董事网络联结与公司对外捐赠  

Board network ties and corporate philanthropy

作　　者：梁上坤[1] 范昱江 张洪辉[2] LIANG Shangkun;FAN Yujiang;ZHANG Honghui(School of Accountancy/International Institute of Green Finance,Central University of Finance and Economics,Beijing 100081,China;School of Accountancy,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]中央财经大学会计学院绿色金融研究院,北京100081 [2]江西财经大学会计学院,江西南昌330013

出　　处：《管理工程学报》2022年第5期62-74,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然基金资助项目(71872196、71402198);国家社会科学基金资助项目(19ZDA098)。

摘　　要：对外捐赠是公司履行社会责任的重要形式之一,其行为背后的动机与后果一直都是学术界和实务界关注的热点话题。本文以2009—2016年中国A股上市公司数据为样本,立足于董事网络联结的视角,探究了公司对外捐赠行为背后的战略性考量。研究发现:(1)董事网络中心度与对外捐赠呈现替代关系而非互补关系,公司董事的网络中心度越高,公司对外捐赠越少;(2)董事网络中心度与对外捐赠的关系受到公司财务风险的影响,上述关系在财务风险较高的公司中表现更明显;(3)区分董事网络的类型,董事网络中心度对捐赠行为的抑制作用主要来源于公司的非独立董事。本文的发现拓展了董事网络联结所引发的企业社会责任履行后果的研究,同时也为监管层和投资者理解和监督公司的对外捐赠行为提供了一定参考。With the modification of the Charity Law of the People′s Republic of China and the expansion in corporate social responsibility awareness,the number of listed companies that disclose social responsibility reports has been increasing annually.Corporate philanthropy has recently attracted extensive public attention as a more direct form of corporate social responsibility.According to a report released by China Charity Alliance,China's Mainland received 162.415 billion yuan of donations in 2018,including 76.122 billion yuan donated by private and state-owned enterprises,accounting for almost half of the total amount.While corporate philanthropy is a crucial way for enterprises to fulfill their social responsibilities,disputes have been raised over donation amounts and their underlying motivation.Investors are not in favor of large donations despite the public criticizing enterprises for stingy behavior.Further,although most companies assert that corporate philanthropy enhances their image,critics still accuse firms of having impure motivations in making such donations.In terms of donation budgets,some companies act more casually while others consciously standardize the decision-making and approval process of external corporate donation behavior,even explicitly limiting annual amounts.Various donation arrangements suggest that companies may have different strategic purposes.A network of directors has been formed through the direct and indirect connections established by simultaneously serving on the same boards of directors.This network deeply affects the individual behavior of directors and the behavior of the companies they serve;this results in corresponding economic consequences.This paper examines the strategic arrangements behind corporate philanthropy actions from the perspective of board ties using empirical methods based on 2009-2016 Chinese A-share-listed firm data.The results indicate that board network centrality has a substitution effect on corporate philanthropy.The three main results of the study are

关 键 词：董事网络联结 对外捐赠 财务风险 非独立董事 社会责任 

分 类 号：F230[经济管理—会计学]