Research On The Impact Of Corporate Social Reponsibility On The Financialization Of Real Enterprises

China’s virtual economy is booming,the profit margin of the financial industry is gradually higher than that of the real industry.This has attracted many bricks-and-mortar companies to the financial markets.Fund continues to flow into financial channels.The economy presents a situation of "moving from the real to the virtual",resulting in the imbalance of China’s economic structure,which is detrimental to long-term development.In addition to the need to develop the economy,China also needs to improve the quality of people’s lives and protect the environment.Therefore,the country calls on enterprises to shoulder their social responsibilities to all stakeholders.Will Chinese enterprises assuming social responsibility cause real enterprises to increase the allocation level of financial assets?The level of ownership concentration has an impact on the internal governance of enterprises.Will it play a negative regulating role in the supervision effect of shareholders,or play a positive regulating role in the gain of major shareholders?Firstly,the existing literature is reviewed to elaborate the meaning,institutional background and motivation of corporate social responsibility,as well as the meaning,motivation and negative impact of corporate financialization.The existing literature on the relationship between the two is reviewed,and the theoretical basis is sorted out.Secondly,the sample of manufacturing A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2014 to 2018 is selected to analyze the performance of corporate social responsibility and the degree of financialization of real enterprises.Empirically test about the impact of CSR on the financialization of real enterprises is conducted.Then,ownership concentration is used as mediating factors to test whether ownership concentration.Finally,the robustness test is carried out by replacing the measure index of explanatory variables.The main research conclusions of this thesis include: The commitment of corporate social responsibility makes real enterprises increase the proportion of financial assets allocation.Ownership concentration plays a negative moderating role in the relationship between corporate social responsibility and financialization of real enterprises.The supervision mechanism of major shareholders can restrain the self-interest behavior of the management and alleviate the agency problem.Finally,according to the conclusions of the study,there are some recommendations for the companies,investors and external regulation: First,the companies should enhance the sense of responsibility and actively assume social responsibility;companies should focus on their main business and prevent excessive and illegal financialization;companies should perfect the internal governance structure,give play to the internal supervision mechanism,constrain the opportunistic behavior of managers.Second,Investors should take a long view and consider comprehensively before investing;pay attention to the capital flow of enterprises after investment and play a supervisory role.Third,laws should be improved to strengthen corporate social responsibility and prevent excessive financialization of entity enterprises;Policies to promote the development of the entity industry should be issued and let finance serve the entity;Regulators should fairly and strictly supervise companies’ CSR and corporate behavior.