企业慈善捐赠与融资约束

Corporate Charitable Donations and Financing Constraints

借鉴Almei da提出的现金—现金流敏感度模型,利用沪深两市主板上市公司2008-2013年的数据,实证检验了企业慈善捐赠对融资约束的影响。研究结果显示:企业进行慈善捐赠能够显著降低其融资约束程度;并且捐赠金额越高,融资约束程度越低;并发现,慈善捐赠有助于企业获取长期信贷。与融资约束较低的企业相比,在融资约束较高的企业中,慈善捐赠对融资约束的减缓作用更显著。这些证据表明慈善捐赠具有信号显示功能,进而能够改善企业的信息环境,缓解其融资约束程度。

By making use of the data of China＇ s listed companies during the period of 2008-2013 on the mainboards of Shanghai and Shenzhen stock markets and the cash-cash flow sensitivity model put forward by Almeida, this study empirically examines the impact of corporate charitable donation on financing constraints. The results show that corporate charitable donations can significantly reduce the financing constraints. And the more the donations, the fewer the financing constraints. In addition,the charitable donations can help enterprises to obtain long-term credit. Compared to firms with lower level of financing constraints, such effects of donations are more significant among the enterprises with higher level of financing constraints. These evidences suggest that charitable donations may act as signals, which can improve corporate information environment and reduce their financing constraints.