1. 中山大学管理学院；2. School of Business, Stevens Institute of Technology；3. 广东省海外金融投资协会
Research on Behavior and Performance of Socially Responsible Investing Based on Fund Holdings
ZHANG Cheng，ZHU Shushang，WU Ying，CHEN Mingquan
1. Sun Yat-sen University, Guangzhou, China； 2. Stevens Institute of Technology, Hoboken, USA； 3. Guangdong Overseas Finance and Investment Association, Guangzhou, China
Abstract：This paper adopts fund-level CSR to measure fund social responsibility, and studies the behavioral characteristics and financial performance of socially responsible investing of funds in China. The regression analysis on investment behavior shows that Chinese socially responsible funds value environmental protection and that there are size and value effects on fund social responsibility. Better fund social responsibility benefits investment performance overall, while further research based on fund social responsibility subscores shows that funds may to some extent sacrifice financial performance for environmental protection and that they can also benefit from valuing narrow-sense social responsibility and shareholder interests. The above three dimensions related to investment performance echo the ESG criteria widely accepted by the international community, respectively, but they are rooted in the traditional Taoist and Confucian culture of China.
张宬，朱书尚，吴莹，陈铭权. 基于基金持股的社会责任投资行为及绩效研究[J]. 管理学报, 2021, 18(12): 1840-.
ZHANG Cheng，ZHU Shushang，WU Ying，CHEN Mingquan. Research on Behavior and Performance of Socially Responsible Investing Based on Fund Holdings. Chinese Journal of Management, 2021, 18(12): 1840-.
