私营企业家-员工收入差距、社会资本与企业慈善捐赠——基于企业异质性视角

Private Entrepreneur-employee Income Disparity,Social Capital and Corporate Philanthropy:Based on the Perspective of Firm Heterogeneity

主流文献发现组织特征和制度特征都可以解释企业的慈善捐赠行为,企业家作为企业的实际决策者,其个人特征是否会影响企业的慈善捐赠?本文利用2012年全国私营企业调查数据,实证检验了私营企业家-员工收入差距、企业家社会资本对企业慈善捐赠水平的影响。结果发现:私营企业家-员工收入差距与企业慈善捐赠呈现"倒U型"特征,随着收入差距的扩大,企业慈善捐赠先提高后降低,体现了锦标赛理论与行为理论的有机统一;企业家政治身份、行业身份、受教育程度等社会资本与企业慈善捐赠水平显著正相关;私营企业家-员工收入差距与企业慈善捐赠的"倒U型"关系、企业家文化程度与企业慈善捐赠的正相关关系会受到企业异质性特征的影响。这些结论在一系列稳健性检验中仍然成立。本研究对于深入理解私营企业慈善捐赠背后的原因以及推动我国私营企业慈善捐赠事业的发展具有一定的政策含义,同时对私营企业的经营实践也有一定的参考意义。

Mainstream literatures have found that behavior of corporate philanthropy can be explained by organizational and institutional characteristics, then, as the actual decision maker, whether the personal characteristics of the entrepreneur will affect the corporate philanthropy？ Based on this, this paper explores how the income disparity between private entrepreneur and employees, social capital will affect philanthropy by using the survey dataset from private firms in China in 2012. We find that： 1） the private entrepreneur-employee income disparity has inverted U-shape effect on philanthropy. Along with the increasing of the income gap, the philanthropy shows a trend from rise to decline, which embodies the integration of tournament theory and behavior theory; 2） political identity, industry status and education level of the private entrepreneur are all significantly and positively correlated with corporate philanthropy. 3） the inverted U-shape correlation between income gap and corporate philanthropy, the positive correlation between entrepreneur education level and corporate philanthropy would be affected by firm heterogeneity. The above conclusions are still set up in a series of robustness tests. These findings suggest that perspectives of social expectation or role playing of private entrepreneurs can be used to explain the variances of corporate philanthropy and they also has certain significant reference for the private firms＇ operating practice.