Study On The Impact Of CSR Strategy On Firm's Human Capital

Based on the Resource-Based view and capability theory,"Talents" and "knowledge" are the key sources of the core competence of the corporation.How to motivate the enthusiasm and initiative of employees,enhance the rate of return on human capital investment,attract and retain high-quality personnel become the focus of this research.Compared to the arrangement of salary incentives,equity incentives and other formal systems,the CSR strategy,as a kind of informal institutional arrangements,can also spur implicitly to enterprise employees,and help enterprises to select and retain high quality talents,and more take advantage of CSR to create new value.Firstly,on the basis of previous studies,we aim at how to enhance the competitiveness of enterprises from the perspective of industrial economics and set up the theoretical framework and basis of stakeholder theory,principal-agent theory,signaling theory and organizational identification theory.Secondly,we analyze the logical relationships among the three aspects of CSR,human capital and enterprise competitiveness,and then we mainly analyze the influence mechanism of CSR on human capital and put forward the hypotheses.Thirdly,we use the Shanghai and Shenzhen A shares of listed companies as research samples,combined with the RKS database,CSMAR database,the annual reports of the listed company published by CNINF,to test the influence of CSR on enterprises human capital.Finally,in order to make our results more scientific and reasonable,we also use alternative variables to test the robustness of our results,and use the Heckman two stage method to test the endogeneity and make a further study to enrich our research.Results:(1)CSR has positive effects on the return rate of executives' human capital investment,but only in the environmental friendly industries can it has a positive impact on the return rate of employees' human capital.(2)If CSR has one of the "Stability" or "Excellent",CSR will have a positive effect on the executives human capital investment returns.But only with these two characteristics,will it have a positive influence on the workers' human capital returns.If CSR has the "Stability",CSR will have a positive influence on the firm's attractiveness to talents.(3)The better the CSR is,the smaller of the relative pay gaps in the top management team and senior-worker.