共同机构所有权能促进企业慈善捐赠吗?  

Can Common Institutional Ownership Promote Corporate Charitable Donations?

作　　者：朱滔[1] 黄沁雪 ZHU Tao;HUANG Qinxue

机构地区：[1]暨南大学管理学院

出　　处：《暨南学报(哲学社会科学版)》2025年第2期176-196,共21页Jinan Journal(Philosophy and Social Sciences)

基　　金：教育部哲学社会科学研究重大课题攻关项目“健全中国特色国有资产治理体系研究”(22JZD007)。

摘　　要：基于社会网络理论,选取2009—2021年中国A股市场机构投资者持股数据,深入探究共同机构投资者对企业慈善捐赠行为的影响效应及其作用机制。实证结果表明,共同机构所有权显著提升企业慈善捐赠表现,即相较于无共同机构投资者的企业,拥有共同机构投资者的上市企业慈善捐赠更为积极,且共同机构所有权更倾向于推动企业实施战略性慈善捐赠。该结论在工具变量法、倾向得分匹配等多重稳健性检验后依然成立。机制分析显示,共同机构所有权通过监督治理效应和信息协同效应双重路径驱动企业慈善捐赠行为优化。异质性分析表明,上市公司经营地经济发展程度会弱化共同机构所有权对企业慈善捐赠行为的影响。Drawing upon the third wave of philanthropy in China and the new requirements for corporate social responsibility(CSR)outlined in the 14th Five-Year Plan,this paper focuses on the impact of common institutional ownership on corporate charitable donations.In this context,corporate charitable donations not only reflect a company s sense of social responsibility but also serve as a crucial means to enhance its corporate image and competitiveness.However,corporate decisions on charitable donations are often influenced by external factors,among which common institutional investors,as a significant market force,exert a particularly notable influence.Using data on institutional investor holdings in A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2021,and adopting the calculation method proposed by Park et al.(2019),this paper constructs proxy variables for common institutional ownership by representing institutional investors with fund companies.Based on the stakeholder theory and social network theory,this paper examines how common institutional investors,serving as bridges for information and resources among firms within their portfolios,influence corporate charitable donations.The empirical findings reveal that common institutional ownership significantly enhances corporate charitable donation performance.Specifically,listed companies with common institutional investors tend to engage in more active charitable donations compared to those withoutcommon institutional investors.While promoting corporate charitable donations,common institutional ownership is more inclined to foster strategic charitable donations.These conclusions remain valid after a series of robustness checks.Mechanism analysis demonstrates that common institutional ownership positively influences corporate charitable donations through monitoring and governance effects and information synergy effects.Further analysis shows that the economic development level of the location where a listed company operates weakens the

关 键 词：共同机构所有权 慈善捐赠 监督治理 信息协同 

分 类 号：F275[经济管理—企业管理] C913.7[经济管理—国民经济]