我国企业慈善行为的市场反应——基于汶川地震捐赠数据的实证检验被引量：24

The Market Reaction on Corporate Philanthropy of Chinese Companies——an Empirical Study Based on Wenchuan Earthquake

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摘要本文以136家中国上市公司为样本,分析了汶川地震后资本市场对企业发布捐赠公告的市场反应,与对照组企业相比,样本中的企业的7天累计超额收益率显著为正。但是,当把样本划分为政府控股企业和私人企业两类后,本文发现两类企业在捐赠行为上存在明显的差异,Godfrey的"慈善捐赠只有被看作是企业社会责任的真实表达时才可以提高企业价值"的观点,在政府控股企业并不适用。 This paper investigates the market reaction to corporate philanthropic giving to the relief effort following the May 12,2008 Wenchuan Earthquake in Sichuan,China,based on a sample of 136 Chinese listed companies.The results indicate a statistically significant positive 7-day cumulative abnormal return compared to the controlling sample companies in Chinese emerging capital market.However,when partitioning the whole sample into two sample groups,one of which is government-controlled sample and the other non-government controlled company sample,we find that there is a significant difference between the two groups.Godfrey's assertion that philanthropic giving must be perceived as being a genuine manifestation of the firm's underlying character in order to increase firm value is challenged by the government controlled companies.

作者宋林王建玲

机构地区西安交通大学经济与金融学院西安交通大学管理学院

出处《当代经济科学》 CSSCI 北大核心 2010年第6期82-88,共7页 Modern Economic Science

基金教育部人文社科基金"资产证券化公允价值与会计监管"(项目号:09YJC90213)的资助西安交通大学"211"三期子项目"以战略产业发展研究为导向的产业经济国家重点学科建设"的资助

关键词公司社会责任慈善捐赠市场反应 Corporate social responsibility Corporate philanthropy Market reactions

分类号 F279.2 [经济管理—企业管理]

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