企业社会责任与机构投资者持股偏好研究

本文以中国上市公司为研究对象,利用面板数据模型检验了我国机构投资者持股与企业社会责任的相关性。从政府所得贡献率、员工所得贡献率和社会所得贡献率三个方面考察了企业社会责任,并选取2006-2010年沪深两市918家上市公司为样本进行实证研究。研究结论是:机构投资者持股与政府所得贡献率、社会所得贡献率显著正相关,机构投资者偏好投资于承担了政府和社会责任的公司;不同类型机构投资者持股与企业社会责任的关系存在显著差异,其中只有基金表现出偏好投资于政府所得贡献率更高的公司。

The paper uses the panel data model to study the relationship between the percentages of shares held by institutions and corporate social responsibility （CSR） based on Chinese listed companies in order to study the effects of CSR on institutional investors＇ preferences. Based on the empirical research of 918 listed companies＇ samples in Shanghai and Shenzhen Stock Exchange markets from 2006 to 2010, the paper finds out that institutional investors＇ ownership are positively related to CSR based on government and community; different institutional investors have different relations with CSR, and only funds have preferences for CSR based on government.