共同富裕目标下“善行义举”带来了持续的业绩回报吗?——基于捐赠动机带来的资源差异检验

Do“Good Deeds”Bring Consistent Performance Returns under the Goal of Common Prosperity?A Resource Variance Test Based on Donation Motivations

企业积极捐赠不仅能有效发挥第三次分配重要作用,还能对企业未来可持续发展产生重大影响。以2008年至2021年中国A股上市公司为样本,检验企业捐赠对其盈余持续性的影响。结果发现:(1)企业捐赠与企业盈余持续性显著正相关,即当企业参与捐赠并且捐赠越多时,能增加政府补助、降低企业融资成本、增强企业创新水平和稳定客户关系,为企业带来政治资源、资金资源、创新资源和客户资源,进而提升企业盈余持续性。(2)出于不同动机的捐赠行为虽均能为企业带来资源,但仍有所差异,与利己动机的捐赠相比,利他动机或战略动机的捐赠有利于企业更好地获取各种资源从而提升企业盈余持续性。(3)异质性分析发现,从资源禀赋角度看,处于“胡焕庸线”以东地区的企业捐赠对盈余持续性的提升效果更好;从资源依赖角度看,第二产业和第三产业的企业捐赠对盈余持续性的提升效果也更好。研究结论有利于企业从资源获取视角明晰不同捐赠动机所带来的资源差异,激发企业参与社会资源与财富第三次分配的积极性,改善收入和财富分配格局,持续推动经济高质量发展。

The donation behavior of enterprises can not only improve the level of their own moral capital and improve the relationship with stakeholders,but also temporarily relieve some pressure on local governments,promote common prosperity,and achieve high-quality economic and social development.At the micro level,the enterprise's return to the society is manifested as“good deeds”such as charitable donations,and the social recognition of the enterprise is manifested as the performance return of the enterprise.In the context of sustainable economic development,“good deeds”will have a significant impact on corporate earnings sustainability,and this impact will vary according to different donation motivations.This paper takes China's A-share listed companies from 2008 to 2021 as the sample to examine the impact of corporate donations on their earnings sustainability.The results show that there is a significant positive correlation between donations and earnings sustainability.That is,when enterprises participate in donations and donate more,they can increase government subsidies,reduce corporate financing costs,enhance corporate innovation level,stabilize customer relations,bring various resources,and thus improve earnings sustainability.Motivation testing shows that donations with different motivations can bring resources,but there are still differences.Heterogeneity analysis shows that,from the perspective of resource endowment,corporate donations in the east of“Hu Huanyong line”have a better effect on earnings sustainability;from the perspective of resource dependence,corporate donations from the secondary industry and the tertiary industry also have a better effect on earnings sustainability.The marginal contributions of this paper are that:First,from the perspective of common prosperity goal,it studies how the third distribution represented by corporate donations affects the sustainable development of corporate earnings,providing certain enlightenment for the better implementation of“guiding and supporting enterprises to actively participate in public welfare and philanthropy”.Second,it reveals the resource differences brought about by corporate donations under different motivations,providing a theoretical basis for better understanding and guiding the donation behavior of enterprises to achieve common prosperity of the whole society.The conclusions verify the positive effect of corporate donations on earnings sustainability,and further clarify the differences in the ability of different donation motivations to obtain resources,which is conducive to responding to the negative argument of existing studies that corporate donations may worsen their performance,and encouraging enterprises to actively participate in the third distribution of social resources and wealth.