基于行为粘性的企业逼捐实证研究

Empirical Research of Forced Philanthropy Based on Stickiness

以行为粘性为切入点,将被动性的行为粘性作为企业被逼捐的学理表征,利用中国A股上市公司2003~2012年慈善捐赠的面板数据,且基于固定效应模型,通过多重稳健检验,研究结果表明,中国企业捐赠行为存在压制性并呈现明显的粘性。研究发现,随着市场化程度提高及企业与利益相关者关系协调性趋好,这种粘性会逐渐减弱,企业捐赠受到的逼迫性亦变小。此外,实证结果还显示,为增强合法性,民营、违规、与消费者直接接触及竞争压力大的企业,总体而言会接受捐赠的逼迫性要求,此时企业捐赠的粘性更为显著。

Based on the panel data of Chinese A-share listed companies from 2003 to 2012,this study analyses and makes an empirical test on the forced occurrence mechanisms of corporate philanthropy from stickiness. By using fixed effects model and its multiple robustness examination, the research finds that corporate philanthropy is forced and its sticky characteristic is very significant. But the sticky characteristic will decrease with the degree of marketization and harmonious relationship be- tween corporate and its stakeholders. Further empirical study suggests that the sticky characteristic is more pronounced in these enterprises, viz. private, illegal, selling products directly to consumers and facing more competition pressure. And the reason is that the corporate wants to strengthen its legiti- macy by meeting stakeholders＇ repressive requirements on philanthropy.