This study draws the following conclusions: (1) the impact of CSR on corporate performance. CSR is positively correlated with corporate performance. Good CSR can promote the improvement of corporate performance; (2) the process and intermediate links of CSR's influence on corporate performance. First, CSR is positively correlated with corporate reputation. The higher CSR score, the better the corporate reputation; second, corporate reputation is positively correlated with corporate performance. The better corporate reputation, the higher corporate performance; third, CSR is positively correlated with brand value. The higher CSR score, the higher the brand value; fourth, brand value is positively correlated with enterprise performance. The higher the brand value, the higher the enterprise performance; fifth, corporate reputation plays a partial mediating role in CSR. Sixth, brand value plays a partial mediating role in CSR. Corporate reputation and brand value play a chain mediating role in the influence mechanism of CSR on corporate performance; (3) the regulating effect of institutional environment. Two institutional environmental factors, government intervention and media attention, are introduced to study the influence of institutional environment on the relationship between CSR and corporate performance. First, government intervention plays a negative moderating role in the influence mechanism of CSR on corporate performance. That is, the higher the degree of government intervention, the weaker the role of CSR on corporate performance; second, media attention plays a positive moderating role in the influence mechanism of CSR on corporate performance. This hypothesis is not valid, and media attention has no regulating effect.

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