道德偏好与道德改善:中国机构投资者持股研究

Preference or Improvement:Institutional Investors and Corporate Social Performance in China

本文采用面板数据模型检验我国机构投资者持股与企业社会绩效的互动关系,以剖析机构投资者的道德偏好能力和道德改善能力。基于2006-2010年沪深两市918家样本的研究发现:(1)机构投资者偏好持股企业社会绩效好的公司,表明机构投资者具有道德偏好能力;(2)机构投资者持股对企业社会绩效存在微弱的正面影响,表明机构投资者具备道德改善能力,但非常有限;(3)不同类型机构投资者与企业社会绩效的互动关系差异较大,仅基金表现出道德偏好能力和道德改善能力。

The paper studies the relationship between institutional investors’ ownership and Corporate Social Performance (CSP) in China based on the panel data of 918 listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2010. It finds that:(1) institutional investors’ ownership are positively related to CSP, namely institutional investors have strong morals preference capabilities; (2) institutional investors’ ownership have weak influence on future CSP, namely institutional investors have limited morals improvement capabilities; (3) different institutional investors have different relationship with CSP, only funds have morals preference and improvement capabilities.