慈善捐赠是真善还是伪善:基于企业违规的视角

Are Charitable Donations Really Good or Hypocritical? From a Perspective of Enterprise Violation

企业慈善捐赠是真善抑或伪善是近些年学术界和实务界争论的焦点。文章从企业违规的视角,以2003–2015年我国A股上市公司为样本,实证检验了企业违规对慈善捐赠的影响,并进一步从制度环境和企业产权性质两个维度对这一影响进行分组检验。研究发现:(1)企业违规与慈善捐赠水平显著正相关;(2)在制度环境较好的地区,企业违规对慈善捐赠的正向影响程度更大;(3)相对于国有企业,非国有企业违规对慈善捐赠的正向影响程度更大。以上研究结果表明,慈善捐赠可能会被某些企业用作掩盖其违规行为、转移公众注意力、逃避违规查处的工具,且非国有企业慈善捐赠的工具性动机强于国有企业,良好的制度环境由于提高了企业违规的风险和成本,会进一步诱发这种机会主义动机。文章从企业违规的视角揭示了慈善捐赠的隐藏动机,丰富了慈善捐赠动机研究领域的文献。

The issue that charitable donations are really good or hypocritical has been a hot focus in academic research and practice field in recent years. From a perspective of enterprise violation, this paper uses A-share listed companies in China from 2003 to 2015 as a sample, and empirically examines the impact of corporate violation on charitable donations. Furthermore, this paper makes grouping study on the influence from two perspectives of institutional environment and property rights. It arrives at the conclusions as follows： firstly, enterprise violation and charitable donations have a significantly positive correlation; secondly, enterprise violation has a more positive impact on charitable donations in regions with better institutional environment; thirdly, compared with state-owned enterprises, non-state-owned enterprise violation has a more positive impact on charitable donations. The above results suggest that charitable donations may be used by companies as a tool to cover up their tendency of violation, divert public attention, and avoid violation investigation. Besides, the instrumental motivation of non-state-owned companies is stronger than the one of state-owned companies. What＇ s more, good institutional environment will further induce this opportunistic motivation because it improves the risks and costs of enterprise violation. This paper reveals the hidden motivation of charitable donations from a perspective of enterprise violation, and enriches the research on the motivation of charitable donations.