企业慈善捐赠市场效应研究述评与再验证

企业慈善捐赠的市场效应是国内外金融经济学界研究的热门话题之一。本文梳理了国内外企业慈善捐赠市场效应理论和实证研究的进展,评析已有研究成果局限的同时提出了改进思路,并以5.12汶川地震捐赠数据为基础,根据调整的市场模型和Mann-Whitney U非参检验法对企业慈善捐赠市场效应及影响因素进行再次验证。研究结果显示:整体上资本市场对企业的慈善捐赠行为作出了积极的正向反应,同时市场会通过甄别企业的捐赠时间、相对捐赠水平以及捐赠构成来衡量企业捐赠行为的真实性。

The market effect of corporate philanthropic donations is a hot topic in foreign and domestic financial and economic sectors. This paper introduces the foreign and domestic achievements and developments in the theoretical and empirical researches on the market effect of corporate philanthropic donations, reviews the previous research results and limitations, and points out the thoughts for improvements. Simultaneously, this paper makes a revalidation about market effect of philanthropic donations and influencing factors based on donation data about the 5.12 Wenchuan Earthquake and by using adjusted market model and Mann - Whitney U non - parameter test method. The results indicate that the capital market reaction is positive to the donation event and the market can measure the facticity of corporate philanthropic donations through time, ratio and constitution of donation.