慈善捐赠与企业财务绩效——新冠疫情时期中国上市公司捐赠的实证研究

Charitable Donations and Corporate Financial Performance—An Empirical Study Based on Corporate Donations during the COVID-19 Epidemic in China

本文以2020年新冠疫情时期为抗击疫情而进行慈善捐赠的上市公司为研究样本,实证检验了企业现金捐款、物资捐赠对企业绩效的影响。研究结果表明,企业为抗击疫情捐献现金及物资的行为对企业财务绩效产生积极影响,即企业慈善捐赠得到了社会以及市场的正向反馈,改善了公司的经营绩效。资本结构、成长水平、股权集中度等控制变量也对企业绩效有显著影响。因此,本文研究结论对企业制定慈善捐赠相关决策、加强社会责任感具有一定的启示意义。

Taking Chinese listed companies that charitably donate for fighting against the COVID-19 epidemic in 2020 as samples, this paper empirically examines the impact of corporates cash and material donations on corporate performance. The paper finds that the firm behavior of charitable cash and materials donation to fight against the epidemic positively is related to corporate financial perfor-mance. Corporate charitable donations have received positive feedback from the society and the market, which has improved the operating performance of the company. Control variables such as capital structure, growth level, ownership concentration also have a significant impact on corporate performance. Therefore, the research conclusions of this study have certain enlightening signifi-cance for enterprises to make charitable donation-related decisions and strengthen their sense of social responsibility.