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Purpose – The purpose of this paper is to re-examine the statement of Peloza (2006) that enterprise corporate social responsibility (CSR) investment provides a protection efficacy similar to insurance. Design/methodology/approach – This study uses the event study method and data from the 2008-2010 China listed company social responsibility report and the Taiwan Economic Journal. Findings – The authors find that the insurance-like effect of CSR investment also exists in China. Both short- and long-term CSR investments of Chinese companies provide this efficacy to corporate stock prices. The authors also find diminishing marginal insurance-like effects in China market. Originality/value – The CSR investment of firms in China can reduce company stock-price loss when negative events occur. The authors therefore obtain a better understanding of the value of enterprise CSR investment.