The　recent　promotion　of　Corporate　Social　Responsibility　(CSR)　by　China　has　coincided　with　a　marked　increase　in　the　number　of　its　listed　firms.　To　what　extent　can　the　disclosure　of　CSR　reports　benefit　corporate　productivity?　This　article　empirically　explores　the　impact　of　CSR　on　firm-level　Total　Factor　Productivity　(TFP)　as　well　as　the　possible　influence　approaches　and　mechanisms.　Following　previous　literature,　several　predictive　models　are　built　to　draw　the　following　conclusions:　(1)　CSR　significantly　promotes　TFP;　(2)　the　impact　of　CSR　on　TFP　of　family　firms　is　greater　than　that　of　non-family　firms;　(3)　CSR　has　a　larger　positive　impact　on　firms　releasing　CSR　reports　voluntarily　than　on　those　releasing　under　compulsion;　(4)　CSR　has　a　greater　impact　on　private　firms　than　on　state-owned　ones,　while　it　has　little　effect　on　foreign-funded　ones;　(5)　The　impact　of　CSR　on　TFP　is　robust　in　high-tech　firms,　non-high-tech　firms,　coastal　firms,　non-coastal　firms,　industrial　firms,　and　service　firms.　Besides,　this　article　finds　that　financing　constraints　operate　as　a　major　channel　for　CSR　to　affect　TFP,　while　firms＇　irregularity　acts　only　as　an　important　channel.　Additionally,　2SLS　method　is　employed　to　deal　with　possible　endogenous　problems,　finding　that　our　conclusions　remain　robust.