上市公司违规后通过慈善捐赠能够修复信任关系吗?——基于企业竞争力的调节作用

Can Listed Companies Restore Trust Through Charitable Donations After Violations?——Based on the Regulatory Role of Enterprise Competitiveness

文章以2008年—2018年我国A股上市公司为样本,研究企业违规与慈善捐赠之间的关系,并在此基础上以企业竞争力作为调节变量分析其对二者之间关系产生的影响及捐赠修复效果。研究发现:(1)竞争力较弱的上市公司违规后会更加积极地进行慈善捐赠,借此维护、修复与利益相关者之间的关系;(2)修复效果表明,违规后进行的慈善捐赠没有实质性作用,验证了上市公司慈善捐赠的功利性动机;(3)分组检验发现,高代理成本上市公司和非国有的竞争力较弱的上市公司在受到违规处罚后更倾向于通过慈善捐赠降低负面影响。

The paper takes China’s A-share listed companies from 2008 to 2018 as a sample to study the relationship between corporate violations and charitable donations,and on this basis,the enterprise competitiveness is used as a regulating variable to analyze its impact on the above relationship and the effect of donation repair.The research finds that:(1)listed companies with weak competitiveness will be more active in charitable donations after violating the rules,so as to maintain and repair the relationship with stakeholders;(2)The repair effect shows that the charitable donation after violation has no substantive effect,which verifies the utilitarian motivation of charitable donation of listed companies;(3)The group test found that listed companies with high agency costs and non-state-owned listed companies with weak competitiveness are more likely to reduce the negative impact through charitable donations after being punished for violations.