制度环境、产权性质与公司慈善捐赠--来自沪深A股上市公司的经验证据  

Institutional Environment,Ownership Type and Corporate Philanthropy:Evidence from Chinese Listed Companies

作　　者：朱金凤[1] Jun Lin 

机构地区：[1]西安外国语大学商学院,陕西西安710128 [2]School of Business,State University of New York at New Paltz,NY 12561

出　　处：《财经论丛》2015年第10期77-87,共11页Collected Essays on Finance and Economics

基　　金：教育部人文社会科学研究基金一般资助项目(11YJC630305);教育部新世纪优秀人才支持计划资助(NCET-10-0934)

摘　　要：公司慈善捐赠驱动因素的研究已有很多成果,但从制度环境和产权性质角度进行研究的很少。本文以沪深A股上市公司为样本,系统考察了制度环境、产权性质对公司慈善捐赠的影响。研究证实,中国各地区制度环境差异显著影响公司慈善捐赠,制度环境的改善促进了企业捐赠水平的提高,且这种正向影响在非国有控股企业表现更为明显。非国有控股企业捐赠水平高于国有控股企业,且在国有控股企业中,地方政府控股国有企业捐赠水平高于中央政府控股企业。这些结论对理解制度环境在促进企业捐赠中的作用,认识中国不同产权性质企业慈善行动的深层含义具有一定的启示意义。In view of Legitimacy Theory and Institution-based View of Strategy, this paper examines the relationship a- mong regional institutional environment, ownership type and corporate philanthropy using data of Chinese listed companies. The findings show that regional institutional environment has a significant positive impact on corporate philanthropy. The im- provement of institution encourages companies to be involved more in philanthropy. Non-state-owned-enterprises（Non-SOE） donate more than SOE, and the regional SOE donate more than national SOE. The further study shows ownership type moder- ates the relationship between institutional environment and corporate philanthropy. These findings indicate that the improve- ment of institution plays an active role in promoting philanthropy, which provides practical implications for government policy and private firms＇ non-market strategy.

关 键 词：制度环境 合法性 产权性质 慈善捐赠 

分 类 号：F276.5[经济管理—企业管理]