An Empirical Research On The Relationship Between Ownership Structure,Board Of Directors Governance And Corporate Social Responsibility Of Listed Companies

The problem of listed companies to fulfill their social responsibilities has been more and more emphasis on the theory and practice, this paper stand in terms of corporate governance, as well as on the basis of previous studies, supplemented by empirical approach, and tests how the ownership structure and board governance influence the listed companies to fulfill their social responsibilities.This article mainly consists of three parts:the literature review, listed corporate social responsibility index design and calculations, empirical studies. Firstly, the article takes a comprehensive and in-depth discussion in some aspects, covered the idea of corporate social responsibility to the origin, development, the listed measurement of corporate social responsibility, corporate social responsibility of the relevant factors, as well as ownership structure,board of directors governance and listed corporate social responsibility; Secondly, from the stakeholder theory, combined with the actual situation of Chinese listed companies to devise a indicators system of corporate social responsibility and through principal component analysis method to calculate the corporate social responsibility index; Finally, the paper selected a total sample of 3301 A-share listed companies in 2006-2008 three years in Shenzhen and Shanghai Stock Exchange listed as the object of study, empirical studies on the relationships between ownership structure,board of directors governance and corporate social responsibility.The results showed that:equity concentration,equity restriction and audit committee are significant positively correlated with CSRI; the number of board annual meetings is significant negatively correlated with CSRI; the board size,the proportion of independent directors,chairman and general manager of two level set,directors' remunerations and the proportion of shareholding directors are negatively correlated with CSRI, but the results are not significant. Based on the above findings, this paper promotes many suggestions to consummate and improve the ownership structure and board of directors in Chinese listed companies:in the area of ownership structure, equity restriction mechanism provides a basis for listed companies to fulfill their social responsibility, but the relevant institutions and political environment need to be improved; in the area of board structure, the board of directors must be controlled on a reasonable size, the proportion of independent directors requires further enhance and accelerate the establishment of the market mechanism for directors'appointment and removal, the real constraints between the two level sets needs be formed; in the area of directors'incentive, propose to improve the incentive structure, and change some part of the in-kind incentives to equity-based incentives; in the area of broad's operation, play an important role in annual meeting of the Board, establish and improve relevant rules and regulations for audit committee.The possible innovations are this study considers the possible internal governance factors related with CSR,the CSRI design and calculation and the key findings of empirical research; the limitation is based on the possibility of data acquisition, this article major studied about listed companies with the six most relevant stakeholders, and failed to reflect CSR fully.