民营企业慈善捐赠对公司价值的影响研究——基于信号传递理论和资源依赖理论分析

Research on the Influence of Philanthropies of Private Enterprises on Company Value—Analysis Based on Signal Transmission Theory and Resource Dependence Theory

以2014~2019年沪深两市A股的1056家民营企业作为样本,考察了企业慈善捐赠行为对公司价值的影响,接着从市场和政府两条路径打开了慈善捐赠对公司价值增值作用的黑箱。实证结果表明:(1) 虽然慈善捐赠是企业真金白银的流出,但这一行为确实能够促进公司价值的提升。(2) 在市场这“无形之手”的路径中,公司的营收占比、盈利能力与现金水平均为慈善捐赠对企业价值影响的中介变量,而在政府这“有形之手”的路径中,只有政府补贴作为慈善捐赠对企业价值作用机制的中介变量。因此可以认为,在全样本公司的实证分析中,对于慈善捐赠对公司价值的影响,市场这一路径起到主要的中介作用,而政府则为次要的中介作用。

This paper uses 1056 private companies with A shares in Shanghai and Shenzhen stock exchanges from 2014 to 2019 as a sample to examine the impact of corporate philanthropy on company value, and then explores the mechanism of philanthropy affecting company value from the market and the government. The empirical results show that: (1) Although philanthropies are the outflow of real money from the company, these behaviors can indeed promote the increase of the company's value. (2) In the path of the “invisible hand” of the market, the company’s industry share, profitability and cash level are all intermediary variables of the impact of philanthropy on the value of the company, while in the path of the “visible hand” of the government, only government subsidies are used as an intermediary variable of the mechanism of philanthropy on the value of enterprises. Therefore, it can be considered that in the empirical analysis of the full sample of private companies, the market is the main intermediary role for the impact of philanthropy on the company’s value, and the government is the secondary intermediary role.