公司慈善行为提升企业价值吗?——基于面板数据模型的实证研究被引量：24

Does Corporate Philanthropy Improve Enterprise Value?——An Empirical Research Based on Panel Data Model

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摘要现有文献关于公司慈善行为经济后果的研究多是基于汶川大地震这一突发性灾害事件,慈善捐赠与企业价值之间关系的长期性结论是什么始终没有得到回答。本文使用中国上市公司2004～2009年的面板数据,利用面板单位根与协整检验、面板固定效应模型对公司慈善行为的价值相关性进行了实证研究。结果证实,无论对于何种所有权性质、行业的上市公司,慈善捐赠与企业价值之间均不存在显著正相关关系。长期来看,中国上市公司的慈善行为并没有提升企业价值,起到"战略慈善"的有利经济后果。对此,结合中国转型社会背景进行了分析,并从政府、企业和社会三个层面提出了构建良性的捐赠激励回报机制的启示与建议。 The available literatures about economic consequences of corporate philanthropy are mainly based on the disaster event of Wenchuan Earthquake, without answering the question that whether corporate philanthropy has a positive effect on enterprise value in long term or not. Using method of ADF Test, Cointegration Test and Fixed Effect Test of Panel Data Model, this paper made an empirical research on the effect of corporate philanthropy on enterprise value. The findings show that there is no significantly positive correlation between corporate philanthropy and enterprise value. All in all, from long term perspective, corporate philanthropy doesn＇t improve enterprise val- ue and bring about economic consequences of ＇ Strategic Philanthropy＇ in China. In addition, In consideration of China＇s social transformation background, some proposals about setting up the incentive mechanism are put forward to improve corporate philanthropy level.

作者朱金凤杨鹏鹏

机构地区西安外国语大学商学院

出处《经济管理》 CSSCI 北大核心 2011年第12期52-59,共8页 Business and Management Journal ( BMJ )

基金教育部人文社会科学研究青年项目"政治联系对公司慈善捐赠的影响:中国转型经济情境下的实证研究"(11YJC630305) 教育部新世纪人才支持计划项目"中小型科技企业社会资本与战略敏捷度的关系研究"(NCET-10-0934)

关键词慈善捐赠企业价值面板模型 corporate philanthropy enterprise value panel data model

分类号 F275.4 [经济管理—企业管理]

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