企业慈善捐赠对市场影响的实证研究——以“5·12”地震慈善捐赠为例被引量：70

Empirical Study on the Market Impact of Corporate Philanthropic Giving——Taking the Donation in "5·12" Earthquake for Example

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摘要基于75家国内企业,利用事件研究方法和市场模型,对企业在"5.12"地震后公布捐赠信息及其市场影响进行分析。结果显示,公布捐赠信息3天内的累积异常收益率显著为正,同时累积异常收益率与捐赠时间(相对于地震发生日)负相关,与捐赠金额正相关。只有被市场认知为真实的慈善捐赠才有益于提升品牌形象、增加企业价值。 Based on 75 domestic enterprises and using event study method and market model,this study investigates the market reaction to the corporate press releases announcing donations to the relief effort following the ＂5·12＂ earthquake.The results indicate a statistically significant positive 3-day cumulative abnormal return.While the differences in the timing（relative to the date of the earthquake） of the press releases have significant negatively influenced market reactions,the amount of donation did positively.In short,only when the philanthropic giving must be perceived as being a genuine manifestation of the firm＇s underlying social responsiveness,can it promote brand image and increase firm value.

作者李敬强刘凤军

机构地区中国人民大学商学院

出处《中国软科学》 CSSCI 北大核心 2010年第6期160-166,共7页 China Soft Science

基金国家自然科学基金资助项目(70772089)

关键词企业社会责任慈善捐赠市场影响事件研究法 corporate social responsibility philanthropic giving market impact event study method

分类号 F270 [经济管理—企业管理]

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