企业慈善捐赠的保险效应研究
发布时间：2019-01-04 23:47
【摘要】：近年来,企业社会责任成为社会关注的热点问题,公众越发重视企业的社会责任履行情况。然而,非公益组织的企业本质上仍然是经济体,它们生存发展的首要条件是能获得经营绩效。因此,越来越多的企业开始改变传统做法,将社会责任行为纳入到企业战略计划中,由原本单独的利己或利他慈善行为变为战略性行为,而大多数企业将捐赠作为主要慈善内容,列入企业的营业外支出。尽管存在争议,但大多国内外研究结论都表明,企业慈善捐赠可以促进企业绩效的提高。然而,以往学者们研究的热点问题多是企业慈善捐赠是否能促进企业价值,而这个肯定的答案已经成为社会的共识,而目前为止却鲜有学者关注到企业慈善捐赠是否能在危机事件时承担保险功能,保护企业价值,减缓其损失。虽然已有部分学者对此进行了研究,但仍然存在一些问题。首先,国外对此议题的研究已有一段时间,但国内学术界仍处于探索的初步阶段,并且理论很不完善；其次,以往的研究背景大多只局限于某一单独行业或企业的危机事件,在此基础上研究企业慈善捐赠的保险作用。本文以信息甄别理论为基础,探索在中国情境下,危机事件发生后,受溢企业前期的慈善捐赠信息能否被利益相关者正确甄别,并作出决策减缓其股票价值下降,以及不同的事件特征和企业特征信息在这个过程中的调节作用,填补了一定的理论空白。本文主要采取事件研究法,研究对象是2004——2014年间的26起危机事件中的1021条企业数据,并最终得到以下结论：在危机事件后,企业慈善捐赠信息能够被利益相关者甄别,对受溢企业有显著保险作用,即倘若企业前期进行了慈善捐赠,那么当陷入危机后,其股票价值的累计超额收益率下降幅度较小。一些其他信息会影响利益相关者的信息甄别和决策：当事件涉及到诚信经营或者事件可控时,负向调节作用显著；而如果事件受关注程度越高,企业主营业务同危机事件的源头相同或相似,则起到正向调节作用,企业慈善捐赠的保险作用越强；企业主营业务与身体接触程度越深,企业慈善捐赠的保险作用越弱；企业规模的调节作用不显著。通过理论和实证分析,本文提出了下一步企业慈善捐赠的建议：从政府和社会角度看,应当鼓励企业进行慈善捐赠,扩大企业慈善捐赠的比例,从企业角度看,它们应当守法经营,进取创新,对必要的信息公开透明处理,降低与利益相关者之间的信息不对称,减少逆向选择的可能,并遵从社会道德体系,响应政府号召,在留有余力的情况下积极履行慈善责任,追求企业经济效应和社会效应的双赢局面。
[Abstract]:In recent years, corporate social responsibility (CSR) has become a hot issue of social concern, and the public pays more and more attention to corporate social responsibility (CSR) performance. However, the enterprises of non-public organizations are still economies in nature, and the most important condition for their survival and development is the ability to achieve business performance. As a result, more and more enterprises begin to change their traditional practices and incorporate social responsibility behavior into their corporate strategic plans, changing from individual altruistic or altruistic philanthropy to strategic behavior. And most enterprises will donate as the main charitable content, included in the enterprise's non-operating expenses. Although there is controversy, most domestic and foreign studies show that corporate philanthropy can improve corporate performance. However, in the past, most of the hot issues studied by scholars are whether corporate philanthropy can promote corporate value, and this affirmative answer has become a consensus in society. So far, few scholars have paid attention to whether corporate charitable donation can take on the function of insurance, protect the value of enterprise and slow down its loss. Although some scholars have studied this problem, there are still some problems. First of all, foreign research on this topic has been for some time, but the domestic academic community is still in the initial stage of exploration, and the theory is not perfect; Secondly, the previous research background is mostly limited to a single industry or enterprise crisis events, on the basis of this research on the role of corporate charitable donation insurance. Based on the information screening theory, this paper explores whether the charity donation information of the overflowing enterprises can be correctly identified by the stakeholders after the crisis in China, and make a decision to slow down the decline of the stock value. And the regulation of different event characteristics and enterprise characteristics in this process, filling a certain theoretical gap. This article mainly adopts the event research method, the research object is 1021 enterprise data from 26 crisis events in 2004-2014, and finally obtains the following conclusion: after the crisis event, the enterprise charitable donation information can be identified by the stakeholders. It has a significant insurance effect on the overflowing enterprises, that is, if the enterprises make charitable donations in the early stage, the cumulative excess return on the value of their stocks will decrease less when they fall into a crisis. Some other information will affect the information screening and decision-making of stakeholders: when the event involves integrity management or the event is controllable, the negative adjustment effect is significant; If the event is paid more attention to, the main business of the enterprise is the same or similar to the source of the crisis event, then it plays a positive regulatory role, and the insurance role of corporate charitable donation is stronger; The deeper the contact degree between the main business and the body, the weaker the insurance effect of corporate charitable donation, and the less significant the regulating effect of enterprise size. Through theoretical and empirical analysis, this paper puts forward the following suggestions: from the government and social point of view, enterprises should be encouraged to make charitable donations, to expand the proportion of corporate charitable donations, from the point of view of enterprises, They should abide by the law, innovate aggressively, deal with the necessary information openly and transparently, reduce information asymmetry with stakeholders, reduce the possibility of adverse selection, and comply with social and ethical systems and respond to government calls, In the case of Yu Li, actively carry out the charitable responsibility and pursue the win-win situation of economic and social effects of enterprises.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F279.2;D632.9
本文编号：2400965
[Abstract]:In recent years, corporate social responsibility (CSR) has become a hot issue of social concern, and the public pays more and more attention to corporate social responsibility (CSR) performance. However, the enterprises of non-public organizations are still economies in nature, and the most important condition for their survival and development is the ability to achieve business performance. As a result, more and more enterprises begin to change their traditional practices and incorporate social responsibility behavior into their corporate strategic plans, changing from individual altruistic or altruistic philanthropy to strategic behavior. And most enterprises will donate as the main charitable content, included in the enterprise's non-operating expenses. Although there is controversy, most domestic and foreign studies show that corporate philanthropy can improve corporate performance. However, in the past, most of the hot issues studied by scholars are whether corporate philanthropy can promote corporate value, and this affirmative answer has become a consensus in society. So far, few scholars have paid attention to whether corporate charitable donation can take on the function of insurance, protect the value of enterprise and slow down its loss. Although some scholars have studied this problem, there are still some problems. First of all, foreign research on this topic has been for some time, but the domestic academic community is still in the initial stage of exploration, and the theory is not perfect; Secondly, the previous research background is mostly limited to a single industry or enterprise crisis events, on the basis of this research on the role of corporate charitable donation insurance. Based on the information screening theory, this paper explores whether the charity donation information of the overflowing enterprises can be correctly identified by the stakeholders after the crisis in China, and make a decision to slow down the decline of the stock value. And the regulation of different event characteristics and enterprise characteristics in this process, filling a certain theoretical gap. This article mainly adopts the event research method, the research object is 1021 enterprise data from 26 crisis events in 2004-2014, and finally obtains the following conclusion: after the crisis event, the enterprise charitable donation information can be identified by the stakeholders. It has a significant insurance effect on the overflowing enterprises, that is, if the enterprises make charitable donations in the early stage, the cumulative excess return on the value of their stocks will decrease less when they fall into a crisis. Some other information will affect the information screening and decision-making of stakeholders: when the event involves integrity management or the event is controllable, the negative adjustment effect is significant; If the event is paid more attention to, the main business of the enterprise is the same or similar to the source of the crisis event, then it plays a positive regulatory role, and the insurance role of corporate charitable donation is stronger; The deeper the contact degree between the main business and the body, the weaker the insurance effect of corporate charitable donation, and the less significant the regulating effect of enterprise size. Through theoretical and empirical analysis, this paper puts forward the following suggestions: from the government and social point of view, enterprises should be encouraged to make charitable donations, to expand the proportion of corporate charitable donations, from the point of view of enterprises, They should abide by the law, innovate aggressively, deal with the necessary information openly and transparently, reduce information asymmetry with stakeholders, reduce the possibility of adverse selection, and comply with social and ethical systems and respond to government calls, In the case of Yu Li, actively carry out the charitable responsibility and pursue the win-win situation of economic and social effects of enterprises.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F279.2;D632.9
【参考文献】
相关期刊论文 前1条
1 钟宏武;;企业捐赠作用的综合解析[J];中国工业经济;2007年02期
，本文编号：2400965
本文链接：https://www.wllwen.com/guanlilunwen/zhengwuguanli/2400965.html
