Research On The Mechanism Of Corporate Social Responsibility Affecting The Performance Of Corporate Stock Market

With the rapid development of corporate social responsibility theory,people are beginning to pay attention to the emerging investment model of socially responsible investment(SRI).SRI stressed that in the process of investment,not only to achieve economic benefits,but also take into account the social benefits,so that they can fully develop,which requires investors to make investment decisions,in addition to considering the underlying stock investment return rate,But also need to take into account the performance of the enterprise in terms of social responsibility.In Europe and the United States capital markets,people have widely recognized the socially responsible investment.However,in China,this kind of investment is still in the initial stage of development.So in China's capital market,the behavior of investors will be affected by corporate social responsibility?Will the investor's response mediate between corporate social responsibility and stock market performance?Can the theme coherence of corporate social responsibility play a regulatory role in the corporate social responsibility and investor response?Can high-yield investments be based on the concept of social responsibility?In this paper,the release of CSR information as the focus of events,the use of event research method to study capital markets,investors,investment behavior,that is,investors take the initiative to buy or sell is affected by the performance of corporate social responsibility,what kind of investors Corporate social responsibility information is more sensitive and how investors' reactions affect stock market performance.In the study,the CSR reports of A-share listed companies in Shanghai and Shenzhen Stock Exchanges for 2013-2014 were selected as samples to establish regression analysis model and SPSS20.0 was used for empirical analysis.This study concludes that companies with good corporate social responsibility will enhance their brand image in the public mind and thus enhance their social capital.Through empirical analysis,this paper draws the following conclusions:China's stock market investors will have a very clear positive response to CSR behavior,which in turn leads to the stock market's stock price increase;Among them,the individual investor's response to corporate social responsibility is not significant,Institutional investors reacted more to corporate social responsibility.In addition,thematic coherence will positively regulate investors' reaction to corporate social responsibility.When those investors who hold a positive attitude towards corporate social responsibility receive CSR information,they will provide action support through direct buying behavior,which will lead to the rise of the corporate stock price,which in turn will prompt the corporate stock Market rate of return.This paper reveals the mechanism and process of how CSR behavior ultimately affects the market performance of enterprises through investor responses.The research results of this paper can effectively guide the enterprises.In the actual operation,what kind of corporate social responsibility can maximize the favor of investors,and can help enterprises to better develop and improve the corporate social responsibility development strategy,prompting Businesses to strengthen communication with investors.In addition,the empirical results of this study better reflect the investor's attitude towards the corporate social responsibility,that is,investors support the corporate social responsibility.