货币政策、产权性质与企业捐赠

Monetary Policy,Ownership of Property Right and Corporate Donations

2008年的汶川地震后,学者们对我国企业慈善捐赠行为表现出极大的兴趣。在我国,企业特别是民营企业是慈善捐赠的重要力量。本文选取2003—2014年我国A股上市公司为研究样本,首先实证检验产权性质对企业捐赠的影响,然后,抓住货币政策这一外生事件,研究融资约束是否影响企业捐赠。研究发现,与国有企业相比,民营企业的捐赠倾向与捐赠规模都更大。进一步的研究表明,货币政策是影响民营企业捐赠的重要因素。本文的研究丰富了企业慈善捐赠的文献,也拓展了"宏观经济政策与微观企业行为"的研究。

After the 2008 Wenchuan Earthquake, more and more scholars have showed increasing interest in corporate charitable donations. In China, enterprises, particularly private enterprises, are important forces in charitable donations. With the S share listed companies in China from 2003 to 2014 as the samples, empirical tests are made in this paper to confirm the effect of the ownership of property right on corporate donations ; then based on the monetary policy, whether financing constraint influences the corporate donations is checked. Results show that compared with state-owned enterprises, the private enterprises are more strategically motivated with larger donation scale. Further study shows that monetary policy is an important element to affect the donation of private enterprises. These findings not only enrich the existing literature, but also expand research on macroeconomic policies and microcosmic firm behaviors.