintain the ecological environment and meet consumer needs.From the perspective of investment portfolio,this paper studies the relationship between supervisory funds and the implementation of corporate social responsibility.Institutional investors are an important part of our stock market,which plays an important role in the internal governance and external supervision of the company.This paper takes the A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2020 as the research sample,adopts the comprehensive score data of corporate social responsibility published by Hexun,and takes the fund,a special institutional investor,as the starting point,this paper examines the impact of supervised funds on corporate social responsibility performance.The main research results of this paper are as follows: firstly,it is proved that the existence of supervised funds contributes to the improvement of corporate social responsibility performance,which indicates that supervised funds have strong supervisory motivation and governance ability.Secondly,the financial performance and financing constraints of the enterprise have played some mechanism role in the process of supervising fund affecting corporate social responsibility performance,that is,supervision fund holdings can promote corporate performance of social responsibility by improving the financial performance of enterprises and alleviating corporate financing constraints.Thirdly,in the test of heterogeneity,the influence of supervisory funds on the corporate social responsibility performance of different types of companies is different.The influence of supervisory funds on the social responsibility performance of state-owned enterprises is greater than that of private enterprises.Compared with the enterprises with weak competitive degree in the industry,the supervised fund has a greater impact on the social responsibility performance of the enterprises with strong competitive degree in the industry.Compared with companies with high degree of ownership concentration,the role of supervisory funds in improving corporate social responsibility performance is more obvious in companies with dispersed ownership.In addition,in order to control the possible endogeneity problem,this paper selects the annual turnover rate of the company stock as the instrumental variable,and uses the two-stage least squares to test,the test results are basically consistent with the results of the benchmark regression.Finally,by changing the measurement index of the explanatory variable,excluding some samples,and grouping regression according to the score of corporate social responsibility,the results are still robust.Based on the perspective of investment portfolio,this paper examines the impact of supervisory funds on corporate social responsibility,and analyzes the internal path and impact mechanism.It enriches the influencing factors of corporate social responsibility from the financial intermediary level,and supplements the empirical evidence of the supervised fund research in our country.In practical sense,the research results are helpful to re-examine the relationship between supervisory funds and corporate governance,encourage institutional investors to actively participate in corporate governance,and provide new theoretical guidance for Chinese enterprises to improve their social responsibility performance,it also provides a certain reference for our government’s decision-making and policymaking.