企業(yè)慈善捐贈(zèng)的保險(xiǎn)效應(yīng)研究
發(fā)布時(shí)間：2019-01-04 23:47
【摘要】：近年來,企業(yè)社會(huì)責(zé)任成為社會(huì)關(guān)注的熱點(diǎn)問題,公眾越發(fā)重視企業(yè)的社會(huì)責(zé)任履行情況。然而,非公益組織的企業(yè)本質(zhì)上仍然是經(jīng)濟(jì)體,它們生存發(fā)展的首要條件是能獲得經(jīng)營(yíng)績(jī)效。因此,越來越多的企業(yè)開始改變傳統(tǒng)做法,將社會(huì)責(zé)任行為納入到企業(yè)戰(zhàn)略計(jì)劃中,由原本單獨(dú)的利己或利他慈善行為變?yōu)閼?zhàn)略性行為,而大多數(shù)企業(yè)將捐贈(zèng)作為主要慈善內(nèi)容,列入企業(yè)的營(yíng)業(yè)外支出。盡管存在爭(zhēng)議,但大多國(guó)內(nèi)外研究結(jié)論都表明,企業(yè)慈善捐贈(zèng)可以促進(jìn)企業(yè)績(jī)效的提高。然而,以往學(xué)者們研究的熱點(diǎn)問題多是企業(yè)慈善捐贈(zèng)是否能促進(jìn)企業(yè)價(jià)值,而這個(gè)肯定的答案已經(jīng)成為社會(huì)的共識(shí),而目前為止卻鮮有學(xué)者關(guān)注到企業(yè)慈善捐贈(zèng)是否能在危機(jī)事件時(shí)承擔(dān)保險(xiǎn)功能,保護(hù)企業(yè)價(jià)值,減緩其損失。雖然已有部分學(xué)者對(duì)此進(jìn)行了研究,但仍然存在一些問題。首先,國(guó)外對(duì)此議題的研究已有一段時(shí)間,但國(guó)內(nèi)學(xué)術(shù)界仍處于探索的初步階段,并且理論很不完善；其次,以往的研究背景大多只局限于某一單獨(dú)行業(yè)或企業(yè)的危機(jī)事件,在此基礎(chǔ)上研究企業(yè)慈善捐贈(zèng)的保險(xiǎn)作用。本文以信息甄別理論為基礎(chǔ),探索在中國(guó)情境下,危機(jī)事件發(fā)生后,受溢企業(yè)前期的慈善捐贈(zèng)信息能否被利益相關(guān)者正確甄別,并作出決策減緩其股票價(jià)值下降,以及不同的事件特征和企業(yè)特征信息在這個(gè)過程中的調(diào)節(jié)作用,填補(bǔ)了一定的理論空白。本文主要采取事件研究法,研究對(duì)象是2004——2014年間的26起危機(jī)事件中的1021條企業(yè)數(shù)據(jù),并最終得到以下結(jié)論：在危機(jī)事件后,企業(yè)慈善捐贈(zèng)信息能夠被利益相關(guān)者甄別,對(duì)受溢企業(yè)有顯著保險(xiǎn)作用,即倘若企業(yè)前期進(jìn)行了慈善捐贈(zèng),那么當(dāng)陷入危機(jī)后,其股票價(jià)值的累計(jì)超額收益率下降幅度較小。一些其他信息會(huì)影響利益相關(guān)者的信息甄別和決策：當(dāng)事件涉及到誠(chéng)信經(jīng)營(yíng)或者事件可控時(shí),負(fù)向調(diào)節(jié)作用顯著；而如果事件受關(guān)注程度越高,企業(yè)主營(yíng)業(yè)務(wù)同危機(jī)事件的源頭相同或相似,則起到正向調(diào)節(jié)作用,企業(yè)慈善捐贈(zèng)的保險(xiǎn)作用越強(qiáng)；企業(yè)主營(yíng)業(yè)務(wù)與身體接觸程度越深,企業(yè)慈善捐贈(zèng)的保險(xiǎn)作用越弱；企業(yè)規(guī)模的調(diào)節(jié)作用不顯著。通過理論和實(shí)證分析,本文提出了下一步企業(yè)慈善捐贈(zèng)的建議：從政府和社會(huì)角度看,應(yīng)當(dāng)鼓勵(lì)企業(yè)進(jìn)行慈善捐贈(zèng),擴(kuò)大企業(yè)慈善捐贈(zèng)的比例,從企業(yè)角度看,它們應(yīng)當(dāng)守法經(jīng)營(yíng),進(jìn)取創(chuàng)新,對(duì)必要的信息公開透明處理,降低與利益相關(guān)者之間的信息不對(duì)稱,減少逆向選擇的可能,并遵從社會(huì)道德體系,響應(yīng)政府號(hào)召,在留有余力的情況下積極履行慈善責(zé)任,追求企業(yè)經(jīng)濟(jì)效應(yīng)和社會(huì)效應(yīng)的雙贏局面。
[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.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F279.2;D632.9
本文編號(hào)：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.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F279.2;D632.9
【參考文獻(xiàn)】
相關(guān)期刊論文 前1條
1 鐘宏武;;企業(yè)捐贈(zèng)作用的綜合解析[J];中國(guó)工業(yè)經(jīng)濟(jì);2007年02期
，本文編號(hào)：2400965
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