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论文编号：	12682
作者编号：	2120192890
上传时间：	2021/6/21 10:59:14
中文题目：	机构投资者调研对企业社会责任的影响研究
英文题目：	Research on the Influence of Institutional Site Visits on Corporate Social Responsibility
指导老师：	牛建波
中文关键字：	机构投资者调研；企业社会责任；管理层监督；信息效应
英文关键字：	institutional site visit; corporate social responsibility; management supervision; information effect
中文摘要：	摘要 企业社会责任（CSR）是社会和学术界广泛关注的话题，企业的社会责任不仅关系到企业的声誉和发展，同时也是能影响整个社会的重要因素。根据《中国企业社会责任研究报告（2019）》，中国企业300强的社会责任发展指数为32.7分，整体处于起步者阶段，约五成企业发展指数低于20分，仍在旁观，目前仍有许多企业缺乏对社会责任的关注，危害行业甚至整个社会的利益。企业社会责任是企业长远发展的重要保障，但由于其不能为企业带来短时间的利益，导致许多企业忽视企业社会责任，转而过分追求短期内的增长，做出有损他人和社会利益的决策。 机构投资者作为资本市场中最大的参与者之一，其对于上市公司的经营决策也具有重要的话语权，作为股东，机构投资者能影响公司决策已经被大家所公认，机构投资者凭借其专业性，能有效参与公司经营，那么当机构投资者关心企业社会责任时，上市公司社会责任不良事件频发的乱象将会得以遏制。但对于企业社会责任这种很难为企业带来短期收益的指标，机构投资者能否主动参与相应的治理？面对当今社会频繁的社会责任问题，机构投资者能否对上市公司起到规范的作用？机构投资者又是通过什么途径影响企业履行社会责任？这些都有待研究发现。 本文选取深交所A股上市公司2013-2019年的数据为本文的研究样本，检验机构投资者的调研活动对企业社会责任的影响以及其中的作用机制。研究发现，机构投资者的调研活动会对企业的社会责任起促进作用，这种促进作用同时体现在机构调研的深度与广度上，即机构调研次数和参与调研的机构数量越多，企业社会责任履行情况越好。另外，研究发现，调研对象中包含总经理会加强调研活动对企业社会责任的促进作用，企业的信息披露环境会负向调节调研活动对企业社会责任的促进作用。通过进一步研究，本文还发现机构投资者调研问题的关键词会促进企业相应方面的社会责任，证明了机构投资者影响企业履行社会责任决策的具体路径。 本文从调研的角度出发，发现了机构投资者“用手投票”的参与方式，并在此基础上发掘出了调研活动对企业社会责任的影响机制，即通过影响管理层和向社会披露信息影响企业履行社会责任。通过对调研关键词的分析，本文发现了机构投资者调研活动对环境、员工、供应商、客户、消费者等具体层面社会责任的影响，并证明了机构投资者会通过调研问题给予管理层压力，促进相应维度社会责任的履行。本文创新性的将文本分析引入机构投资者调研行为的研究中，通过对调研关键词与具体社会责任的研究更深入地证明了机构投资者对管理层的监督作用。同时，本文为机构投资者积极参与企业社会责任决策提供参考，为调研相关政策的制定与修改提供借鉴。
英文摘要：	Abstract Corporate social responsibility (CSR) is a topic of widespread concern in society and academia. CSR is not only related to the reputation and development of enterprises, but also an important factor that can affect the whole society. According to the Research Report on China's corporate social responsibility (2019), the social responsibility development index of China's top 300 enterprises is 32.7 points, which is in the initial stage. About 50% of the enterprises' development index is lower than 20 points, and they are still on the sidelines. At present, many enterprises still lack attention to social responsibility, endangering the interests of the industry and even the whole society. Corporate social responsibility is an important guarantee for the long-term development of enterprises. However, because it can not bring short-term benefits to enterprises, many enterprises ignore corporate social responsibility and turn to excessive pursuit of short-term growth, making decisions harmful to others and social interests. As one of the largest participants in the capital market, institutional investors also have an important say in the operation decision-making of listed companies. As shareholders, it has been recognized that institutional investors can influence the company's decision-making. With their professionalism, institutional investors can effectively participate in the company's operation. When institutional investors are concerned about corporate social responsibility, the frequent occurrence of adverse social responsibility events in listed companies will be curbed. But for corporate social responsibility, which is difficult to bring short-term benefits, can institutional investors actively participate in the corresponding governance? In the face of frequent social responsibility problems in today's society, can institutional investors play a normative role in listed companies? How do institutional investors influence corporate social responsibility? These are still to be found. This paper selects the data of A-share listed companies in Shenzhen Stock Exchange from 2013 to 2019 as the research sample to test the influence of institutional investors' site visit activities on corporate social responsibility and its mechanism. It is found that the site visit activities of institutional investors can promote corporate social responsibility, which is reflected in the depth and breadth of institutional research, that is, the more times of institutional site visits and the number of institutions participating in the site visits, the better the performance of corporate social responsibility. In addition, the research found that the general manager will strengthen the promotion of site visit activities on corporate social responsibility, and the information disclosure environment will negatively regulate the promotion of site visits activities on corporate social responsibility. Through further research, this paper also finds that the key words of institutional investors' site visit questions will promote the corresponding aspects of corporate social responsibility, and proves the specific path of institutional investors' influence on corporate social responsibility decision-making. From the perspective of site visits, this paper finds out the participation mode of "voting by hand" of institutional investors, and on this basis, explores the influence mechanism of site visit activities on corporate social responsibility, that is, by influencing the management and disclosing information to the society. Through the analysis of the research keywords, this paper finds the influence of institutional investors' research activities on the social responsibility of the environment, employees, suppliers, customers, consumers and other specific levels, and proves that institutional investors will give pressure to the management through the site visit questions, and promote the performance of the corresponding dimensions of social responsibility. Through the research of site visit keywords and specific social responsibility, it further proves the supervision role of institutional investors on the management. At the same time, this paper provides reference for institutional investors to actively participate in corporate social responsibility decision-making, and provides reference for the formulation of research related policies.
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