企业捐款行为与公司价值关系研究——基于我国上市公司数据分析

The Effect of Corporate Philanthropy Behavior on Corporate Value—Evidence from Listing Companies in China

“推动经济高质量发展,推动产业结构转型升级”。我国作为新崛起的经济大国其经济实力已成为世界经济的一部分,如何提升企业经营绩效成为重要的管理课题之一。本文着重检验我国企业在市场中的捐款行为对于企业绩效的影响,实证结果表明我国企业的捐款行为对于经营绩效存在正向的影响。且透过融资约束条件发现,企业存在的自由现金流量对于绩效有正向的影响。最后研究还指出企业存在大量的自由现金流量时会产生严重的代理问题,与此同时进行的企业捐款行为不会减弱企业的运营绩效。

“Promote high-quality economic development and promote the transformation and upgrading of industrial structure.” As a newly rising economic power, China’s economic strength has become a part of the world economy. How to improve enterprise performance has become one of the im-portant management topics. This study aims to examine whether or not the philanthropy behavior affects on firm’s value. The empirical evidence of this study indicates that firm philanthropy behav-ior significantly correlates with firm’s performance. When firm has abundant free cash flow with no financial constraint, philanthropy behavior not only enhances firm performance but also increases firm’s loan ability. Moreover, firm philanthropy also leads to managerial agency problem and grad-ually decreases firm performance.