Abstract: Beginning with the multi-level of corporate competitive advantage, this paper analyzes the connection and transformation mechanism between corporate social responsibility and competitive advantage; by introducing CSR behavior theory and selecting the top 100 CSR public corporation in China from 2009 to 2015 as the samples of research，the paper explores the transformation effect on different types of CSR behaviors contributing to competitive advantage in different levels. In general, CSR activity has a significant effect on the corporate competitive advantage, the effect on capacity and value is better, while the effect on performance isn′t significant; the effect of different CSR behaviors on competitive advantage is different, and the larger of the corporate scale, the transformation effect is more significant. This conclusion gives a reasonable explanation for the puzzle of CSR-CFP relationship based on the different levels of competitive advantage sources.

Key words: corporate social responsibility, competitive advantage, transformation effect