激烈竞争下的公司捐赠:“慈善行为”抑或“战略行为”——来自公司社会责任报告的经验证据

Corporate Donation Under Intense Competition: Charitable or Strategic Behaviors from the Empirical Evidence of Corporate Social Responsibility

公司捐赠是公司利他主义的慈善行为表现还是为了获取经济利益的战略行为，这是实务界和学术界广泛关注的重要问题。本文通过收集上市公司2008—2011年社会责任报告中的公司捐赠数据，从公司外部的产品市场竞争视角考察公司捐赠的真实动机。研究结果表明，在激烈竞争的外部条件下，公司增加了现金捐赠而不是削减现金捐赠，由此说明公司捐赠更可能是为了提升公司经济业绩的一种战略行为。

Whether corporate donation is driven by altruistic or strategic considerations is widely discussed in the literature or in industry. Using hand-collected data from corporate social responsibility reports of Chinese listed firms in the period of 2008-201 l, we examine the motivation of corporate donation. The empirical results indicate that firms denote more in more competitive industries than in less competitive industries. This evidence is consistent with the argument that corporate donation is more like a value enhancement strategy.