环境不确定性、公益性捐赠与银行信贷

Environmental Uncertainty,Public Welfare Donation and Bank Credit

本文选取2011—2018年沪、深A股全部上市公司作为研究样本,采用多元回归的方法检验了公益性捐赠与银行信贷两者之间的关系,并将两者置于宏观环境中,进一步探讨了环境不确定性对上述关系的影响,研究结果表明:(1)公益性捐赠与银行信贷之间存在正相关关系,即参与公益性捐赠的企业比没有参与公益性捐赠的企业更可能获得银行的信贷支持;(2)环境不确定性能够促进公益性捐赠与银行信贷的正相关关系,即环境不确定性越高,参与公益性捐赠的企业更可能获得银行的信贷支持;(3)进一步研究发现,相比于担保贷款等其他贷款方式,公益性捐赠更能够促进银行信用贷款额的增加;(4)相比于短期贷款,公益性捐赠更能够促进长期贷款额的增加;(5)相比于非战略性捐赠,战略性捐赠更能够为企业带来银行信贷的支持。

This article selects all listed companies of Shanghai and Shenzhen A shares from 2011 to 2018 as a research sample,and uses a multiple regression method to test the relationship between public welfare donation and bank credit,and the two were placed in a macro environment to further explore the impact of environmental uncertainty on the above relationship.The research results show that:(1)There is a positive correlation between public welfare donation and bank credit,that is,companies that participate in public welfare donation are more likely to obtain banks than companies that do not.(2)Environmental uncertainty can ptomote the positive correlation between public welfare donation and bank credit,that is,the higher the environmental uncertainty,the more likely that companies participating in public welfare donation will receive credit support from banks;(3)Further The study found that,compared with other loans such as secured loans,public welfare donation can promote the increase of bank credit loans;(4)Compared with short-term loans,public welfare donation can promote the increase of long-term loans;(5)Compared with non-strategic donations,strategic donations can bring more bank credit support to companies.