本文以利益相关者理论为基础，从公司治理内外部治理机制两个维度，采用
实证的研究方法，利用 2013 年我国上市公司中发布年度社会责任报告的 606 家
样本公司作为研究样本，通过构建企业社会责任指数，引入多元回归模型，分析
了公司内部治理结构中的实际控股人、审计委员会的设立、监事会规模、境外上
市经验在内 4 个解释变量，以及公司外部治理结构中的中国分省企业经营环境指
数 1 个解释变量，在控制变量公司规模，每股收益，行业、中国各省份年度国内
生产总值的共同影响下，分析了上市公司治理结构对企业社会责任表现的影响。
研究结果表明，从公司内部治理机制来看，国有控股，具有境外上市经验与
企业社会责任表现存在显著的正相关关系，审计委员会设立，监事会规模与企业
社会责任表现无显著性相关关系；从公司外部治理机制来看，企业经营环境指数
与企业社会责任表现存在显著的负相关关系。
本文尝试从公司内外部治理机制两个维度来探讨公司治理对企业社会责任
表现的影响，从学术研究角度上，可以丰富公司外部治理机制对企业社会责任表
现的影响研究成果，从而有益于企业在履行企业社会责任上取得更优异的表现。
关键字：公司治理；企业社会责任；外部治理
Abstract
Corporate governance is organizational mechanisms which ensure operation of
enterprises going on well and efficiently and that is the effective mechanisms that
guarantee corporate social responsibility fulfill efficiently. Great corporate governance
mechanism can help companies achieve superior performance and provide solid
protection for fulfilling corporate social responsibility. Currently, scholars, from the
perspective of corporate governance, conducted plenty of significant research on the
factors that fulfill the performance of corporate social responsibility, but most of the
previous studies to explore the relationship between corporate social responsibility
performance and corporate governance is just by the company's internal governance
mechanisms but ignores the external influence governance mechanisms. External
environment can change corporate behavior in certain gains and losses, and thus affect
the motivation and decision-making preferences, while corporate behavior is often
constrained by internal and external factors. Therefore, while the influence of internal
and external governance mechanisms considered is important for CSR performance.
Deeply study on these issues, it not only enriches the existing research also helps
enterprises to better fulfill their social responsibility, to play the economic effects of
social responsibility behavior.
In this paper, it’s based on stakeholder theory, from the perspective of two
dimensions external/internal governance mechanisms, by empirical research methods,
we used 606 annual social responsibility report China's listed companies published in
2013 as samples, by building Enterprise Social Responsibility Index, the introduction
of the multiple regression model, we analyzed the company's internal governance
structure , the actual controlling person, the establishment of the Audit Committee, the
Board of Supervisors, scale listed overseas experience, as four explanatory variables,
as well as the company's external governance, Provincial Companies in China
Operating Environment Index as fifth explanatory variable. In addition, we used the
size of the company, earnings per share, the industry, and the combined effect of the
various provinces of China's annual gross domestic product as control variables, to
study the influence of corporate governance structure on corporate social
responsibility performance.
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