市场地位、企业捐赠与权益资本成本

Market Position, Enterprise Donation and Cost of Equity Capital

本文以我国2007-2016年A股上市公司为样本,研究了企业对外捐赠对其权益资本成本的影响。结果表明,企业对外捐赠能显著降低其权益资本成本;进一步的分析发现,企业对外捐赠对其权益资本成本降低效应只在其市场地位较低时存在,企业市场地位较高时这种效应并不显著。此结果说明,对外捐赠作为企业履行社会责任的一种方式,能对企业树立良好的社会形象起到促进作用,从而向投资者传递较好的信号,引起投资者的关注并使企业得到投资者的偏好。

This paper studies the impact of corporate donations on the cost of equity capital based on the data of China＇s A-share listed companies from 2007 to 2016. The results show that corporate donations can reduce the cost of equity capital; further analyses find that the effect of corporate donations on equity capital cost reduction exists only when its market position is low, but when its market status is higher, this effect is not significant. The results indicate that as a way to fulfill corporate social responsibility, donations can promote enterprises to establish a good social image so as to deliver a better signal to investors and to attract the attention of investors and investor preference.