慈善捐赠对业绩异质性企业价值的影响研究——来自中国上市公司的经验证据

The Research on the Value Effect of Philanthropy from Perspective of Performance:Empirical Evidences from Chinese Listed Companies

慈善捐赠作为企业履行社会责任的重要表现形式,受到了社会的广泛关注。现有关于慈善捐赠与企业价值之间关系的研究尚未得到一致的结论,单纯考虑二者关系可能使所得结论有失偏颇,本文将企业相对业绩纳入到分析框架,重点研究了慈善捐赠对企业价值的影响在不同业绩水平下是否有所差异。本文采用2003-2015年中国沪深两市A股上市公司为研究样本,研究了慈善捐赠对业绩异质性企业价值的影响。研究发现:相对于业绩较好的企业,业绩较差企业的慈善捐赠价值效应明显更弱,这表明绩差企业的捐赠行为更多的是代理问题的体现,而非利于企业发展的战略性行为;考虑市场化进程和政策不确定性的影响,该现象主要表现在市场化程度较低的地区和政策不确定性较高的地区。本文的研究有助于更好地认识慈善捐赠的经济后果,同时也为政府监管者监督绩差企业慈善捐赠行为提供了理论依据。

Philanthropic donations,important manifestations of corporate social responsibility,have received extensive attention from society.Existing researches on the relationship between philanthropic donations and corporate value have not yet reached a consistent conclusion,but simply considered the relationship between the two may make the conclusions biased.This paper includes the relative performance of the company into the analytical framework,focusing on whether there exists differencesamongthe impacts of philanthropic donations on corporate valuesof different performance levels.This paper uses the 2003-2015 China Shanghai and Shenzhen A-share listed companies as research samples and studies impacts of philanthropic donations on the corporate value of heterogeneous performances.We find that the value effect of philanthropic donations of companies with poor performances is significantly weaker than those with better performances.This indicates that the donations of companies with poor performances arean expression of an agency problem instead of a strategic behavior which benefits the future development.Considering marketization process and policy uncertainty,this phenomenon is mainly manifested in areas with low marketization and areas with high policy uncertainty.This paper helps to understand the economic consequences of philanthropic donations and provides a theoretical basis for government supervisors to supervise philanthropic donations of corporates with poor performances.