保险机构持股与企业慈善捐赠:“利己”还是“利他”  

Insurance Institutional Shareholding and Corporate Philanthropy:“Self-Interest”or“Altruism”

作　　者：刘冬姣[1] 杜孟阳 Liu Dongjiao;Du Mengyang(School of Finance,Zhongnan University of Economics and Law,Wuhan)

机构地区：[1]中南财经政法大学金融学院

出　　处：《经济社会体制比较》2025年第1期112-126,共15页Comparative Economic & Social Systems

基　　金：中央高校基本科研业务费专项资助项目“保险机构持股与企业捐赠:资源效应与广告效应”(项目编号:202410565)。

摘　　要：保险机构作为坚定的价值投资者,其持股有助于提高企业慈善捐赠水平,为壮大耐心资本创造有利条件。文章基于中国A股上市公司数据,考察了保险机构持股如何影响企业慈善捐赠行为。研究发现,保险机构持股显著提高了企业的捐赠水平,且该效应在声誉风险大、流动性约束严重和治理水平高的样本中表现更明显。机制分析表明,保险机构持股对企业捐赠的促进作用主要通过缓解融资约束和提高资本市场关注度两条路径实现。进一步分析发现,在保险机构持股情形下,企业存在获取资源支持和建立声誉资本的“利己”性捐赠动机与实现保险资金增值的“利他”性捐赠动机,表明险资持股情形下的企业捐赠是一种“利己”与“利他”结合的策略性行为。文章为保险机构如何通过资本市场壮大力量、更好发挥企业发展“助推器”作用提供了更深层次的思考,对研究企业捐赠动机及其行为提供了新的视角。As value-oriented investors, insurance institutional shareholders can promote an increase in corporate charitable contributions, thereby creating favorable conditions for the growth of patient capital. Using data from Chinese A-share listed companies, this study investigates the impact of insurance institutional shareholding on corporate philanthropic behaviors. The findings reveal that the presence of insurance institutional shareholders significantly enhances corporate charitable giving. This effect is more pronounced in firms facing high reputational risks, severe liquidity constraints, and strong governance structures.Mechanism analysis demonstrates that the positive influence of insurance institutional shareholding on charitable donations operates through two main pathways: easing financing constraints and increasing capital market attention. Further analysis reveals that corporate charitable contributions under insurance institutional shareholding exhibit both “self-interested” motivations-such as resource acquisition and reputational capital building-and “altruistic” motivations, aimed at realizing the value-added potential of insurance funds. This suggests that corporate philanthropy in the context of insurance institutional shareholding represents a strategic behavior that integrates “self-interest” and “altruism.”This paper offers valuable insights into how insurance institutions can leverage capital markets to strengthen their influence and act as catalysts for enterprise development. It also provides new perspectives on the motivations and dynamics of corporate philanthropic behavior.

关 键 词：企业慈善捐赠 保险机构持股 保险资金增值 耐心资本 

分 类 号：F842.3[经济管理—保险] F275[社会学] C913.7