中国企业慈善捐赠会提升绩效吗?——基于深市主板A股市场企业样本的实证研究  

An Empirical Reseach on Charity Donation to Enterprise Economic Benefits:Based on the Shenzhen Motherboard a-share Market Enterprise Sample

作　　者：尹丽萍[1] 张志鹏[1] 

机构地区：[1]安徽工业大学,安徽马鞍山243032

出　　处：《铜陵学院学报》2016年第5期55-60,共6页Journal of Tongling University

摘　　要：无论是基于战略性的商业决策还是企业家的道德精神,企业慈善捐赠行为和利润动机本身并不矛盾,良好的企业业绩是企业捐赠行为的基础和保障,捐赠给企业带来的影响可以从业绩指标来量化衡量。基于价值增加理论和代理成本理论,企业捐赠对企业的经济效益可能带来积极或消极影响,抑或对企业业绩不会产生影响。文章目的在于探讨中国企业的捐赠行为是否会给企业带来经济效益。选取2008-2014年持续捐赠的中国深市主板A股市场中的企业作为样本数据,以利润率(资产回报率ROA和权益回报率ROE)、股票价值SR、托宾Q值TQ衡量企业业绩表现,并分别进行OLS、固定效应、随机效应模型比较分析。最后基于研究结论提出相关建议以推动我国公益事业的发展。Corporate philanthropy behavior and the profit motivation shows no contradictory relationship based on either strategic business decisions or entrepreneur's moral standard.Sound corporate performance serves as the foundation and guarantee of corporate philanthropy.Influences brought by corporate philanthropy could be measured by performance indicators.Based on the value-added theory or agency cost theory,corporate philanthropy could impact either positive or negative influence to business performance,or bring no influence at all.This article aims at the discussion of whether corporate philanthropy would bring economic benefits in China by selecting the enterprises on the Shenzhen stock market with a history of corporate philanthropy from 2008 to 2014,evaluates business performances based on profit rates(ROA and ROE),stock value and Tobin Q value,the perform OLS and fixed or random effect models analysis.Finally,This article will propose relevant advises for the promotion of corporate philanthropy in China.

关 键 词：企业捐赠 企业业绩 实证分析 

分 类 号：F272.3[经济管理—企业管理]