Empirical Analysis On The Impact Of Stock Ownership Structure On Corporate Social Responsibility Of Chinese Listed Companies

In the past,China has adhered to extensive economic development mode for a long time,and at the same time,a series of social problems have accumulated with the rapid economic development.In recent years,the shortage of resources,environmental governance,food safety,employee welfare,charity and other issues have gradually become the focus of attention of all sectors of society.The measure of a business is no longer just a financial indicator.The fulfillment of corporate social responsibility has been paid more and more attention.Overseas research on corporate social responsibility has lasted a long time and has rich contents.Domestic research started relatively late,in which there are relatively few studies on the factors affecting the performance of corporate social responsibility.Most of the studies mainly focus on the definition and measurement of corporate social responsibility and the impact of corporate social responsibility on enterprises,society and other aspects.The ownership structure of Chinese enterprises is gradually formed with the establishment of modern enterprise system in China,and it has its own characteristics.The shares of Listed Companies in China are divided into non-tradable shares and tradable shares according to whether they are listed on the stock exchange or not.The non-tradable shares are mainly held by the state and legal persons,while the state shares are the dominant position in the non-tradable shares,which is a unique phenomenon in China.China’s corporate social responsibility information disclosure framework started relatively late,the main third-party rating agencies are Runling Global Responsibility,Cathay Pacific,Wande and so on.According to Runling’s data,314 listed companies in China disclosed CSR reports in 2009 and scored by authoritative agencies,795 in 2017,showing a high-speed growth trend.The average score of 795 enterprises is 43.25.Generally speaking,the disclosure and fulfillment of corporate social responsibility are increasing,but there is still a lot of room for improvement,which is in the initial stage of development.Based on the panel data of listed companies from 2009 to 2017,this paper empirically examines the relationship between corporate social responsibility and the five equity structure indicators:equity balance,equity concentration,state ownership,executive ownership and foreign ownership.Empirical research results show that:(1)There is a significant inverted U-shaped relationship between ownership concentration and corporate social responsibility participation,which is consistent with the original hypothesis.(2)The relationship between equity checks and balances and corporate social responsibility is totally inconsistent with the original assumption in this paper.(3)There is a significant U-shaped relationship between executive shareholding and corporate social responsibility,which is completely consistent with the hypothesis.(4)There is a weak U-shaped relationship between foreign ownership and corporate social responsibility,which is different from the hypothesis.(5)There is a significant inverted U-shaped relationship between the proportion of state ownership and corporate social responsibility,which is consistent with the hypothesis.According to the conclusions of the study,the following policy recommendations are finally put forward:(1)Optimizing the ownership structure of listed companies.Firstly,it is suggested to maintain a moderate degree of ownership concentration and reduce the degree of equity checks and balances appropriately.Secondly,it is suggested that managers and foreign shareholders should be encouraged to hold shares,while maintaining a moderate proportion of state shareholdings,increasing the diversity of shareholders and increasing the political and cultural background of the company.(2)Optimizing and improving the composition of the board of directors.(3)Change the concept of social responsibility of listed companies.(4)Strengthen the mechanism of social supervision.(5)Perfecting the top-level system design.