公益捐赠的创新价值:策略性创新抑或实质性创新——来自《慈善法》颁布的准自然实验

Innovative Value of Public Welfare Donation: Strategic Innovation or Substantive Innovation

近年来,公益捐赠逐渐被赋予"发挥第三次分配作用"与"助力多层次社会保障体系"的重任。本文以2016年国内首部《慈善法》颁布为外生事件,基于倍差模型考察了A股主板上市公司公益捐赠对不同类型创新行为的影响。研究发现:《慈善法》颁布后,公益捐赠显著促进了策略性创新,但却未带来明显的实质性创新行为;企业主要是通过政府补助及债务融资两条渠道强化公益捐赠与策略性创新关系,且市场化程度与产权性质起调节作用。据此,本文提出:政府要持续挖掘公益捐赠的创新价值;企业应顺应《慈善法》的创新取向,以创新驱动企业高质量发展;政府应完善资本市场建设与引导资金流向,加快要素市场化建设及产权制度改革。

In recent years, public welfare donation has been entrusted with the important task of "playing the third distribution role" and "assisting the multi-level social security system". Taking the first Charity Law issued in 2016 as an exogenous event,this paper examines the impact of public welfare donations on different types of innovation behaviors of A-share main board listed companies based on the multiple difference model. The study found that, after the promulgation of the Charity Law, public welfare donation significantly promoted strategic innovation, but did not bring obvious substantive innovation behavior;enterprises mainly strengthened the relationship between public welfare donation and strategic innovation through government subsidies and debt financing, and the degree of marketization and the nature of property rights played a regulatory role. Accordingly, this paper proposes that the government should continue to explore the innovative value of public welfare donations;enterprises should comply with the innovation orientation of the Charity Law and drive high-quality development by innovation;and the government should perfect capital market construction and guide capital flow and accelerate the market construction of elements and the reform of property rights system.