摘要
选择沪深A股市场8 140个上市公司年度数据作为样本,对财政压力、公益性捐赠与企业资本成本三者之间的关系进行了研究。结果表明:企业公益性捐赠规模与企业资本成本呈显著的负相关关系,即企业捐赠规模越大越能够降低企业的资本成本;政府在财政压力较小时,会更支持企业捐赠,此时企业的捐赠行为对企业资本成本的降低作用更大。
Taking the annual data of 8,140 listed companies in Shanghai’s and Shenzhen’s A-share markets as examples, this paper studies the relationship between financial pressure, public welfare donation and capital cost of enterprise. Results show that there is a significantly negative correlation between the scale of public welfare donation and the capital cost of enterprise, that is, the lager the scale of donation, the lower the capital cost;In addition, when the financial pressure is low, the government will be more supportive of public welfare donation, which will play a greater role in reducing capital cost of enterprise.
作者
吴良海
赵文雪
章铁生
WU Liang-hai;ZHAO Wen-xue;ZHANG Tie-sheng(School of Business,Anhui University of Technology,Ma’anshan 243002,Anhui,China;Jiangsu Suya Jincheng CPA LLP (General Special Partnership),Nanjing 210000,Jiangsu,China)
出处
《安徽工业大学学报（社会科学版）》
2018年第6期3-9,共7页
Journal of Anhui University of Technology：Social Sciences
基金
国家社会科学基金一般项目:制度约束下的信息透明度对企业投资效率的作用机理研究(14BJY015)
国家社会科学基金重点项目:国有资本授权关系及实现模式研究(14AJY005)
国家社会科学基金重大项目:国家治理视角下的国有资本经营预算制度研究(14ZDA027)
关键词
公益性捐赠
资本成本
财政压力
public welfare donation
capital cost
financial pressure
