产品市场竞争、公益性捐赠与企业投资效率

发布时间：2018-05-17 07:00

本文选题：产品市场竞争 + 公益性捐赠　；参考：《安徽工业大学》2017年硕士论文

【摘要】：伴随着经济全球化时代的到来,市场经济的竞争也愈演愈烈,旧生产模式与生产要素已经不能满足企业保持领先地位的需要,企业就不得不寻找新的战略和模式来适应其自身发展。对于我国特殊的制度背景下的上市公司来说,公司出现资本错误配置的现象比较严重,影响资本错误配置的因素很多,如信息不对称和代理问题等等。那么如何改善信息不对称和代理问题上的商业投资行为失真的状况呢?而从《孟子·尽心上》中提到的“穷则独善其身,达则兼善天下”,可以看出,中国古代就已经出现了关注公益事业、履行社会责任的意识启蒙。潘奇等(2015)认为,企业作为社会物质财富创造者,一方面需要实现股东财富(企业价值)最大化的目标,同时更要重视起对政府、公众等相关利益者的社会责任的践行[1]。由此可见,公益性捐赠是一种积极的、阳光的行为,它可能会对我们当下的经济发展、社会进步产生正能量的促进作用。毋庸置疑,任何企业所面临的外部环境严重制约着其生存与发展。已有研究表明,强有力的外部治理机制一般囊括产品市场竞争、要素市场竞争以及政治因素等诸多因素。经过一系列国内学者的研究证实,企业的过度投资行为一定程度上受到产品市场竞争的抑制和制约,产品市场竞争越激烈企业投资效率就越高。而且已有经验学者对产品市场竞争、公益性捐赠与企业投资效率三者之间的研究大都集中在两两之间关系上,对三个变量之间的整体关系的研究却寥寥无几。因此,本文选取了2008-2015年沪深A股8655个公司年度财务数据作为样本,探索了产品市场竞争、公益性捐赠与企业投资效率之间的关系,最后得出以下结论。1.公益性捐赠有助于提高企业投资效率,区分企业产权性质发现,相比非国有企业,国有企业通过公益性捐赠提高企业投资效率的功效更强。2.产品市场竞争一定程度上强化了公益性捐赠与企业投资效率之间正相关关系,同样地区分企业产权性质发现,这种正相关的调节作用在国有企业表现更为显著。本文从公益性捐赠的新视角探索了企业投资效率的关联制约因素,进而拓展了企业投资效率分析的传统视野,也丰富了企业公益性捐赠经济后果的研究文献,为推进我国现阶段政企改革提供了经验证据与有益启示;同样地,也较好地规范和指导企业的公益性捐赠行为,鼓励企业正确、恰当、阳光捐赠。
[Abstract]:With the arrival of the era of economic globalization, competition in the market economy is becoming increasingly fierce. The old production model and production factors can no longer meet the needs of enterprises to maintain their leading position. Enterprises have to find new strategies and models to adapt to their own development. For the listed companies under the special institutional background of our country, the phenomenon of capital misallocation is quite serious, and there are many factors that affect the misallocation of capital, such as information asymmetry and agency problems. So how to improve the information asymmetry and the agency problem of commercial investment behavior distortion? From Mencius'"the poor are alone and the world is good", we can see that the consciousness of paying attention to the public welfare and fulfilling the social responsibility has already appeared in ancient China. Panqi et al. (2015) hold that enterprises, as creators of social material wealth, need to realize the goal of maximizing shareholder wealth (corporate value) on the one hand, and pay more attention to the practice of social responsibility of relevant stakeholders such as the government and the public at the same time [1]. From this we can see that public welfare donation is a kind of positive, sunny behavior, which may produce positive energy to promote our economic development and social progress. There is no doubt that the external environment of any enterprise seriously restricts its survival and development. Studies have shown that strong external governance mechanisms generally include product market competition, factor market competition and political factors. Through a series of domestic scholars' research, it is proved that the excessive investment behavior of enterprises is restrained and restricted to some extent by the product market competition, and the more intense the product market competition, the higher the enterprise investment efficiency. And the empirical scholars on the product market competition, public welfare donation and enterprise investment efficiency are mostly focused on the relationship between the two, but the three variables between the overall relationship between the research is very little. Therefore, this paper selects the annual financial data of 8655 companies of Shanghai and Shenzhen A-shares from 2008 to 2015 as a sample to explore the relationship among product market competition, public welfare donation and enterprise investment efficiency. Finally, the following conclusions are drawn. Public welfare donation is helpful to improve the investment efficiency of enterprises. It is found that compared with non-state-owned enterprises, state-owned enterprises are more effective than non-state-owned enterprises in improving the investment efficiency of enterprises through public welfare donations. To some extent, the competition of product market strengthens the positive correlation between public welfare donation and enterprise investment efficiency. In the same area, according to the nature of property right of enterprise, this positive correlation regulation function is more obvious in state-owned enterprises. From the new perspective of public welfare donation, this paper explores the related restrictive factors of enterprise investment efficiency, expands the traditional view of enterprise investment efficiency analysis, and enriches the research literature on the economic consequences of corporate public welfare donation. It provides empirical evidence and beneficial enlightenment for promoting the reform of government and enterprise in our country at present; similarly, it also better standardizes and guides the enterprise's public welfare donation behavior, encourages the enterprise to be correct, appropriate, sunshine donation.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F273.2;F270

【参考文献】