Research On Investment Efficiency Based Corporate Social Responsibility

As China's economy has entered the new normal,China's economic development mode has changed from scale-speed to quality-efficient."innovation,coordination,green,openness,and sharing" have become new development concepts to guide economic and social development.under the new economic background,it is an important way for companies to achieve sustainable development by requiring companies to focus on the growth of their own economic interests,coordinate the interests of all parties,actively undertake corporate social responsibilities,building a community with a shared future of mankind.Investment behavior is the core content of the company's activities,and it is the driving force for growth of the company,an important basis for future cash flow growth.It directly affects the promotion of corporate value,and efficient investment behavior can bring more benefits.However,due to the information asymmetry and the emergence of agency problems,the company's capital can not be optimally configured,resulting in insufficient investment or excessive investment.Enterprises actively fulfill their social responsibilities,can ease information asymmetry,gain the trust and support of stakeholders,reduce the agency costs of enterprises,help enterprises to better manage their operations,urge enterprises to improve their internal systems,and be more cautious about investment behaviors,Companies make profitable investments and improve their own investment efficiency.Therefore,it is important to go into the impact of corporate social responsibility on investment efficiency.This thesis select the 2014-2016 annual data of A-share listed companies.Using the content analysis method to construct a corporate social responsibility evaluation index system to evaluate it,and the Richardson residual model measures Investment efficiency,building corporate social responsibility and investment efficiency regression models from two aspects of corporate social responsibility and related stakeholders' responsibilities,to explore the impact of corporate social responsibility on the investment efficiency of listed companies in China.The research results show that there is a significant positive correlation between corporate social responsibility and investment efficiency,especially when corporate investment is insufficient.The active performance of stakeholders' responsibilities can improve the efficiency of corporate investment.Among them,the positive impact of shareholder responsibilities and investment efficiency is the most significant;consumer responsibilities are significantly negatively correlated with underinvestment;and social responsibilities are significantly negatively related to overinvestment.