公司慈善捐赠行为对资本成本的影响研究

发布时间：2018-05-12 11:18

本文选题：慈善捐赠 + 债务资本成本　；参考：《中南财经政法大学》2017年硕士论文

【摘要】：经济社会的不断发展使得社会公众越来越重视企业社会责任,而慈善捐赠作为社会责任的最高表现形式,发挥的作用也日益显著。中国目前正处于深化改革开放、加快转变经济发展方式的关键时期,慈善事业的发展有利于社会主义和谐社会的建设。2015年更是我国慈善事业法制化、专业化与国际化的转折点,为了规范慈善事业,大力推行慈善文化,2015年10月,《中华人民共和国慈善法(草案)》应运而生。此后十二届全国人大四次会议表决通过了我国首部慈善领域的专门法律——《中华人民共和国慈善法》。与此同时,有关社会责任的三项国家标准也于2016年正式施行,这对于规范社会责任领域的相关概念与实践,促进我国慈善事业良好发展具有不可替代的作用。近些年来,上市公司大多都积极开展慈善捐赠活动,那么公司履行慈善捐赠义务究竟是迎合法律法规的要求还是发自内心?许多学者都从财务绩效角度出发研究慈善捐赠可能带来的结果,以期发现企业从事慈善捐赠的真实目的,但是并没有得出一致的结论。因而,本文认为需要寻找新的视角以进一步理解公司慈善捐赠行为。在公司的发展过程中,融资问题是不可忽视的成长性问题。在企业社会责任意识不断增强的同时,如何将慈善捐赠与融资问题结合显得尤为重要。慈善捐赠行为一方面可以缓解信息不对称问题,增加利益相关方对公司事务的参与度,使得代理成本降低;另一方面,该行为使得公司面临较少的非系统风险,也使得资本成本大大降低。因此我们可以从资本成本的角度探寻慈善捐赠与其的相关性,进一步解释公司积极进行慈善捐赠的动因。本文选择2007年-2015年全部A股上市公司作为研究对象,全面探讨慈善捐赠活动与公司融资成本之间的关系。研究结果发现:第一,慈善捐赠行为与公司的资本成本具有明显的负相关关系,公司慈善捐赠越多,债务资本成本、股权资本成本与加权平均资本成本都越低;进一步将样本按消费者敏感型行业与非消费者敏感型行业划分后,发现公司慈善捐赠行为对资本成本的调节机制在消费者敏感型行业中更能发挥作用,这说明我国消费者的社会责任型消费理念已经初步形成,消费者通过自身的消费来为公司的慈善捐赠买单,进一步鼓励公司从事慈善捐赠相关活动。第二,相对于国有企业来说,非国有企业更容易通过积极的慈善捐赠行为来降低其债务资本成本、股权资本成本及加权平均资本成本,即在非国有企业中,慈善捐赠降低资本成本的作用更加显著。第三,在制度环境差的地区,信息不对称问题更加严重,慈善捐赠行为所传递的信息对于债权人与投资者而言更加具有价值,即在制度环境越差的地区,慈善捐赠活动更利于缓解债务资本成本、股权资本成本与加权平均资本成本作用的发挥。由此本文提出以下四点建议:第一,上市公司尤其是处于消费者敏感行业的公司,需要不断强化慈善捐赠的公民意识,积极投身慈善事业,逐步完善慈善捐赠的管理体系、提升信息传导速度,降低资本成本,从而有利于公司价值的提升;第二,非国有企业应当将慈善捐赠活动纳入到企业发展战略中去,实现公司与社会的双赢;第三,转变公司慈善捐赠的模式,消除政府“摊派慈善”的怪现象,引导非国有企业树立企业公民观,调动从事慈善捐赠活动的积极性。第四,需要加紧政府职能的转变,促进“市场经济为主,行政干预为辅”的运作机制的形成,可采取适当的产业政策,积极引导资本向落后地区流动,实现资源合理配置,缩小地区差异。本文的研究贡献和创新主要有以下三点:第一,本文从作为社会责任最高表现形式的慈善捐赠入手,细化分析慈善捐赠行为对债务资本成本、股权资本成本与加权平均资本成本的影响,第二,从融资的角度出发,通过考察慈善捐赠对投资者的作用,为研究公司社会责任的财务绩效问题提供新的研究视角。第三,鉴于我国特殊的转型经济背景,本文从产权性质与制度环境着手来研究二者之间的关系,一方面可以更好地解释地方政府在公司信贷中的发挥机制,另一方面可以根据当前制度环境以及国有与非国有的差异制定出有利于慈善事业发展的相关政策。
[Abstract]:The continuous development of the economy and society makes the public more and more attention to the corporate social responsibility, and the charity donation, as the highest form of social responsibility, plays an increasingly significant role. At present, China is in the key period of deepening the reform and opening up, accelerating the transformation of the economic development mode, and the development of charitable cause is conducive to socialist harmony. The construction of society in.2015 years is the turning point of the legalization of our charities, specialization and internationalization. In order to standardize charities and promote charity culture, in October 2015, the People's Republic of China charitable law (Draft) came into being. After the four session of the twelve National People's Congress, the special law of the first charitable field in our country was voted on. Law - < People's Republic of China's charity law >. At the same time, three national standards on social responsibility were formally implemented in 2016. It has an irreplaceable role in standardizing related concepts and practices in the field of social responsibility and promoting the good development of charities in China. In recent years, most of the listed companies have actively carried out charitable donations. As a gift, is the company performing charitable donation obligations to meet the requirements of the laws and regulations or from the heart? Many scholars have studied the possible results of charitable donations from the perspective of financial performance, in order to find out the true purpose of the charitable donation, but there is no consistent conclusion. Therefore, this article thinks that it is necessary. Looking for a new perspective to further understand the company's charitable donation behavior. In the process of the company's development, financing is a growing problem that can not be ignored. It is particularly important to combine the problem of charity donation and financing at the same time, while the social responsibility of the enterprise is increasing, the charity donation can relieve the information asymmetry on the one hand. On the other hand, the behavior makes the company face less non system risks and makes the cost of capital reduce greatly. Therefore, we can explore the relevance of charitable donation from the angle of capital cost, and further explain the company's active charity. This article selects all A shares listed companies in -2015 in 2007 as the research object, and discusses the relationship between the charitable donation activities and the company financing cost. The results are as follows: first, the charitable donation behavior has a clear negative correlation with the company's capital cost, the more the company's charitable donation, the cost of the debt capital, the stock The cost of the right capital and the weighted average capital cost are lower. After dividing the samples according to the consumer sensitive industry and the non consumer sensitive industry, it is found that the regulation mechanism of the company's charitable donation to the cost of capital can play a more role in the consumer sensitive industry. This shows that the social responsibility consumption theory of the consumers in our country can be explained. It has been preliminarily formed. Consumers pay for the company's charitable donations through their own consumption and further encourage companies to engage in charitable donations related activities. Second, relative to state-owned enterprises, non-state enterprises are more likely to reduce their debt capital costs, equity capital costs and weighted average capital through positive charitable donations. This cost, that is, in non-state-owned enterprises, the role of charitable donation to reduce the cost of capital is more significant. Third, in areas with poor institutional environment, the problem of information asymmetry is more serious. The information transmitted by charitable donations is more valuable for creditors and investors, that is, in areas where the institutional environment is worse, charity donation activities are more important. It is beneficial to relieve the cost of debt capital, the cost of equity capital and the weighted average capital cost. Therefore, the following four suggestions are put forward: first, the listed companies, especially companies in the consumer sensitive industry, need to continuously strengthen the civic awareness of charitable donations, devote themselves to charity, and gradually improve the management of charitable donations. System, enhance the speed of information transmission, reduce capital cost, and improve the value of the company; second, non-state-owned enterprises should incorporate charitable donation activities into the enterprise development strategy to achieve a win-win situation between the company and the society; third, change the model of the company's charity donation, eliminate the strange phenomenon of the government 's "apportionment charity", and guide the non state. Enterprises should set up the concept of corporate citizenship and mobilize the enthusiasm of engaging in charitable donations. Fourth, the transformation of government functions should be intensified to promote the formation of the operating mechanism of "market economy and administrative intervention", and appropriate industrial policies should be adopted to guide the flow of capital to backward areas, to realize the rational allocation of resources and to narrow the region. The contribution and innovation of this paper are mainly the following three points: first, this paper, starting with the charity donation of the highest form of social responsibility, analyzes the influence of charitable donation behavior on the cost of debt capital, the cost of equity capital and the weighted average capital cost, and second, from the Perspective of financing, through the investigation of charitable donations, The role of investors provides a new research perspective for the study of the financial performance of corporate social responsibility. Third, in view of our country's special transitional economic background, this paper studies the relationship between the property rights and the institutional environment. On the one hand, it can better explain the mechanism of the government in the credit of the company, the other side. According to the current institutional environment and the difference between state and non-state, we can formulate relevant policies that are conducive to the development of philanthropy.

【学位授予单位】：中南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：C913.7;F832.51;F275

【参考文献】