慈善捐赠、社会资本与融资约束

Philanthropy Donation,Social Capital and Financial Constraints

文章以2003—2016年中国上市公司为研究对象,实证检验企业慈善捐赠对融资约束的影响。研究发现,随着企业慈善捐赠的增加,企业融资约束程度显著降低,具体表现为投资对经营现金流的敏感度显著下降。进一步分组检验发现,慈善捐赠对于企业融资约束的影响主要表现在民营企业、地区市场化程度较高的企业,以及规模较大、行业竞争度较低的企业中。研究结论表明,慈善捐赠能够帮助企业提升社会资本,提高企业融资能力,降低企业融资约束;慈善捐赠降低融资约束的效果因企业所处环境和自身特征的不同而存在差异,企业应结合自身状况履行社会责任。

Using the data of listed companies in China from 2003 to 2016,this paper empirically examines the impact of corporate philanthropy on their financing constraints.The research finds that the more charitable donations enterprises make,the less financial constraints they have.More specifically,the sensitivity of investment in operating cash flow is significantly reduced.Further research shows that the impact of charitable donations on corporate financial constraints is mainly reflected in private enterprises,large-scale enterprises,enterprises in industries with higher degree of marketization or in low competitive industries.This paper demonstrates that philanthropy donation can assist firms improving their social capital,enhancing financing ability,and reducing financial constraints.The results show that philanthropy donation varies due to the different environments and enterprises’own characteristics,and enterprises are suggested to fulfill their social responsibility based on their own conditions.