Research On The Impact Of Venture Capital In Corporate Social Responsibility

In recent years,the issue of corporate social responsibility has increasingly attracted attention from all walks of life.The outbreak of food safety incidents,the aggravation of environmental pollution,and the protection of employees' rights and interests have revealed that many companies lack a sense of social responsibility in the development process.The state has successively promulgated laws to regulate corporate behavior,and the academic community has also conducted in-depth research and discussion on corporate social responsibility issues.As an important financing channel in the capital market,venture capital,with its ample funds and accumulated rich experience,participates in the management of enterprises and provides more value-added services for enterprises.It is increasingly valued by the government and enterprises.Therefore,in this context,it is of great theoretical and practical significance to study the impact of venture capital investment on corporate social responsibility and its mechanism of action.By combing the concept connotation of corporate social responsibility and venture capital,and reviewing the research literature in related fields,this article expounds the impact of venture capital on corporate social responsibility from the perspective of theoretical analysis.After that,this paper selects 92 listed companies in Shanghai and Shenzhen from 2008 to 2015 as the research object,uses multiple regression analysis to test the impact of venture capital participation and participation on corporate social responsibility and the intermediary role of corporate governance,and according to the regression The result came to a conclusion.This study found that:(1)venture capital as an important stakeholder of an enterprise,in order to realize capital appreciation,it will actively promote the enterprise to fulfill its social responsibilities;(2)high participation of venture capital,including the holding of multiple venture capital institutions and high The shareholding ratio is a powerful guarantee for venture capital in promoting corporate social responsibility;(3)venture capital promotes corporate social responsibility by actively participating in corporate governance,especially increasing the shareholding ratio.(4)At present,the participation of venture capital in listed companies in China is still relatively low,and the construction of corporate social responsibility needs to be improved.According to the research conclusions,this article provides corresponding practical inspirations for venture capital,listed companies and the government.