企业慈善捐赠、利益相关者价值认同与公司治理——基于操控性应计盈余管理视角的分析

Corporate Philanthropy, Stakeholders' Value Recognition and Corporate Governance——The Analysis Based on the Perspectiveof Discretionary Accrual Earnings Management

以我国2007-2013年度非金融类上市公司为样本,基于操控性盈余管理视角,实证检验了企业慈善捐赠的公司治理效应及其机制。研究发现:企业慈善捐赠与操控性应计盈余管理水平之间存在显著的负相关关系,在尽可能控制内生性问题后,研究结论依然成立。进一步分组检验证实,利益相关者的价值认同是企业慈善捐赠发挥公司治理效应的关键因素。本文在丰富了已有的慈善捐赠相关研究的同时,加深了公众对慈善捐赠公司治理效应的理解。

Takingnon- financial listed companies during 2007- 2013 as samples, this paper discusses corporate philanthropy behavior’s role in monitoring corporate governance based on the perspective of stakeholders’ value recognition. Our results indicate corporate philanthropy really could inhibit thediscretionary accrual earnings management and the conclusions still hold after eliminating the endogenous concerns. In a series of subgroup regression analysis, we further find that value recognition of stakeholders is essential for corporate philanthropy playing rolein the corporategovernance. This paper not only enriches the related literature, but also deepens our understanding for the behavior of corporate philanthropy.