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摘要随着社会环境的改变和越来越多问题企业的曝光，构建企业健康的社会责任观成为中国实现可持续发展的基础。但是出于对企业社会责任会减损财务绩效的顾虑，许多企业并不主动承担社会责任。与此同时，随着我国近年来一直加大对机构投资者的引进，机构投资者逐渐成为稳定资本市场的中坚力量。 有学者对机构投资者持股比例与企业社会责任之间的关系进行过研究。通过回顾相应文献后发现，机构投资者具有资金稳定、信息优势、专业水平高等特质，会积极并有能力参与到企业治理中，监督企业承担社会责任。但有研究发现并非所有机构投资者都表现出一样的偏好，在涉及到机构投资者行为的研究中应根据机构投资者类别进行分类讨论。本文在前人的研究基础上，对机构投资者持股与企业社会责任的关系进行研究，并将机构投资者分为长期、短期机构投资者后分别研究对企业社会责任的影响。 无论是投资者或企业，在进行决策时都考虑收益问题。关于企业承担社会责任能否提升企业价值一直是学者研究的热点，但由于研究方法的不同，未能形成一致的结论。本文在研究机构投资者持股与企业社会责任的关系后，对企业社会责任与企业价值也进行了研究。 对数据进行滞后处理后，本文通过实证研究分析得出：（1）机构投资者持股比例与企业社会责任之间正相关；（2）与长期机构投资者对企业承担社会责任正向激励相比，短期机构投资者持股比例越大反而会给企业承担社会责任带来负面影响；（3）企业承担社会责任与企业价值正相关。根据实证结论，本文提出相应的建议，有助于引导企业树立正确的社会责任意识，实现企业的可持续发展和我国社会环境的改善。 49161
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毕业论文关键词 机构投资者持股；企业社会责任；企业价值；实证研究
Title Institutional Investors, Corporate Social Responsibility and Corporate Value—The Empirical Evidence from A-Share Listed Companies.
Abstract With the great change of social environment and more and more violations of the enterprise were exposed, it’s necessary to emphasis on corporate social responsibility as the foundation of sustainable development of China. But many businesses fear that social responsibility will detract from the value of the enterprise, so they do not take the initiative to shoulder social responsibility. At the same time, our country has been increasing in recent years, the introduction of institutional investors, institutional investors gradually become the backbone of a stable capital market. There are some scholars have studied on the relationship between the proportion of institutional investors holding and corporate social responsibility. By reviewing relevant literature and found that institutional investors with stable funding, information superiority, higher professional qualities, and have the ability to actively participate in corporate governance, supervision of corporate social responsibility. However, not all studies have found that institutional investors have shown a preference for the same, in research related to the behavior of institutional investors in the discussion should be classified according to institutional investors category. In this paper, on the basis of previous studies on the relationship between institutional ownership and corporate social responsibility research and institutional investors were pided into research on CSR long-term, short-term institutional investors. Whether investors or companies, are considered income problems making decisions. On corporate social responsibility can enhance corporate value has been a hot research scholars, but because of the different research methods, failed to form a unanimous conclusion. In this paper, after Relations institutional ownership and corporate social responsibility, corporate social responsibility and the value of the business was also studied. Data processing lag, paper, empirical research has analyzed: the ratio of (1) institutional investors holding between corporate social responsibility and a positive correlation; (2) long-term institutional investors and corporate social responsibility with a positive incentive ratio, the proportion of short-term institutional investors holding the greater corporate social responsibility but will have a negative impact; (3) corporate Social responsibility and corporate value positively correlated. According to empirical results, this paper puts forward suggestions to help guide enterprises to establish a correct sense of social responsibility, to achieve sustainable development of enterprises and the improvement of the social environment.