慈善捐赠、员工压力与企业价值关系的实证研究

Empirical Study on the Relationship between Charity Donation,Employee Stress and Corporate Value

以2014—2018年中国A股上市公司为样本,基于利益相关者理论,从员工压力出发,并以此为内在联结探索企业慈善捐赠的价值机理。研究发现,公众对企业慈善行为总体上给予正面评价,企业慈善捐赠对企业价值有正面影响。员工与企业慈善捐赠、企业价值的关系,具体来说,员工压力越小,企业慈善捐赠价值越明显。研究结果表明,企业员工基本物质利益得到较好满足时,员工对企业施加的有形或无形压力较小,此时企业慈善捐赠会得到员工的正面评价,从而提升企业价值。

Taking the Chinese A stock listed companies from 2014 to 2018 as a sample,based on the stakeholder theory,starting from the employee pressure,and taking this as the internal connection to explore the value mechanism of corporate charitable donation.It is found that the public generally gives positive evaluation of corporate philanthropy,and corporate charitable donation has a positive impact on corporate value.The relationship between employees and corporate charitable donation,corporate value,specifically,the less pressure on employees,the more obvious the value of corporate charitable donation.The results show that when the basic material interests of the employees are better satisfied,the tangible or intangible pressure exerted by the employees on the enterprises is relatively small,and the charitable donation of the enterprises will be positively evaluated by the employees,thus enhancing the value of the enterprises.