选取2010~2021年授予管理者股票期权的A股上市公司为样本，运用倾向得分匹配法和双重差分模型来检验股票期权激励与企业社会责任之间的因果关系。研究表明，管理者股票期权对企业社会责任承担具有显著的促进效应。进一步研究发现，股票期权的业绩激励效应而不是风险承担效应发挥主导作用；当激励期限更长、行权业绩压力更小以及外部媒体监督强度更大时，股票期权的业绩激励效应与企业社会责任的正向关系更为显著。此外，股票期权能够通过抑制管理者短视来提高企业的社会责任表现，股票期权与企业社会责任目标相结合将有助于提高企业价值。

Using A-share listed companies that granted stock options to managers from 2010 to 2021 as the sample, this study employs propensity score matching and a difference-in-differences model to examine the causal relationship between managerial stock option incentives and corporate social responsibility (CSR). The results show that managerial stock options have a significant positive effect on corporate social responsibility. Further analysis reveals that the performance-based incentive effect of stock options, rather than the risk-taking effect, plays a dominant role. The positive relationship between the performance-based incentive effect of stock options and corporate social responsibility is more pronounced when the incentive duration is longer, the performance pressure associated with option exercise is lower, and external media monitoring is stronger. Moreover, stock options improve corporate social responsibility performance by mitigating managerial myopia. Finally, combining stock options with corporate social responsibility objectives contributes to enhancing firm value.