摘要
通过对2008年中国A股上市公司捐赠数据的实证分析,可发现企业的内部治理结构与外部治理结构对公司捐赠的影响差异。企业捐赠是股东及管理者取得私人收益的一种方式,即为提高个人声誉,因而企业捐赠行为缺乏应有的理性和规范,这也从侧面反映了我国的公司内部治理在企业捐赠的监督管理方面还存在缺陷。企业的外部治理机制(机构投资者持股比例,债务人约束)可以较好的监督企业的捐赠行为。企业资产负债率与企业的捐赠数额成反向关系,反应了债权人对企业的捐赠行为还是持谨慎态度。
This paper studies the impact of corporate governance on donate based on China A-share firms donate data. This paper finds that the internal corporate governance structure and outside corporate governance structures of the company will make a different influence on donation amount.The internal corporate governance considers the most of the management’s interests.So corporate donations is lack of rationality, which also reflects our internal corporate governance still exists defects in the supervision of corporate donations.But the company’s external governance mechanisms can better monitor business’s donation behavior. Corporate debt rate and the amount of corporate donations have a negative relationship,reflecting the creditors are cautious to the company’s donation.
出处
《中南财经政法大学研究生学报》
2010年第4期52-58,共7页
Journal of the Postgraduate of Zhongnan University of Economics and Law
关键词
企业捐赠
公司治理
上市公司
声誉
Corporate Donations
Corporate Governance
Listed Companies
Good-will