Research On The Influence Of Government Subsidy And Corporate Social Responsibility On Investment Efficiency Of Forestry Listed Companies

Forestry has both economic benefits,social benefits and environmental benefits,and plays an important role in the development of national economy.As the barometer of forestry industry and the backbone of forestry enterprises,the responsibility of forestry listed companies is more important,so the externality of forest resources should be considered to a greater extent and more social responsibilities should be undertaken.How to ensure that while making economic profits,ecological and social responsibilities should be taken into account to improve the input-output efficiency and achieve sustainable development,which is a difficult problem for forestry listed companies to solve.As a basic industry in China,the forestry industry listed enterprises rely on forest resources for their production and management.Their investment has many characteristics,such as long production cycle,relatively high investment risk and low economic benefit,and is related to the problems of forest farmers,national economic development and ecological security.In recent years,the government has increased its support for listed forestry enterprises.The government subsidies representing the direct will of the government will inevitably have an impact on their investment,and will also play an important role in supporting and driving social responsibility.At present,self-interest motivation and strategic motivation of corporate social responsibility are more and more accepted and recognized by all walks of life.Under the background that the government and all walks of life attach more importance to the ecological environment,it is put on the agenda to study the economic and social consequences of the macro government subsidies to the listed companies in the micro forestry industry,a special industry,and to reunderstand the effect and path of its social responsibility performance on investment efficiency.Based on a systematic review of domestic and foreign literature,this paper takes information asymmetry theory,principal-agent theory and stakeholder theory and so on as theoretical guidance,adopts the methods of quantitative and qualitative analysis,normative research and empirical research,and uses panel data of Forestry Listed Companies in Shanghai and Shenzhen stock markets,this paper makes an in-depth analysis of analyzing the impact of government subsidies and social responsibility on investment efficiency of forestry listed companies.Firstly,based on the analysis of the status quo of government subsidies,social responsibility and investment efficiency of forestry listed companies,this paper puts forward the impact mechanism and hypothesis of government subsidies and social responsibility on investment efficiency of forestry listed companies;Secondly,the research scheme is designed from the measurement of variables,main regression analysis methods and model construction;Thirdly,we use OLS,Fe and sys GMM regression analysis methods to test the impact ofgovernment subsidies and social responsibility on investment efficiency of forestry listed companies;Finally,this paper puts forward three policy suggestions: establishing a sound government subsidy driving mechanism,actively fulfilling corporate social responsibility and improving investment efficiency.According to the logic of "Government Subsidies-Corporate Social ResponsibilityInvestment Efficiency",this paper finds and confirms that government subsidies not only positively affect the investment efficiency of forestry listed companies,but also plays a positive driving role in the social responsibility of forestry listed companies.That is to say,the resource supply effect of government subsidies can optimize the long-term and short-term positive impact of the implementation of social responsibility of forestry listed enterprises on investment efficiency,and corporate social responsibility performance plays a mediating role in the "from outside to inside" and from macro to micro role path between government and enterprise.This paper enriches and develops the research field of social responsibility and investment efficiency of forestry enterprises,provides countermeasures for the improvement of investment efficiency of forestry listed enterprises,helps to promote the common realization of environmental benefits,social benefits and economic benefits,establishes a perfect interaction mechanism among the government,society and enterprises,and provides certain policy guidance and reference for relevant government departments and micro enterprises.