慈善捐赠、管理者乐观预期与企业过度投资——基于动态认知偏差视角  

Corporate philanthropy,managers optimism and overinvestment:Based on top managers’psychological biases

作　　者：沈弋 吕明晗 朱佳立 徐光华[3] SHEN Yi;LYU Minghan;ZHU Jiali;XU Guanghua(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China;Shanghai National Accounting Institute,Shanghai 201702,China;School of Economics and Management,Nanjing University of Science and Technology,Nanjing 210094,China)

机构地区：[1]南京林业大学经济管理学院,江苏南京210037 [2]上海国家会计学院,上海201702 [3]南京理工大学经济管理学院,江苏南京210094

出　　处：《管理工程学报》2024年第2期77-89,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家社会科学基金项目(21BJY225)。

摘　　要：企业慈善捐赠虽然改善了社会整体福利,也能为企业带来多重经济利益,但是其对管理决策所产生的心理效应却常常被忽略。本文采用2009-2019年民营上市公司数据,实证检验了企业慈善捐赠通过扰动管理者心理预期最终影响投资行为的过程。研究发现,慈善捐赠水平较高的企业也更容易过度投资,并且,基于动态认知偏差理论,我们发现管理者过度乐观的认知偏差在慈善捐赠与过度投资之间起到了中介作用,上述关系在经过一系列稳健性检验之后依然成立。在进一步分析中我们发现,上述乐观预期不仅体现在企业投资领域,慈善捐赠较多的公司在研发创新以及市场拓展等方面也更加激进。研究结论拓展了企业慈善捐赠后续效应的相关研究视阈,同时也为企业过度投资的产生机理提供了新的路径解释。Although it has been evidenced that corporate donation as a strategic choice can bring a variety of benefits to firms,the related psychological effect has been ignored to a considerable extent.Since the irrational factors have been introduced into economics,the cognitive bias of management has attracted widespread attention.Earlier studies tended to regard cognitive biases as static traits,with managers′cognitive biases being associated with their inherent characteristics(e.g.,gender,age,education).In recent studies,scholars have introduced dynamic cognitive biases into the analytical framework.This kind of research believes that human cognitive biases are dynamic.Cognitive biases are not only rooted in static characteristics,but are also influenced by specific issues.Based on the perspective of dynamic cognitive bias,using the data of private listed companies in China from 2009 to 2019,we explored the impact of corporate charitable donations on investment decisions.It was found that charitable donations led to corporate overinvestment,and managers′psychological biases played a mediating role in this process.In China′s economic and cultural context,corporate donation is not only an“altruistic”act,but also implies potential benefits.Strategic charitable giving can be better understood only when it is incorporated into the framework of“giving-benefit”.We believe that under the“giving-benefit”mechanism,donations will produce“lottery effect”and“fog effect”,which leads to excessive optimism of corporate management.On the one hand,from the perspective of the“lottery effect”,donations could bring great public reputation to the company in the mobile Internet environment,which means huge economic benefits.Executives may overestimate this effect of giving.Furthermore,the existing research shows that corporate donation can bring valuable legitimate assets to businesses,which is particularly critical for businesses in emerging markets.On the other hand,from the perspective of the“fog effect”

关 键 词：慈善捐赠 认知偏差 过度投资 乐观预期 

分 类 号：F273[经济管理—企业管理]