上市公司慈善捐赠动机:利他还是利己——基于中国上市公司盈余管理的经验证据  

Motives of Charity Donation of Listed Companies: Altruism or Egoism:Based on the Experience Evidence of Earnings Management of China's Listed Companies

作　　者：张晨[1] 傅丽菡 郑宝红[1] 

机构地区：[1]合肥工业大学管理学院,安徽合肥230009

出　　处：《审计与经济研究》2018年第2期69-80,共12页Journal of Audit & Economics

基　　金：国家自然科学基金面上项目(71373065);安徽省质量工程项目(2016jyxm0825)

摘　　要：基于2010—2015年间存续的深沪A股上市公司样本数据,从企业捐赠与应计及真实盈余管理的互动影响视角出发,探讨上市公司慈善捐赠是出于高度的社会责任感,还是企业或其管理层谋取私利的工具。研究发现:企业慈善捐赠水平与应计盈余管理程度存在正向的互动关系,与真实盈余管理程度存在负向的互动关系。按产权性质和股权集中度区分检验后发现,各类企业的捐赠私利性均较明显,且民营企业捐赠私利性强于国有企业,股权分散企业捐赠私利性强于股权高度集中企业。Based on a sample of Shanghai and Shenzhen listed companies from 2010 to 2015,the paper focuses on the interaction between the level of corporate philanthropy and the level of accrued earnings management,and the interaction between the level of corporate philanthropy and the level of real earnings management,to find out listed companies＇ donations indicate companies＇ high social responsibility,or it＇s a tool to gain personal interests for companies or managers. The paper found that there is a positive interaction between the level of corporate philanthropy and the level of accrued earnings management,and there is a negative interaction between the level of corporate philanthropy and the level of real earnings management. Chinese enterprises donate for private purposes,and enterprises will use accrued earnings management to cover up the self-interest of donations and use donations to cover up accrued earnings management. There is a trade-off between corporate philanthropy and real earnings management. Private enterprises,state-owned enterprises,equity dispersed enterprises and highly concentrated ownership enterprises all donate for private purposes.

关 键 词：慈善捐赠动机 应计盈余管理 真实盈余管理 产权性质 股权集中度 企业社会责任 盈余操纵 企业战略 

分 类 号：F275.5[经济管理—企业管理]