慈善捐赠、社会资本与企业价值——基于内在传导机制的理论分析

Charitable Donation,Social Capital and Enterprise Value:A Theoretical Analysis Based on the Internal Transmission Mechanism

慈善捐赠是企业履行社会责任的主要形式之一,也是影响企业价值的重要因素。在梳理国内外相关文献的基础上,对社会资本的内涵和构成维度进行系统阐述,深入分析企业通过慈善捐赠提升自身价值的内在传导机制。研究认为,慈善捐赠行为积累的企业社会资本通过在产品市场和资本市场上发挥作用,形成产品市场中获取现金流能力及其不确定性,进而影响资本成本;资本市场中资本供求状况、出资者对企业风险水平的评价等因素所决定的对企业出资行为,直接和间接地对企业的经营和投资活动产生影响,同时对企业在产品市场中的表现发挥作用,影响产品和服务的销售及市场占有率,进而影响企业获取现金流的能力和资本成本水平的高低,上述各种因素的积极互动提升了企业价值。

Charitable donation is one of the main means of fulfilling corporate social responsibility for the enterprise,and it is also one of the important factors that affect the enterprise value.On the basis of existing literature,this paper systematically discusses the connotations and dimensions of the social capital,and analyzes in depth how an enterprise raises its value through charitable donations.We argue that the social capital accumulated through charitable donation enables firms the ability to obtain cash flow and its uncertainty by exerting influence on product and capital market,furthermore affects cost of capital.Factors,such as capital supply and demand conditions,investors＇ evaluation of enterprise risk level,affect operation and investment activities of enterprise directly and indirectly.Meanwhile,these factors affect the firm＇s performance in the product market in terms of popularity of its products and services,thus affecting its ability of gaining cash flow and capital cost.