谁回报了民营企业的捐赠?——从融资约束看民营企业“穷济天下”的行为

Who do Repay for Donation of Private Enterprises?——Research on the Donation Behavior of Poor Private Enterprises from the Perspective of Financial Constraints

本文以我国民营上市公司2007—2010年间的相关数据为研究样本,从融资约束角度研究民营企业捐赠的回馈机制。研究发现,民营企业捐赠有助于缓解融资约束,其"穷济天下"的行为获得市场和政府两方面的回馈。进一步研究发现,市场关注度越高,民营企业捐赠的融资约束缓解效应越明显,政治关联民营企业的捐赠更能够缓解融资约束。通过比较两条途径的作用效果发现,政府对民营企业捐赠的回馈在缓解融资约束上发挥主要作用,政治关联被民营企业作为与政府进行资源交换的渠道。金融发展强化了市场机制回馈,削弱了政府与民营企业的资源交换。本研究揭示了资源困境和政府驱动双重作用下,民营企业通过捐赠"购买"金融资源的行为逻辑,为民营企业"穷济天下"的行为提供了经验解释,这也为十八届三中全会《决定》提出的"让不同的市场主体平等地使用生产要素、公平公正公开地参与市场竞争、受到同样的法律保护"的政策目标提供了信息依据。

In china, private enterprises have always been facing serious financial constraints. A shortage of funds severely hamper their development, and the crisis of capital chain rupture endanger the survival of them. But, at such condition, private enterprises are contributing more and more to philanthropy. The phenomenon that poor private enterprises are so generous is thought-provoking. Even if it looks like the kind of behavior is irrational, there is no reason to think so. So, it is interesting and important to find out the reason of private enterprises dona- tion, especially when they are lack of money. Based on the perspective of financial constraints, this paper adopts a sample of 1480 private listed companies from 2007 to 2010 to examine the way by which private enterprises are repaid[ for their donation. We attempt to an- swer the following key questions ： In china, whether donation of private enterprises can relief financial constraints, then what the mechanisms are. Whether market mechanism and government mechanism both play a role, and which one is more important. On this basis, this paper may have three contributions to related research. Firstly, to extend the research filed from relationship between donation and financial performance to the relationship between donation and financial constraints. Secondly, to pay attention to the effect of market mechanism and government mechanism at the same time, which increases the understanding of the determinants of donation of private enterprises. Thirdly, to enrich the research on firm＇ s financial constraints. The results suggest that donation can help private enterprises to relief financial constraints. Market and govern- ment both repay private enterprises for their philanthropy, which improve the situation of private enterprises. What＇ s more, the higher market attention is, the stronger donations of private enterprises can affect financial constraints, and donation of private enterprises with political connection can exert stronger effect on relieving financial con- straints. By comparing the different effect between two ways, we find that retarn from government is more important for relieving financial constraints, and political connection is used as the channel for resource exchange between government and private enterprises. Financial development reinforces the market feedback and weakens the effect of government. This paper reveals the action logic of private enterprises donation under dual impact of resource dilem- ma and government pressure, and offers the empirical explanation for philanl：hropy of private enterprises. To test the robustness of empirical results above, we consider following tests. First, to avoid the problem of endogenous, we use two-stage least squares regression with Instrumental variable. Second, to avoid the impact of the individual factor and the autocorrelation problem, we further control the individual effect and time effect. Third, considering the influence of special events, such as ＂5 - 12 Wenchun earthquake＂ in 2008, so we reject the samples of year 2008. All robustness tests indicate that there is no substantial change in both the value and sig- nificance for main variables. The according policy recommendations as follows： firstly, the condition that government dominants resources configuration should be changed, and let market take in charge, in order to improve the financing environment of private enterprises. Secondly, it is necessary to reduce the private enterprise behavior intervention by government, and change the government-led relational private enterprise donation model. Thirdly, market attention exert an im- port effect on private enterprise behavior. Positive response of investors to the private enterprise donation is helpful to build a long-term mechanism of private enterprise donation. At the same time, the research also provides the information for the pohcy objective of ＂Decision＂ adopted at the Third Plenary Session of the 18th CPC Central Committee, which requires that various ownerships have equal access to production factors, open and fair marker competition and the same legal protection and supervision.