The Research On The Influence Mechanism Of Corporate Social Responsibility Performance On The Institutional Investors Holding Behavior

At present,rapid economic development brings more social problems.A series of environmental and food safety issues make the corporate social responsibility attract attention again.China's institutional investors are becoming bigger and bigger.Institutional investors usually have professional knowledge and information advantages,its behavior is affected by the corporate social responsibility.What is the internal mechanism and conduction pathway? Along with corporate social responsibility performance in our country begins to enter into dense and regular disclosure situation,such study is very necessary and possibility.Through the study,it will help to understand the factors of institutional investors holding behaviors and the investment preference.It can help relevant regulators reasonably guide the decisions of institutional investors,and it also strengthens the social responsibility of information disclosure.Based on the research of institutional investors' s holding behaviors and corporate social responsibility,institutional investors are divided into long-term and short-term institutional investors.Based on reputation transfer mechanism,we pay attention to the perspective of creditors impacting the performance of the aspects for further research,thus to deeply understanding the inner mechanism and the transmission pathway.The conclusions are as follows:(1)There is a significant positive correlation between the institutional investor shareholding behaviors and corporate social responsibility performance.The results shows that Chinese investors will focus on corporate social responsibility;(2)Divided into long-term institutional investors and short-term institutional investors,we found that long-term institutional investors pay more attention to corporate social responsibility;(3)The further study shows that good corporate social responsibility brings higher future market value.It also found that companies having good corporate social responsibility performance face less financing constraints and have more long-term debt proportion.It shows that good corporate social responsibility performance will get relevant creditors' recognition and support;(4)The results only exist in the sample of heavy pollution industries.