Product Market Competition,Corporate Governance And Corporate Social Responsibility Investment

With the continuous development of economic globalization and the frequent emergence of the lack of social responsibility,all sectors of society have increased their attention to social responsibility,expecting enterprises to balance the interests of other stakeholders while obtaining economic benefits.Corporate social responsibility investment(CSR)is a new investment concept,which advocates the combination of profit and responsibility,and promotes enterprises to take into account economic,social and ecological performance,and achieve the goal of "three-in-one".Therefore,it is urgent to study how to promote CSR investment.The existing research on both sides of Fujian and Taiwan mainly focuses on the connotation and value effect of corporate social responsibility investment,and the research on the influencing factors mainly starts from the micro-level of the company.In view of this,this paper tries to take the listed companies on both sides of Fujian and Taiwan as the research sample to compare and study how the co-existence of product market competition and corporate governance affects the social responsibility investment of listed companies on both sides of Fujian and Taiwan.This paper adopts the method of combining normative research and empirical research.Firstly,it introduces the research background,research significance,research content and main innovation points.Secondly,this paper expounds the concepts of product market competition,corporate governance and corporate social responsibility investment,and combs the current research literature,which lays a theoretical foundation for the following empirical research;Thirdly,it compares the status quo of social responsibility disclosure and social responsibility investment of listed companies on both sides of Fujian and Taiwan.Fourthly,the paper expounds the influence mechanism of product market competition and corporate governance on corporate social responsibility investment,and puts forward the corresponding research hypothesis.Finally,we take Shanghai and Shen zhen a-share listed companies in Fujian province from 2010 to 2016 and Taiwan listed companies from 2010 to 2015 as samples to conduct empirical test and comparative analysis.The main contributions of this study are as follows:Firstly,this paper analyzes the status quo of social responsibility investment of listed companies on both sides of Fujian and Taiwan.The comparison shows that there are differences in the comprehensive strength of social responsibility investment and the investment of each sub-item.On the whole,the average level of corporate social responsibility investment in Taiwan is basically higher than that in Fujian province.Secondly,product market competition and corporate governance have a positive impact on the social responsibility investment of listed companies on both sides of Fujian and Taiwan.Compared with Taiwan sample companies,this positive effect is more obvious in Fujian enterprises.And the effects of product market competition and corporate governance on the social responsibility investment of all stakeholders are different.Thirdly,product market competition and corporate governance have different interactive effects on corporate social responsibility investment between Fujian and Taiwan.In Fujian province,product market competition and corporate governance have synergistic effect on corporate social responsibility investment.In Taiwan,the influence of product market competition and corporate governance on corporate social responsibility investment is substitutive.