党组织参与治理的民营企业更“乐善好施”吗?——基于慈善捐赠视角的实证检验  

Are Private Enterprises Governed by Party Organizations “Good at Charity”?An Empirical Test Based on the Perspective of Charitable Donation

作　　者：余威 YU Wei(Business School,Ningbo University,Ningbo 315211,China;School of Management,Xiamen University,Xiamen 361005,China)

机构地区：[1]宁波大学商学院,浙江宁波315211 [2]厦门大学管理学院,福建厦门361005

出　　处：《云南财经大学学报》2019年第1期67-85,共19页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金面上项目"基于慈善捐赠视角的公司财务行为与市场反应研究"(71372071)

摘　　要：慈善捐赠是企业承担社会责任的重要表现形式,在平衡社会经济发展、维护社会公平方面发挥着重要作用。选择2007—2016年中国沪深A股非金融类民营上市公司为研究样本,聚焦党组织的公司治理作用,实证检验了党组织参与治理对企业慈善捐赠决策的影响。研究发现,党组织参与治理确实提高了民营企业的慈善捐赠水平,在控制了样本选择偏误、遗漏变量和互为因果等可能的内生性问题后,以上结论依然成立。拓展检验发现,党组织慈善捐赠的促进效应仅存在于董事长为党组织负责人及自主建立党组织的民营企业,且该效应在企业面临业绩压力时被削弱。机制检验发现,党组织对企业慈善捐赠决策的影响与党组织成员的管理层任职比例正相关,由此说明,党组织通过影响管理层决策而参与公司治理的。研究结论不仅丰富了慈善捐赠的研究内涵,更重要的是为政府持续推进"非公党建"工作提供了有利证据。Charitable donation is an important expression of corporate social responsibility,and plays an important role in balancing social development and maintaining social equity. By choosing Chinese non-financial A-listed private firms in Shanghai and Shenzhen stock exchanges during 2007 to 2016 as research samples,the paper puts focus on the corporate governance function of Party organizations,and empirically tests the impact of Party organizations’ participation in governance on charitable donation decisions. The results show that private enterprises with the participation of Party organizations are more interested in charitable giving activities,and the conclusion is still valid after eliminating the endogenous problems such as sample selection bias,omitting variables and reciprocal causation. Extended test shows that the charitable donation effect of Party organization exists only in the private enterprises with the chairman of the board as the leader of the Party organization or the Party organizations are created by the enterprises themselves. The effect is weakened when enterprises face performance pressure. The mechanism tests find that the impact of Party organization on the decisions of charitable donation is positively correlated with the proportion of managers as party members. This proves that Party organization influences corporate governance through its influence on managers. The conclusion of this paper expands the theoretical research scope of corporate charitable donation,and provides empirical support for promoting the continuous implementation of the policy of Party organization building in non-public enterprises.

关 键 词：民营企业 党组织 慈善捐赠 非公党建 工具变量 

分 类 号：F270[经济管理—企业管理]