企业慈善捐赠:公益付出还是另有所图——基于上市公司融资样本的实证研究

被引：14

作者：

王宇光 ^{[1
]}

潘越 ^{[1
]}

黄丽 ^{[2
]}

机构：

[1] 厦门大学经济学院

[2] 厦门大学王亚南经济研究院

来源：

财贸研究 | 2016年 / 27卷 / 01期

关键词：

慈善捐赠; 债务融资; 制度环境; 政治关系;

D O I：

10.19337/j.cnki.34-1093/f.2016.01.016

中图分类号：

F276.6 [公司]; F275 [企业财务管理];

学科分类号：

摘要：

以2003—2012年沪深两市上市企业为样本,从债务融资的角度,探索企业慈善捐赠的经济价值。研究发现:相比于无慈善捐赠的公司,进行慈善捐赠的公司债务规模更大,债务的期限结构更长;同时,慈善捐赠的金额越多,其对企业融资约束的缓解作用就越强。进一步分析表明,慈善捐赠的作用会受制度环境和政企关系的影响。在制度环境越差的地区,慈善捐赠改善企业融资能力的作用越强;而在具有政治关系的企业中,慈善捐赠的改善作用则显著减弱。

引用

页码：133 / 141

页数：9

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