嵌入与回馈:国有企业的隶属级别、政府补助与慈善捐赠

Embedding and Feedback: Affiliation Level, Governmental Subsidies and Charitable Donations of Chinese SOEs

中国的国有企业进行慈善捐赠的行为逻辑是什么?什么样的国企会更积极地捐赠?利用975家中国国有上市公司在2010—2016年间的数据,实证考察了国企的隶属级别和政府补助对其慈善捐赠的影响,以及政治关联和政府干预的调节作用。结果表明:首先,国企的隶属级别与慈善捐赠负相关,级别较低的地方性国企由于对地方较高的嵌入和依赖会更多地捐赠;其次,国企所获得的政府补助与慈善捐赠正相关,捐赠成为国企回馈政府的一种方式;再次,由于企业高层的政治关联和当地政府的干预水平会增强国企的地方嵌入和回馈需要,二者均正向调节上述关系;最后,对国企所面临的制度压力和社会期待等因素的进一步考察,也验证了国企的捐赠决策遵循"嵌入"和"回馈"两种行为逻辑。

What is the logic of the charitable donation behaviors of Chinese state-owned enterprises? What kind of SOEs will make more active donations? Based on the data of 975 Chinese listed SOEs during the period of 2010-2016, this paper empirically investigates the influence of SOEs' affiliation level and government subsidies on their charitable donations, as well as the moderating effects of political connection and government intervention. The results show that firstly, the affiliation level of SOEs is negatively correlated with their charitable donations, the local SOEs at the lower level will donate more because of their higher level of embeddedness and reliance on the localities;secondly, the government subsidies obtained by SOEs are positively related to their donations, and donations have become a way for SOEs to feed back to the government. In addition. as the political connections of corporate management and the intervention level of the local government will enhance SOE's local embeddedness and needs for feedback, both of the two will positively adjust the above relationships. Finally, through further investigations of such factors as institutional pressure that SOEs are faced, social expectations, and so on, it is also verified that the donation decision-making of SOEs is following the two behavioral logics: embedding and feedback.