我国上市公司捐赠保值效应的实证研究

An Empirical Study of Insurance Effect of Chinese Listing Corporation Donation

本研究的对象为发生负面事件的企业,研究企业捐赠的保值效应,拓展了企业捐赠经济效应的研究,对现阶段负面事件频发的中国企业具有重要实践启示。本研究运用事件研究法和回归分析方法,考察了中国企业捐赠的保值效应,即企业捐赠能够在企业负面事件发生时为股东财富提供保值。来自中国上市公司的经验表明,中国企业捐赠具有保值效应。实证结果还支持了事件性质对企业捐赠保值效应影响的研究假设,结果表明,与发生其他负面事件相比,发生竞争性负面事件时企业捐赠为股东财富保值的效果越弱。

This study employs the empirical method of case study and regression to test the insurance effect of enterprise donation. It is proved that there exists an insurance effect of corporate donation. The behavior of donation can help maintain stock value when scandal news about the corporate appears. The test result also supports that the property of events can influence the insurance effect. It is proved that the insurance of effect is weaker when the event is competitive events. The study focuses on corporate involved in negative events, and tests the stock value storage effect of corporate donation, completing existing literatures on economic outcome of corporate donation. It may also some provide constructive management opinions to Chinese corporate involved in frequent scandals.