企业社会捐赠:政治资本还是代理成本?

Corporate Social Donation:Political Capital or Agency Costs?

企业社会捐赠既可能是公司代理问题加重的体现,也可能是企业的政治资本投资。文章通过分析中国A股上市公司2004-2008年数据发现,一方面,企业社会捐赠表现为代理问题的加重和代理成本的增加,且在国有企业更加突出;另一方面,社会捐赠成为企业的政治投资战略及获取资源的有效方式,非国有企业通过捐赠获取的政治资本更多,且在制度环境较好的地区获取政治资本的能力更强。

Corporate social donation may be a reflection of the aggravation of agency problem,or political capital investment.By using the data of A-share listed companies in China from 2004to 2008,this paper arrives at the results that:on the one hand,corporate social donation is embodied by the aggravation of agency problem and the increase in agency costs,especially in state-owned enterprises;on the other hand,as a political investment strategy,it could help firms to get political resources,and non-state-owned enterprises obtain more political capital through donation and have the stronger ability of obtaining political capital in regions with better institutional environment.