Abstract: Based on institutional theory and instrumental stakeholder theory, this paper analyzes the impact of “balanced” or “preferred” corporate social responsibility practices on green innovation, and explores the moderating roles of the analyst attention and institutional environment that affect legitimacy pressure, market uncertainty and slack resources that affect efficiency pressure. Using the panel data of A-share listed companies from 2010 to 2019, it finds corporate social responsibility differentiation has a significant positive impact on green innovation, both analyst attention and slack resources play a positive moderating role while market uncertainty plays a negative moderating role. Institutional environment has no significant impact on the relationship between corporate social responsibility differentiation and green innovation. Further research finds that corporate social responsibility differentiation promotes the independent green innovation of enterprises, but has no significant impact on the non-independent green innovation of enterprises. The results enrich the related literature of corporate social responsibility governance and green governance and also provide suggestions for different enterprises to choose more appropriate social responsibility strategy under the background of green transition.

Key words: corporate social responsibility differentiation, green innovation, stakeholders