摘要
基于2008—2020年沪深A股上市公司的相关数据,研究了慈善捐赠对企业价值的影响及其作用机制。结果表明:慈善捐赠对企业价值具有正向促进作用,且促进效果在不同产权性质和行业竞争中呈现显著差异,国有企业组慈善捐赠行为的价值提升效果不如非国有企业组显著,在竞争激烈的行业,慈善捐赠更能促使企业价值的提升;技术创新在慈善捐赠提升企业价值过程中发挥部分中介作用;融资约束负向调节慈善捐赠的价值创造效果。据此,企业应积极履行社会责任,以创新驱动高质量发展,并根据实际情况灵活调整融资方式与规模,使捐赠决策取得预期效果;政府应以产权性质与行业竞争为抓手,解决企业创新发展难题,并加强与企业的合作交流,引导其向“专精特新”发展。
This paper investigates the impact of charitable donation on the corporate value and its mechanism based on the data collected from A-share listed companies in Shanghai and Shenzhen from 2008 to 2020.The results indicate that charitable contributions have a beneficial effect on the corporate value and that the effect varies depending upon the nature of property rights and industry competition.For instance,the value-enhancing effect of charitable donations in the state-owned enterprises is not as significant as that in the non-state-owned enterprises.However,in a highly competitive industry,charitable donations can promote the improvement of corporate value;technological innovation plays a part of the intermediary role in the process of charitable donations to enhance corporate value;financing constraints negatively moderate the value-creating effect of charitable donations.Accordingly enterprises should actively fufill their social responsibilities,drive high-quality development through innovation,and flexibly adjust the financing methods and scales according to actual conditions,so that donation decisions can achieve expected results;the government should focus on the nature of property rights and industry competition to solve the problem of corporate innovation and development,strengthen cooperation and exchanges with enterprises,and guide them to develop towards“specialized and innovative”enterprises.
作者
唐玉兰
刘幸
TANG Yulan;LIU Xing(College of Economics and Trade,Hunan University of Technology,Zhuzhou 412007,China)
出处
《湖南工业大学学报（社会科学版）》
2022年第4期49-58,共10页
Journal of Hunan University of Technology(Social Science Edition)
基金
湖南省教育厅研究生教改基金资助项目“人工智能条件下会计专硕(MPAcc)教育创新研究”(2020JGYB209)。
关键词
慈善捐赠
技术创新
融资约束
企业价值
charitable donation
technological innovation
financing constraints
corporate value
