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Based on the non-financial listed companies of Shanghai and Shenzhen A-shares from 2010 to 2017, this paper studies the relationship between corporate social responsibility and non-efficiency investment behavior based on stakeholder theory and signal transmission theory. The study found that corporate social responsibility can effectively improve investment efficiency, not only reduce overinvestment but also alleviate underinvestment; further research found that the higher the competitive position of enterprises in the industry, the stronger the improving effect of social responsibility on investment efficiency. This study provides empirical evidence for the economic consequences of corporate social responsibility.

Will Corporate Social Responsibility Discourage Inefficient Investment? An Empirical Research based on Chinese Listed Companies