本文選題：慈善捐贈 + 債務資本成本　； 參考：《中南財經政法大學》2017年碩士論文

【摘要】：經濟社會的不斷發(fā)展使得社會公眾越來越重視企業(yè)社會責任,而慈善捐贈作為社會責任的最高表現形式,發(fā)揮的作用也日益顯著。中國目前正處于深化改革開放、加快轉變經濟發(fā)展方式的關鍵時期,慈善事業(yè)的發(fā)展有利于社會主義和諧社會的建設。2015年更是我國慈善事業(yè)法制化、專業(yè)化與國際化的轉折點,為了規(guī)范慈善事業(yè),大力推行慈善文化,2015年10月,《中華人民共和國慈善法(草案)》應運而生。此后十二屆全國人大四次會議表決通過了我國首部慈善領域的專門法律——《中華人民共和國慈善法》。與此同時,有關社會責任的三項國家標準也于2016年正式施行,這對于規(guī)范社會責任領域的相關概念與實踐,促進我國慈善事業(yè)良好發(fā)展具有不可替代的作用。近些年來,上市公司大多都積極開展慈善捐贈活動,那么公司履行慈善捐贈義務究竟是迎合法律法規(guī)的要求還是發(fā)自內心?許多學者都從財務績效角度出發(fā)研究慈善捐贈可能帶來的結果,以期發(fā)現企業(yè)從事慈善捐贈的真實目的,但是并沒有得出一致的結論。因而,本文認為需要尋找新的視角以進一步理解公司慈善捐贈行為。在公司的發(fā)展過程中,融資問題是不可忽視的成長性問題。在企業(yè)社會責任意識不斷增強的同時,如何將慈善捐贈與融資問題結合顯得尤為重要。慈善捐贈行為一方面可以緩解信息不對稱問題,增加利益相關方對公司事務的參與度,使得代理成本降低;另一方面,該行為使得公司面臨較少的非系統風險,也使得資本成本大大降低。因此我們可以從資本成本的角度探尋慈善捐贈與其的相關性,進一步解釋公司積極進行慈善捐贈的動因。本文選擇2007年-2015年全部A股上市公司作為研究對象,全面探討慈善捐贈活動與公司融資成本之間的關系。研究結果發(fā)現:第一,慈善捐贈行為與公司的資本成本具有明顯的負相關關系,公司慈善捐贈越多,債務資本成本、股權資本成本與加權平均資本成本都越低;進一步將樣本按消費者敏感型行業(yè)與非消費者敏感型行業(yè)劃分后,發(fā)現公司慈善捐贈行為對資本成本的調節(jié)機制在消費者敏感型行業(yè)中更能發(fā)揮作用,這說明我國消費者的社會責任型消費理念已經初步形成,消費者通過自身的消費來為公司的慈善捐贈買單,進一步鼓勵公司從事慈善捐贈相關活動。第二,相對于國有企業(yè)來說,非國有企業(yè)更容易通過積極的慈善捐贈行為來降低其債務資本成本、股權資本成本及加權平均資本成本,即在非國有企業(yè)中,慈善捐贈降低資本成本的作用更加顯著。第三,在制度環(huán)境差的地區(qū),信息不對稱問題更加嚴重,慈善捐贈行為所傳遞的信息對于債權人與投資者而言更加具有價值,即在制度環(huán)境越差的地區(qū),慈善捐贈活動更利于緩解債務資本成本、股權資本成本與加權平均資本成本作用的發(fā)揮。由此本文提出以下四點建議:第一,上市公司尤其是處于消費者敏感行業(yè)的公司,需要不斷強化慈善捐贈的公民意識,積極投身慈善事業(yè),逐步完善慈善捐贈的管理體系、提升信息傳導速度,降低資本成本,從而有利于公司價值的提升;第二,非國有企業(yè)應當將慈善捐贈活動納入到企業(yè)發(fā)展戰(zhàn)略中去,實現公司與社會的雙贏;第三,轉變公司慈善捐贈的模式,消除政府“攤派慈善”的怪現象,引導非國有企業(yè)樹立企業(yè)公民觀,調動從事慈善捐贈活動的積極性。第四,需要加緊政府職能的轉變,促進“市場經濟為主,行政干預為輔”的運作機制的形成,可采取適當的產業(yè)政策,積極引導資本向落后地區(qū)流動,實現資源合理配置,縮小地區(qū)差異。本文的研究貢獻和創(chuàng)新主要有以下三點:第一,本文從作為社會責任最高表現形式的慈善捐贈入手,細化分析慈善捐贈行為對債務資本成本、股權資本成本與加權平均資本成本的影響,第二,從融資的角度出發(fā),通過考察慈善捐贈對投資者的作用,為研究公司社會責任的財務績效問題提供新的研究視角。第三,鑒于我國特殊的轉型經濟背景,本文從產權性質與制度環(huán)境著手來研究二者之間的關系,一方面可以更好地解釋地方政府在公司信貸中的發(fā)揮機制,另一方面可以根據當前制度環(huán)境以及國有與非國有的差異制定出有利于慈善事業(yè)發(fā)展的相關政策。
[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.

【學位授予單位】：中南財經政法大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：C913.7;F832.51;F275

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