企业慈善捐赠中同群效应及其对融资约束的影响--基于A股上市公司的实证研究

Peer Effects in Corporate Charitable Donation and Their Impact on Financing Constraints: An Empirical Study of A-Share Listed Companies

以A股上市公司为研究对象探讨了企业慈善捐赠的同群效应,并基于示范观察学习角度讨论其形成机制,将企业慈善捐赠分为同群捐赠和非同群捐赠,深入分析企业同群捐赠对融资约束的影响。研究发现(:1)企业慈善捐赠决策存在显著的同群效应,企业同群捐赠会提升企业社会资本与企业品牌形象,缓解企业融资约束(;2)民营企业为了能够维持良好的政商关系,会积极向同伴企业模仿学习(;3)关注度低的企业为了获取更多的关注,会模仿同群企业慈善捐赠行为,形成广告效应和降低信息不对称,以缓解企业融资约束(;4)规模大的企业面对社会压力为了维护自身行业地位,会向同群企业模仿学习,以规避慈善捐赠金额不合理带来融资约束的不确定性。

Taking A-share listed companies as the research target, this paper discusses the peer effect of corporate charitable donation and its formation mechanism from the perspective of demonstration observation and learning.The corporate charitable donation is divided into peer donation and non-peer donation, and then the impact of corporate peer donation on financing constraints is deeply analyzed. The results show that:(1) The decisionmaking of corporate charitable donation has a significant peer effect. Corporate peer donation will enhance the corporate social capital and corporate brand image, and alleviate the corporate financing constraints.(2) In order to maintain a good relationship between government and business, private enterprises will actively imitate and learn from peer enterprises.(3) In order to get more attention, enterprises with low attention will imitate the charitable donation behavior of peer enterprises, forming the advertising effect and reducing the information asymmetry while alleviating the financing constraints of enterprises.(4) Facing social pressure, the large-scale enterprises will imitate and learn from the peer enterprises so as to maintain their status in the industry, and avoid the uncertainty of financing constraints caused by the unreasonable amount of charitable donations.