【作者】 易冰娜；

【导师】 韩庆兰；

【作者基本信息】 中南大学 ， 工商管理， 2012， 博士

【副题名】基于我国民营企业实证研究

【摘要】 随着全球企业社会责任理念的发展,上市公司被要求履行社会责任的呼声愈来愈高,就慈善捐赠而言,作为彰显企业社会责任的一种重要形式,也越来越引起理论界和实务界的重视。企业慈善捐赠在国外有着较为悠久的发展历史,已形成了一套较为完整的管理理念和制度。然而在国内,慈善捐赠更多的是作为一种伦理道德理念被传承下来,慈善捐赠作为一项企业事业的发展,从理论上来看,仍处于发展初级阶段,但在实践中我国民营企业慈善捐赠行为的发展却非常迅猛,如《公益时报》和《中国慈善排行榜》等连续多年的统计显示,随着我国民营企业的快速发展,民营企业成为推动国内慈善事业发展的中坚力量。国内外学者对此问题的讨论,主要集中在慈善捐赠是否会影响企业的短期绩效或企业长期价值,企业参与慈善捐赠行为究竟能为其自身与其利益相关者带来多大的利益,对这一问题的研究成为学术界和企业界最为关注的问题。与此同时,民营企业在我国经济发展中起到举足轻重的作用,而国内对民营企业参与慈善捐赠对企业价值的影响研究较缺乏,大多集中在对慈善捐赠动机及影响因素的探讨,基于此,本文以我国A股民营上市公司为研究对象,研究慈善捐赠对民营企业短期财务绩效和从长期来看对企业价值的影响关系,对此问题的讨论,决定了企业参与慈善捐赠的必要性和重要性。这对于理解我国民营企业参与慈善捐赠对企业绩效和企业价值的影响作用,进而推动我国上市民营企业的可持续发展,已经成为我国民营经济发展过程中亟待解决的一项重要课题,对此课题的研究具有重要的理论与实践意义。本文通过对国内外慈善捐赠与企业绩效或企业价值研究文献脉络的梳理和总结,以及对前沿动态的追踪,笔者认为,研究企业慈善捐赠对企业财务绩效或企业价值的影响及公司治理水平、市场化水平和企业生命周期差异对二者相关关系的调节作用时,需要综合考虑民营企业的金字塔股权结构对企业价值的隧道效应和支持效应,以及企业规模、资本结构等影响因素。然而,鉴于研究样本的差异和研究方法的不同、以及各国慈善捐赠情景差异,企业慈善捐赠与绩效或企业价值之间的关系尚存在争议,目前有正相关、负相关以及没有直接相关性三种主要研究结论,尚未形成定论。而国内已有的研究中,从公司治理水平、市场化水平和企业生命周期差异三个层面,深入研究其对慈善捐赠与企业绩效或价值相关关系的调节作用的文献更是非常缺乏,这些问题已经严重制约了民营企业慈善捐赠研究的纵深发展。本文采用规范研究与实证研究相结合的方法,展开对上述问题的系统分析和深入检验,以得出有用的研究结论。本文围绕所研究的主题,进行的主要研究工作和研究内容主要集中在以下二个方面。(1)以委托代理理论、利益相关者理论及战略慈善捐赠理论为理论基础,在综合考虑民营企业规模、股权结构、资本结构等因素的基础上,系统地阐述了慈善捐赠与企业绩效或价值的影响,以及董事会治理水平、企业生命周期差异和市场化进程在二者相关性关系中的调节作用,并提出了系列研究假设。(2)以2005-2011年中国上市民营公司为研究对象,利用上市公司年度报表、企业社会责任报告(CSR)、万德数据库(Wind)以及色诺芬数据库等多种途径,收集实证研究所需数据以及1578个研究样本公司,为实证研究积累了较为翔实和全面的实证资料。最后,使用Stata11.0统计分析软件,对所建立的计量经济模型和所提出的研究假设进行实证检验,主要结论如下：(1)就慈善捐赠对上市民营企业短期财务绩效的影响而言,使用2005-2011年沪深A股上市公司的慈善捐赠面板数据。首先本文检验了民营企业慈善捐赠的影响因素,接着检验了企业冗余资源对慈善捐赠额的影响。总体来看,以单位收入自由现金流量衡量的冗余资源和民营企业捐赠行为存在显著的正相关关系,公司股权结构对公司是否捐赠具有显著的正向影响作用,说明控股股东持股比例越高,对企业的控制程度越强,大股东为满足利益相关者的要求参与慈善捐赠,从而获得其支持,取得更大的收益,为自己攫取利益提供可能。接着引入企业社会责任观的调节变量,实证检验表明企业社会责任观越强,企业在拥有更多冗余资源的情况下,慈善捐赠的金额越大,说明近几年来,随着社会责任观念在我国不断深化,很多民营企业已经意识到企业在盈利的同时,积极承担应尽的社会责任,包括慈善捐赠。最后系统检验了慈善捐赠与财务绩效之间的关系,验证了二者之间的显著正相关关系。同时,检验结论表明在董事会治理水平越高、地区市场化水平越高的情况下,民营企业参与慈善捐赠对提高短期财务绩效有着积极的影响作用。(2)就民营企业与企业价值的影响关系而言,当前样本民营上市公司慈善捐赠行为对企业价值的影响为正的积极影响,但二者的相关性并不显著,这一重要实证结论表明至少在我国目前民营企业参与慈善捐赠的现实情况下,企业慈善捐赠行为对企业价值影响微弱,强相关关系的假设没有得到证实。原因可能是目前慈善捐赠在我国还属于发展的新现象,慈善捐赠对民营企业而言,更多的表现出一种短期行为。此外,成长越快的民营企业,企业参与慈善捐赠与企业价值的提升越明显。另外第一大股东持股比例与企业价值成“U”型关系,说明在企业发展初期,第一大股东持股比例越高,可以降低代理成本,对提升企业价值有支持效应,当持股比例增加到一定程度时,大股东地位巩固,此时大股东可能会通过慈善捐赠来提升自身的声誉,攫取利益,对企业价值具有隧道效应。与前述研究不同的是,此部分发现民营企业民营化后持续时间与托宾Q值负相关,这表明我国民营化上市公司上市后迅速老化现象严重,“未老先衰”导致民营企业普遍存续年限相对国外企业较短。随后,在生命周期差异和董事会治理水平差异即地区市场化水平情境下,检验慈善捐赠与企业价值之间的相关性。在企业的不同生命周期阶段,各变量对企业价值的影响差异较大,总体来说,在成长期和成熟期,慈善捐赠对企业价值的提升有积极影响,尽管统计结果并不显著,但在衰退期,企业慈善捐赠对企业价值的作用是负相关的。总体来说,我国慈善捐赠研究领域尚属年轻,本文也仅仅是尝试以我国民营上市公司为研究对象,初步探讨了慈善捐赠与企业绩效以及慈善捐赠与企业价值这两个相对比较重要的问题做了初步的探讨,因此,从多方面深入挖掘慈善捐赠的内在驱动机制和价值机理是后续研究要努力的方向,以此不断完善和提高慈善捐赠的理论研究水平,构建完整的慈善捐赠研究框架。其中,慈善捐赠影响企业绩效和价值的过程机理、生命周期差异、公司治理水平和市场化进程等对慈善捐赠影响企业绩效和价值的影响中的调节作用等,都是值得进一步深入探讨的重要研究议题。更多还原

【Abstract】 With the development of global corporate social responsibility concept development, listing Corporation are required to fulfill the social responsibility of the voice is louder and louder, as charitable donations, as the highlight of corporate social responsibility is a very important form, has attracted more and more attention of theory circle and practice circle. Corporate charitable donation in foreign countries have a long history of development, has formed a relatively complete set of management philosophy and system. However in China, philanthropy is more as an ethical concept was handed down, philanthropy as a business development, from a theoretical point of view, is still in the primary stage of development, but in the practice of enterprise of battalion of our country civilian philanthropy development is very swift and violent, such as "commonweal times"and"China Charity list", for many years the statistics show, along with our country the rapid development of private enterprises, private enterprises become the backbone of the development of domestic philanthropy. Domestic and foreign scholars are discussed, focused on philanthropy will affect the enterprise’s short-term performance or long-term enterprise value, enterprise participation in charitable donation ever for its own and stakeholders to bring much interest, the study on this problem has become the academic and business circles pays close attention to most problems. At the same time, private enterprises in China’s economic development play a decisive role, while the domestic private enterprises to participate in charitable donations to the impact on corporate value research is lacking, mostly concentrated on philanthropy motivation and influencing factors, and based on this, this paper takes the A investors business listing Corporation as the research object, research philanthropy of private enterprises in the short-term financial performance and long term impact on enterprise value relations, about the problem, and decide the enterprise to participate in charitable donations and the importance and necessity of. The understanding of China’s private enterprises to participate in charitable donations on the performance of the enterprise or the enterprise value effect, and promote the private listed companies continued to grow, has become China’s private enterprise development and progress of our country economy solves urgently in the process of an important topic, this topic research has the important theory and the practical significance.Based on the domestic and international philanthropy and performance of enterprises or the enterprise value of systematizing and summarized, as well as to the forefront of dynamic tracing, the author thinks, study of corporate philanthropy on corporate financial performance or the value of the enterprise and the level of corporate governance, the level of market and enterprise life cycle differences on two related regulation action, needs to consider the Pyramid private enterprise ownership structure on enterprise value of the tunneling and supporting effect, as well as the enterprise scale, capital structure, influencing factors. However, corporate philanthropy and the performance or the enterprise value of the relationship is still controversial, there are positive correlation, negative correlation and there is no direct correlation between three kinds of main research conclusion, has not been formed yet. While the domestic existing research, from the level of corporate governance, the level of market and enterprise life cycle differences in three dimensions, in-depth study of philanthropy and corporate performance or the value of correlation between the regulatory role of literature is very lack, these problems have become a private enterprise philanthropy research development process encountered bottleneck sex problem.Therefore, the paper adopts normative research and empirical research combined method, try to undertake to afore-mentioned problems more systematic analysis and inspection, in order to draw useful conclusions. The main work of this thesis and the research mainly concentrates on the following two aspects.One aspect is, according to agency theory, stakeholder theory and strategic philanthropy theory as the theoretical basis, considering the size of private enterprises, the ownership structure, capital structure and other factors on the basis, elaborated systematically philanthropy and firm performance or value influence, and board level of management, enterprise life cycle differences and commercialize a process in which the regulatory role, and proposed a series of research hypothesis.The other aspect is, to use2005-2011years of China private listed companies as the research object, the author uses in recent years listing Corporation annual report, corporate social responsibility report (CSR),(Wind) and Xenophon Vander database database of empirical research, collect data needed and1578research and Sample Firms, as the empirical research has accumulated a more detailed and comprehensive empirical data. Finally, the use of Stata11.0statistical analysis software, to establish the econometric model and the proposed hypotheses for empirical test. Thus, the main conclusions are as follows:Firstly, on philanthropy on listed private enterprises short-term financial performance, use2005-2011year in Shanghai and Shenzhen A shares in listing Corporation charitable donation in panel data. First of all this paper examines the factors affecting private enterprises charitable donations, and then test the enterprise redundant resources on philanthropy volume influence. Overall, the unit income free cash flow to measure the redundancy resource and private corporate donation behavior have significant positive correlation, the company ownership structure on firm whether donation has significant positive effect that holding, the higher the proportion of shareholding, the enterprise control level is more strong, large shareholders to meet stakeholder the requirements to participate in charitable donations, thereby obtaining the support, gain bigger profit, for their own interests to provide may grab. By introducing the concept of corporate social responsibility in the regulation of variables, empirical test shows that the concept of corporate social responsibility more and more strong, enterprises have more redundant resources, philanthropy amount is larger, that in recent years, along with the sense of social responsibility in our country is deepened ceaselessly, many private enterprises have been aware of corporate profits in the at the same time, positive should bear social responsibility, including philanthropy. The final system test charitable donations and financial performance relationship, verified by two between positive correlation. At the same time, inspection results show that in the governance of the board of directors of the higher level of, the area commercializes a level more, the private enterprises to participate in charitable donations to raise short-term financial performance has a positive effect.Secondly, private enterprises and enterprise value relation, the current sample of private listing Corporation charitable donation behavior impact on enterprise value is positive effect, but the correlation between the two is not significant, which is an important conclusion that at least in China’s private enterprises to participate in charitable donations in the realistic situation, corporate philanthropy influence on enterprise value weak, strong correlations between the hypothesis has not been confirmed. The reason may be the charitable donation in our country still belongs to the development of a new phenomenon, charitable donations to the private enterprises, more and more shows a short term behavior. In addition, the faster growth of private enterprises, enterprises to participate in charitable donations and corporate value more obvious. In addition the proportion of the first shareholder and corporate value into a "U" relation, in the enterprise the development initial period, the proportion of the first shareholder is higher, can reduce agency cost, to enhance corporate value has support effect, when the shareholding ratio increased to a certain extent, the status of major shareholders to consolidate, the shareholder may through philanthropy to enhance their reputation, grab the interest of the enterprise value, with the tunnel effect. The study of different is, this part of private enterprises after privatization of duration and TobinQ negatively correlated, suggesting that Chinese private listing Corporation listed after rapid aging phenomenon is serious," prematurely senile " lead private enterprises generally shorter duration relative to foreign enterprises. Subsequently, in the life cycle of difference and the governance of board of directors level difference that area commercializes a level condition, test of philanthropy and the correlation between corporate value. In the different stages of the life cycle, each variable impact on enterprise value difference is bigger, in general, in growing period and mature period, philanthropy on the enterprise value promotion had positive effects, although results are not statistically significant, but in a recession, corporate philanthropy on the role of enterprise value is negatively related.Philanthropy research field is still relatively young, this paper is only giving the value effect of the relatively important issues are explored, the future research is also needed to raise charitable donations from many aspects to firm performance and value effect of the level of theory research. Wherein, philanthropy affect corporate performance and value of the process mechanism, life cycle, the level of corporate governance is the difference between market differences in charitable donations to the enterprise performance and the value of the impact of regulation, is worth further exploration of the important research topics.更多还原