企业捐赠中的锚定效应研究——基于“汶川地震”和“雅安地震”中企业捐赠的实证研究

Research on the Anchoring Effect in Firms' Donation Decision

锚定效应在经济活动中广泛存在,并对企业决策产生了重要影响。本文采用A股上市公司在汶川地震和雅安地震中的捐赠数据,分析企业的捐赠行为是否存在显著的锚定效应。本文的实证研究结果表明,在汶川地震捐赠中,仅存在外在锚,企业捐赠存在显著的外在锚效应,如果同行业其他企业的捐赠比率越高、捐赠金额越多,则企业越有可能捐赠、捐赠金额也越多;在雅安地震捐赠中,外在锚和内在锚同时存在,内在锚效应占优,如果企业在汶川地震中进行了捐赠、捐赠金额越多,则在雅安地震中也越有可能捐赠、捐赠的金额也会越多。本文还发现,捐赠的锚定效应在现金持有水平高的企业中体现的更为显著。本文的结论对企业的捐赠决策具有重要的理论和现实启示。

Anchoring effect is widespread in economic activities, and has a huge influence in business decision. Using Chinese A-share listed firms 'donation data in Wenchuan earthquake and Ya 'an earthquake, this paper examines whether the anchoring effect influences the donation. We find that a firm 's donation decision is influenced by the other firms 'donation of the same industry in Wenchuan earthquake, which serves as an externally provided anchor. If more of the firms of the same industry have donated, and the more they donated, it is more likely for a firm to donate, and to donate more. In Ya 'an earthquake, there exist externally provided anchor and self-generated anchor, and the latter dominates. A firm 's donation in Wenchuan earthquake becomes the anchor for firm 's donation decision in Ya 'an earthquake, that is, if a firm donated in Wenchuan earthquake and the more it donated, it is more likely to donate in Ya'an earthquake and donate more. The paper also finds that firms, who have more cash, show more significantly anchoring effect. These findings have important theoretical and practical implications for corporate donation decision.