摘要
不同持股比例的机构投资者对应不同的利益诉求。本文从利益相关者的角度出发,考察机构投资者这一外部监督角色与企业社会责任履行水平之间的关联。研究发现,当机构投资者的持股比例超过一定阈值后,其份额增加会促进企业社会责任的履行;反之,低于一定阈值时,其份额增加反而会有抑制作用。此外,内部控制对二者的关系有正向调节作用,即有效的内部控制更易推动高企业更易推动高持股比例的机构投资者与企业社会责任表现的合作共赢。
Institutional investors with different shareholding ratios correspond to different interest claims.From the perspective of stakeholders,this paper aims to examine the relationship between the external supervision role of institutional investors and the level of corporate social responsibility(CSR)performance.It’s found that when the shareholding ratio of institutional investors exceeds a certain threshold,the increase in their share will facilitate the fulfillment of CSR;conversely,when it is below a certain threshold,the increase in their share will have a restraining effect.In addition,internal control exerts a positive moderating effect on the relationship between the two,that is,effective internal control will promote win-win cooperation between institutional investors with high shareholding ratio and social responsibilities undertaken by investees.
作者
沈昱东
Shen Yudong(Shanghai National Accounting Institute,Shanghai 201702)
出处
《中阿科技论坛(中英文)》
2022年第6期71-74,共4页
China-Arab States Science and Technology Forum
关键词
机构投资者
内部控制
企业社会责任
Institutional investors
Internal control
Corporate social responsibility