Based on the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2017, and combined with the network data of corporate social responsibility evaluation from the third-party organization, this paper studied the impact of corporate social responsibility performance on corporate performance and risk. Empirical results are as follows:（1）The better the company's performance of social responsibility evaluation, the more it can significantly improve the performance of the company and reduce the company's risk in the future;（2）It is found that the fulfillment of corporate social responsibility has a more significant positive impact on the financial performance and corporate risk of non-state-owned enterprises; （3）The fulfillment of corporate social responsibility can more effectively reduce the financial risk and debt default risk of companies in regions with low marketization degree;（4）Further research shows that companies with higher CSR evaluation have better stock market performance; In addition, our research shows that short selling mechanism of securities lending has not considered or reflected the fulfillment of corporate social responsibility.