慈善捐赠、融资约束与股权再融资——基于A股上市公司面板数据的经验分析  

Charitable Donations,Financial Constraints and Equity Refinancing:Based on the Empirical Analysis of A-share Listed Companies' Panel Data

作　　者：翟淑萍[1] 顾群[1] 霍欣欣[2] 

机构地区：[1]天津财经大学商学院,天津300222 [2]天津财经大学理工学院,天津300222

出　　处：《中南财经政法大学学报》2015年第2期134-142,共9页Journal of Zhongnan University of Economics and Law

基　　金：国家自然科学基金面上项目"产权视角下的审计师声誉机制及其经济后果研究"(71272189);2014年天津财经大学科研发展基金(Q140116);天津市科技发展战略研究计划项目"环境不确定性;战略性新兴产业商业模式与创新投资决策:影响机理与经济后果"(14ZLZLZF00030)

摘　　要：本文从缓解融资约束的视角对企业慈善捐赠的战略动机与经济后果进行研究,利用上市公司股权再融资数据对慈善捐赠对企业融资约束的缓解效应及其经济后果进行实证检验,检验结果表明:慈善捐赠行为及捐赠规模的增加可以降低企业融资约束,并且慈善捐赠对非国有企业融资约束的缓解作用大于国有企业;相对于未捐赠的企业,捐赠企业具有明显的再融资倾向,企业慈善捐赠规模的增加能够促进其股权再融资规模的扩大,且对非国有企业的促进作用大于国有企业。From the angle of financial constraints,this paper probes into the economic incentive of enterprises philanthropy,and examines the economic consequences of donation to ease the financial constraints by the evidence of equity refinancing behavior of listed companies.The results show that charitable giving companies suffer lower financial constraints,and more charity can reduce the financial constraints,and the effect that charitable donations ease financial constraints in non-state enterprises is more than state enterprises.Relative to no donating enterprises,charitable giving companies obviously tend to refinancing,and the increasing scale of corporate charitable donations can promote its equity refinancing scale expansion.The effect that charitable donations promote equity refinancing in non-state enterprises is more obvious than in state enterprises.

关 键 词：慈善捐赠 融资约束 股权再融资 企业社会责任 

分 类 号：F275.5[经济管理—企业管理]