Institutional Environment,Stakeholders' Advantage Protecting And Corporate Social Responsibility

With the development of Chinese economy and marketization process,corporate social responsibility has been the concern of all walks of life.As one of the most important participants in the social and economic development,enterprises have not only an important influence on the insiders,but also have a vital role in the whole society.In the process of the development of stakeholder theory and corporate social responsibility theory,the implementation of social responsibility for various stakeholders has become an important research direction of corporate social responsibility research.The institutional environment is the environment and institutional background of enterprise production and development,which has an important guiding and influencing effect on corporate social responsibility.With the development of legal environment,factor market and the degree of marketization,corporate social responsibility performance has gradually been the attention and concern of enterprise itself and outside people.So how the institutional environment influence the performance of corporate social responsibility?What are the mechanisms in which the institutional environment at different levels affect the corporate social responsibility?What are the mechanisms in which different levels of institutional environment affect the rights and interests of the stakeholders?Therefore,based on the theory of stakeholder,this paper discusses how institutional environment effect the corporate social responsibility for relevant stakeholders from the perspective of stakeholder's rights and interests.Based on the stakeholder theory,corporate social responsibility theory and contract theory,the article takes the listed companies in 2012-2016 as research samples,and uses the empirical analysis method of factor analysis and multiple regression analysis to study the influence mechanism of the institutional environment on the social responsibility for relevant stakeholders from the perspective of stakeholders' rights maintenance.Having done the empirical research and further analysis,we find that:(1)The better the legal environment is,the more mature the factor market and the higher the degree of marketization in the region where the enterprise is located,the better the performance of the overall corporate social responsibilities.(2)The better the legal environment in the region where the enterprise is located,the better the performance of the social responsibility for shareholders and employees,and the worse the performance of the corporate social responsibility for the supplier,which may be related to the positive impact of the legal environment on social trust in the commercial credit.(3)The more mature the factor market in the region where the enterprise is located,the better the performance of the social responsibility for creditors and employees,and the worse the performance of the corporate social responsibility for the supplier,which may be because the factor market makes the commercial credit become a short-term financing.(4)The higher the degree of marketization,the better the performance of corporate social responsibility for shareholders and employees,and the worse the performance of corporate social responsibility for creditors and suppliers,which may be because the institutional environment promotes the credit level and degree of trust between creditor enterprises and debtor enterprises.Finally,the article summarizes the results and puts forward some suggestions.