Research On The Influence Of Social Security Fund Shares On Corporate Social Responsibility From The Perspective Of Industry Competition

With the rapid development of the economy and the continuous improvement of people’s material and cultural needs,the world is facing a series of serious problems such as resource scarcity,ecological damage and social conflicts.The situation in China is also worsening: environmental pollution,hazy weather and intensifying social conflicts,which have drawn widespread attention from all walks of life across the country.In the current context,it has become the consensus of the government,enterprises,investors and financial institutions to conduct economic activities in an environmentally and socially responsible manner.In recent years,due to the popularity of the concept of green development,more and more investors have started to pay attention to the non-financial performance of enterprises such as Environment,Social and Governance(ESG),and incorporate these factors into investment decisions and evaluations to promote sustainable development of enterprises and contribute to economic and social development by means of responsible investment.Contribute to economic and social development.Therefore,enhancing corporate social responsibility performance is an urgent issue that we need to address.However,the size of social security funds in the capital market has been growing since its establishment,and its role in corporate operation and management has become more and more prominent,and the research on social security fund shareholding and corporate social responsibility performance has received extensive attention from scholars at home and abroad.Based on the research results of domestic and foreign scholars,this thesis analyzes the multivariate regression model with annual and industry fixed effects for a sample of A-share listed companies in China from 2010 to 2019,and empirically investigates the influence of social security fund shareholding and the proportion of social security fund shareholding on corporate social responsibility performance,and examines the moderating effects of two variables,property rights nature and industry competition degree,by means of group regression.Robustness tests were also conducted by propensity score matching,Heckman two-stage regression and replacement variables.The results of the study indicate that:(1)social security fund shareholding has a significant contribution to corporate social responsibility,specifically,this contribution is mainly achieved by positively influencing stakeholders.These findings hold true after addressing endogeneity and robustness issues;(2)SSFs play a better governance role in SOEs than in non-SOEs,and are better able to promote CSR fulfillment;(3)Social security funds can more significantly promote CSR in more competitive industries than in less competitive industries.This thesis adopts an empirical research method to examine the impact of social security fund holdings on CSR,which provides some insights for China’s economic policy formulation.In addition,the findings of this thesis provide a theoretical basis and policy recommendations for improving the internal governance of China’s listed companies,promoting the fulfillment of corporate social responsibility so as to improve the quality of China’s listed companies and realize the value preservation and appreciation of social security funds.