慈善捐赠、企业绩效与融资约束  

Charitable Contribution,Enterprise Performance and Financing Constraints

作　　者：赵红建[1] 范一博[1] 贾钢[1] 

机构地区：[1]西安外国语大学商学院,陕西西安710128

出　　处：《经济问题》2016年第6期109-115,共7页On Economic Problems

基　　金：教育部人文社科研究一般项目"政治联系对公司慈善捐赠的影响"(11YJC630305);陕西省教育厅专项科研计划项目"陕西民营高科技企业慈善捐赠推进机制研究"(15JK1612)

摘　　要：使用2010-2014年我国A股上市民营企业的数据,借鉴Almeida等构建的现金—现金流敏感度模型,基于信息不对称理论,探讨了民营企业缓解融资约束问题不同途径的功效。研究结果显示:我国A股上市民营企业通过慈善捐赠并不能够缓解融资问题;相反,在我国企业普遍未能形成成熟慈善捐赠机制的前提下,只有提高企业自身绩效,提升经营能力才可以有效降低信息不对称程度、缓解融资约束问题;而且提高ROA比提高ROE的缓解作用更明显。In this paper,we use the listed private enterprise data of A shares from 2010 to 2014 in China with the cash flow sensitivity model constructed by Almeida. And based on the Asymmetric information theory,we discuss the effect of different ways in alleviating the financing constraints of the private enterprises. The research results show that： China＇s A shares of listed private enterprises through charitable donations can not ease the financing problems; Instead,under the premise of failing to form the mature mechanism of charitable donations in China＇s enterprises generally,improving their performance and enhancing the management capacity can reduce the degree of information asymmetry and ease the financing constraints. Addition,that the higher ROA the lower alleviation effect is than improvement of the ROE.

关 键 词：慈善捐赠 企业绩效 融资约束 

分 类 号：F276.5[经济管理—企业管理]