Resumen
Water environment governance of large rivers is an essential measurement of ecological protection in China. The effectiveness of governance depends highly on the fulfillment of strategic CSR (corporate social responsibility) of Chinese leading enterprises. However, the fulfillment of strategic CSR often brings economic burden to the leading enterprises and needs government compensation support. Therefore, this paper explores the impact of government compensation on the fulfillment of strategic CSR of Chinese leading enterprises by constructing a multi-stage portfolio model. The main results show that (1) the prerequisite for leading enterprises to fulfill strategic CSR is sufficient profits; (2) the increase in government compensation can significantly affect the proportion of strategic CSR fulfillment of leading enterprises; (3) only when the portfolio considers both strategic CSR and project benefits, can the leading enterprises obtain the highest economic returns and better fulfill strategic CSR. The results can provide policy reference for the government to stimulate the fulfillment of leading enterprises? strategic CSR and also give suggestions for the leading enterprises to alleviate the economic pressure brought by fulfilling strategic CSR.