企业基金会的慈善投入能否改善资助企业绩效?——战略性慈善导向下的能力构建视角  

The Influence of Corporate FoundationsPhilanthropic Investment on Their Funding FirmsFinancial Performance——From the Capacity-building Perspective of Strategic Philanthropy

作　　者：许睿谦 阳镇 姜怡辰 王超[1] XU Ruiqian;YANG Zhen;JIANG Yichen;WANG Chao(Peking University,Beijing 100871;Chinese Academy of SocialSciences,Beijing 100006;Tsinghua University,Beijing 100084;China Mobile Communications Group Research Institute,Beijing 100053)

机构地区：[1]北京大学国家发展研究院,北京100871 [2]中国社会科学院工业经济研究所,北京100006 [3]清华大学技术创新研究中心,北京100084 [4]中国移动通信集团研究院,北京100053

出　　处：《首都经济贸易大学学报》2023年第6期63-77,共15页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金重大项目“国企混合所有制改革的实现路径选择研究”(20&ZD073);国家自然科学基金面上项目“动态环境下企业责任(CR)的外部治理机制研究”(71272033);中国社会科学院登峰战略企业管理优势学科建设项目。

摘　　要：共同富裕目标导向下,企业战略性慈善效益的实现很大程度上取决于其运作慈善的方式与能力。越来越多的企业通过建立企业基金会来开展慈善活动并践行战略性慈善的理念。基于战略性慈善导向下的能力构建视角,阐释企业基金会慈善投入对资助企业财务绩效的影响机理,同时剖析企业基金会的能力吸收与整合对战略性慈善效益的调节机制。研究结果显示:企业基金会慈善投入对企业财务绩效具有正向影响。进一步分析表明,与企业基金会的慈善投入相比,企业直接捐赠对企业财务绩效的正向影响更强;当企业基金会的项目领域经验积累水平较高或者其理事会管理团队具备双重治理能力时,慈善投入对财务绩效的正向影响更强。从能力构建视角研究企业慈善,可以深化对战略性慈善实现机理的研究,丰富慈善投入与财务绩效关系的边界条件和研究情境,同时对共同富裕进程中深化企业基金会治理具有政策启示意义。Under the goal of common prosperity,the realization of strategic philanthropy depends largely on the way and ability of enterprises to operate their philanthropic activities.In reality,more and more firms choose to carry out philanthropic activities by establishing corporate foundations instead of by making donations directly.Based on the capacity-building perspective of strategic philanthropy,the authors explain the impact of corporate foundationsphilanthropic investment on the financial performance of their funding firms,and explore the modera-ting mechanism of corporate foundations capacity absorption and integration on generating strategic benefits for fun-ding firms.This paper identifies 111 listed companies that have established corporate foundations from all 1025 listed com-panies that have made charitable donations in China from 2009 to 2017,and constructs relevant panel data sets for empirical analyses.The paper finds that the philanthropic investment of corporate foundations has a positive impact on the financial performance of funding firms,and further analysis shows that philanthropic investment through corporate foundations has a stronger positive impact on corporate financial performance than direct corporate donations.When the level of capability absorption of corporate foundations is high,that is,when they have a higher level of accumulated experi-ence in social areas,the positive correlation between their philanthropy investment and firmsfinancial performance is stronger.When the level of capability integration of corporate foundations is high,that is,when the management teams in their boards have dual governance capabilities,the positive correlation between their philanthropy invest-ment and firmsfinancial performance is stronger.The theoretical contribution of this paper lies in three aspects.First,it connects the perspective of corporate philanthropy and capacity building.The findings extend current understandings of the mechanisms of how strategic philanthropy can be effectively achieved,by h

关 键 词：战略性慈善 企业基金会 能力构建 动态能力 能力整合 

分 类 号：F270.7[经济管理—企业管理] F243[经济管理—国民经济]