慈善捐赠与公司财务绩效:基于融资约束视角  

Charitable Giving and Corporate Financial Performance: A Perspective Based on Financing Constraints

作　　者：豆格格 

机构地区：[1]北方工业大学经济管理学院,北京

出　　处：《国际会计前沿》2024年第4期590-604,共15页Frontiers of International Accounting

摘　　要：在共同富裕背景下,公司积极参与慈善捐赠不仅可以有效发挥第三次分配的作用,促进社会公平,还能够对公司本身产生积极影响。本文基于利益相关者理论和资源依赖理论,以2013~2022年我国A股上市公司为样本,研究慈善捐赠与公司财务绩效的关系,并检验融资约束在慈善捐赠与财务绩效之间的中介效应。研究结论表明:公司慈善捐赠能够促进其财务绩效的提升;公司慈善捐赠能够通过缓解融资约束进而提升企业财务绩效;异质性分析发现,与非国有企业相比,国有企业慈善捐赠对财务绩效的提升效果更好,并且国有企业慈善捐赠对融资约束的缓解效果更好,对企业财务绩效的正向影响也更加明显。研究结论不仅揭示了慈善捐赠对公司财务绩效的正向影响,而且有利于激发公司参与第三次分配的积极性,对实现共同富裕具有一定的现实意义。In the context of common prosperity, the company’s active participation in charitable donation can not only effectively play the role of the third distribution, promote social equity, but also have a positive impact on the company itself. Based on stakeholder theory and resource dependence theory, this paper takes China’s A-share listed companies from 2013 to 2022 as samples to study the relationship between charitable donation and corporate financial performance, and tests the mediating effect of financing constraints on charitable donation and financial performance. The results show that charitable donation can promote the improvement of corporate financial performance;corporate charitable donation can improve corporate financial performance by easing financing constraints;heterogeneity analysis shows that, compared with non-state-owned enterprises, charitable donation of state-owned enterprises has a better effect on improving financial performance, and charitable donation of state-owned enterprises has a better effect on alleviating financing constraints, and

关 键 词：共同富裕 慈善捐赠 融资约束 财务绩效 中介效应 

分 类 号：F27[经济管理—企业管理]