慈善捐赠动态调整机制及其异质性研究  

Research on Dynamic Adjustment of Philanthropy Donation and Its Heterogeneity

作　　者：邹萍[1] ZOU Ping(Huazhong Agricultural University,Wuhan,China)

机构地区：[1]华中农业大学经济管理学院

出　　处：《管理学报》2019年第6期904-914,共11页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(17CGL014)

摘　　要：以2009～2016年中国A股上市公司为样本,分别采用Heckman模型和GMM模型,检验慈善捐赠动态调整行为的内在机制及其异质性。研究发现:慈善捐赠水平与企业价值呈倒U型关系,即适当的慈善捐赠水平有助于企业价值最大化,但企业难以保持慈善捐赠水平始终处于最优状态,只能动态地调整实际慈善捐赠,使之尽可能趋近于最优状态;且动态调整速度越快,意味着慈善捐赠的资源配置效率越高。进一步考察不同产权性质以及不同竞争状况下这种机制的异质性,发现相比国有企业,私有企业更快速地进行了动态调整;行业竞争程度越激烈的企业,以及自身竞争力较弱的企业慈善捐赠动态调整速度更快。Taking A-share listed companies in China from 2009 to 2016 as a sample,this study investigates the internal mechanism and heterogeneity of strategic philanthropy donation dynamic adjustment by Heckman model and GMM.The results show that the relation between philanthropy donation and enterprise value is inverted U-shape,which means that appropriate philanthropy donation contributes to the enterprise value maximization.But it’s hard for enterprises to always keep philanthropy donation at an appropriate level.The enterprises have to adjust the donation level dynamically around the target level.The faster the speed of donation dynamic adjustment is,the higher the allocative efficiency of donation resources will be.The study further investigates the heterogeneity of the donation under different property rights and competitive situation,and finds that compared with the state-owned enterprises,private enterprises adjust philanthropy donation more quickly and the enterprises in a highly competitive industry or the enterprises with weaker competitiveness adjust philanthropy donation more quickly.

关 键 词：慈善捐赠 企业价值 动态调整 产权性质 竞争状况 

分 类 号：C93[经济管理—管理学]