【摘要】 近年来，企业社会责任引起了各界广泛关注。本文以2010-2021年间A股上市公司为研究样本，实证研究了企业社会责任对股价波动的影响。研究发现，企业社会责任会显著抑制股价波动并主要表现为企业特质性风险的降低，但对系统性风险并无影响；其主要影响机制是企业履行社会责任提高了企业声誉、改善了企业信息环境并吸引了更多机构投资。异质性分析显示，企业社会责任对股价波动和特质性风险的降低作用在自愿披露社会责任信息、非国有企业、公司治理水平更高和企业所在地法律环境更好的样本中更为显著。本文进一步分析发现，在突发事件冲击时企业社会责任更能有效降低股价波动和特质性风险，其次，企业社会责任的影响具有长期效应，并且由企业社会责任驱动的特质性风险变化能够缓解系统性风险的影响。更多还原

【Abstract】 In recent years, corporate social responsibility has attracted wide attention from all walks of life. This paper takes A-share listed firms from 2010 to 2021 as research samples to empirically study the impact of corporate social responsibility on stock price volatility. The results show that CSR can significantly inhibit stock price volatility and mainly reduce idiosyncratic risk, but has no effect on systemic risk. Its main influence mechanism is that corporate social responsibility improves corporate reputation, improves corporate information environment and attracts more institutional investment. Heterogeneity analysis shows that the effect of CSR on stock price volatility and idiosyncratic risk is more significant in the samples with voluntary disclosure of CSR information, non-state-owned enterprises, higher level of corporate governance, and better legal environment in the location of the firms. Further analysis reveals that CSR is more effective in mitigating stock price volatility and idiosyncratic risk during sudden crisis shocks. Moreover, the impact of CSR demonstrates long-term effects, and the change of idiosyncratic risk driven by CSR can alleviate the impact of systemic risk.更多还原