Research On The Impact Of Institutional Investor's Shareholding On Corporate Social Responsibility

In recent years,the frequent economic,social and environmental problems make R&D innovation and corporate social responsibility the focus of attention of the whole society.Enterprises should not only pursue economic interests,but also undertake corresponding social responsibilities.For enterprises,R&D innovation can enhance the competitiveness of enterprises,so that enterprises can obtain greater economic benefits;for society,R&D investment is conducive to promoting social progress.So R&D innovation is an expression of corporate social responsibility.In the process of continuous development and improvement of China's securities market,institutional investors have gradually become an important subject of capital market investment and corporate governance institutions.As an important shareholder of the company,institutional investors have a great regulatory role in the R&D innovation of enterprises and the fulfillment of decision-making strategy of social responsibility.This study not only guides enterprises to introduce institutional investors,but also encourages enterprises to actively carry out R&D innovation,increase R&D investment,and actively assume social responsibility.This will not only help improve the competitiveness of enterprises,promote the sustainable development of enterprises,but also contribute to the improvement and stability of China's capital market.Firstly,this paper reviews the literature on the impact of institutional investors' Shareholding on corporate social responsibility,the impact of institutional investors' Shareholding on R&D investment and the impact of R&D investment on corporate social responsibility,and then makes theoretical analysis based on stakeholder theory,shareholder activism,principal-agent theory and resource-based view theory.Set up.Under the background of vigorously developing the real economy in China,this paper chooses Shanghai and Shenzhen A-share manufacturing listed companies from 2013 to 2017 as the research sample,uses factor analysis method to comprehensively measure corporate social responsibility,obtains comprehensive scores,and constructs a multiple regression model to test the impact of institutional investors' Shareholding on corporate social responsibility,and the impact of institutional investors' Shareholding on R&D investment.The influence,the influence of R&D investment on corporate social responsibility and the intermediary effect ofR&D investment in the impact of institutional investors' Shareholding on corporate social responsibility are calculated and the degree of intermediary effect is obtained.The research shows that institutional investors will promote the fulfillment of corporate social responsibility by actively participating in corporate governance;they will supervise the self-interest behavior of enterprise management that is not actively innovative,and promote enterprises to increase R&D investment;enterprises to increase R&D investment,continuous innovation is the performance of actively fulfilling social responsibility,and has a positive impact on Corporate Social responsibility;There is a mediating effect in the positive impact of institutional investors' Shareholding on corporate social responsibility,of which the degree of mediating effect is 19.60%.Finally,according to the results of the study,the countermeasures and suggestions are put forward: enterprises should actively fulfill social responsibility,internalize social responsibility into conscious action,or even raise it to a strategic level;enterprises should vigorously introduce institutional investors,which has an important positive significance for improving corporate governance mechanism and promoting sustainable development of enterprises;enterprises should increase investment in research and development,and constantly innovate so as to achieve sustainable development.In order to improve the competitiveness of enterprises,we should form competitive advantage resources with different characteristics,and advocate shareholder activism.Institutional investors should strengthen the supervision of the invested enterprises,actively participate in corporate governance,and reduce the self-interest behavior of the management which is harmful to the development of enterprises,so as to realize the long-term development of themselves and enterprises.The innovation of this paper is to integrate institutional investors' shareholding,R&D investment and corporate social responsibility into the same research system,and explore the impact path of institutional investors' Shareholding on corporate social responsibility.That is,R&D investment plays a mediating role in the impact of institutional investors' Shareholding on corporate social responsibility.