宗族文化与企业慈善捐赠——基于中国特色金融文化的视角

Clan Culture and Corporate Charitable Donations——Based on the Perspective of Financial Culture with Chinese Characteristics

企业慈善捐赠是第三次分配的重要形式之一,对推动共同富裕有着积极作用。宗族文化是我国传统文化的显著特征之一,宗族组织在传统慈善中一直发挥着重要作用。本文以人均家谱数目作为宗族文化的衡量指标,以2007~2022年沪深两地上市的民营公司为样本,研究了宗族文化对企业慈善捐赠的影响。研究发现,一个地区宗族文化越浓厚,企业进行慈善捐赠的可能性越大,慈善捐赠金额越多,经过各种稳健性检验后结果不变。机制检验发现宗族文化中宗族慈善的传统,和宗族文化下企业对商业网络稳定性的追求,促进了企业慈善捐赠。分组检验发现,在资产规模较小,市场化程度较低地区的企业中,宗族文化对企业慈善捐赠的促进作用更大。本研究丰富了文化和财务学领域的文献,对发挥传统文化中的积极因素,以推进共同富裕,有一定借鉴意义。

Corporate philanthropy serves as a significant aspect of societal wealth distribution,contributing to the advancement of common prosperity.In many regions,clan culture stands out as a hallmark of traditional values,with clan organizations historically playing pivotal roles in charitable endeavors.This study employs the per capita number of family trees as a proxy for clan culture and examines its impact on corporate charitable contributions,focusing on private companies listed in Shanghai and Shenzhen between 2007 and 2022.Our analysis reveals a positive association between the strength of clan culture in a region and the likelihood and magnitude of corporate charitable donations.This relationship persists across various robustness tests,underscoring its reliability.Furthermore,our mechanism tests elucidate that the tradition of clan-based charity,intertwined with the pursuit of business network stability within clan culture,fosters corporate philanthropy.Additionally,our group-level analysis indicates that in regions characterized by smaller asset bases and lower levels of marketization,clan culture exerts a more pronounced influence on corporate charitable giving.This study not only contributes to the existing literature on the intersection of culture and finance but also carries practical implications.By leveraging the positive aspects of traditional culture,particularly clan traditions,to bolster philanthropic initiatives,we can further advance the goal of common prosperity.