慈善捐赠与技术创新关系研究——基于A股上市公司实证数据

基于2010—2019 年 A股上市公司样本,将内部控制作为调节变量,构建模型,研究慈善捐赠与技术创新的关系,以及内部控制在慈善捐赠和技术创新关系中的调节作用。结果表明：慈善捐赠与技术创新呈显著正相关,说明企业进行慈善捐赠可以促进企业技术创新;内部控制对慈善捐赠和技术创新之间具有正向调节作用。最后提出相关建议。     

企业捐赠与企业价值——基于捐赠动机的视角

近年来，随着企业社会责任意识的增强，企业的捐赠行为逐渐得到广泛关注，并对企业的经营管理产生影响。基于信号传递理论与委托代理理论，以 2008-2021 年 A 股上市公司为样本，对企业的捐赠动机进行区分，分析不同的捐赠方式对企业价值产生的影响是否存在差异。同时考察了股东性质和产权性质在企业捐赠与企业价值关系之间的作用。最后，进一步研究了媒体关注度和投资者关注度的作用机制。研究结论表明：企业公益性捐赠会显著促进企业价值的提高。从长期来看，企业救济性捐赠可以通过提高媒体关注度与投资者关注度对企业价值产生积极影响。研究结论揭示了在不同捐赠动机下，企业捐赠对于提高企业价值所产生的作用，不仅证实了企业履行社会责任在促进企业可持续发展中的重要作用，而且有助于企业积极进行慈善捐赠，对助力社会实现共同富裕目标具有实践意义。     

The widow’s offering: Inheritance, family structure, and the charitable gifts of women

Researchers and commentators have compared men and women’s charitable giving patterns and have concluded that one sex was more generous than the other. Most research based on modern data has found women to be more philanthropic than men. In this article, I compare charitable donations of unmarried men and women in a sample of wills from 17th Century England. I find that men are more likely to make donations than women and make larger average donations. This difference in giving can be explained by differences in wealth and family structure and should not be ascribed to differences in charitable impulses.     

Do local firms employ political activities to respond to political uncertainty?

Using hand-collected data in China from 2001 to 2019, we examine how political uncertainty affects corporate political activities, including corporate corruption and corporate charitable donations, and whether the anti-corruption campaign moderates the relationship between political uncertainty and corporate political activities. First, we find that when city government officials change, local firms significantly increase corporate charitable donations while reducing corporate corruption. Second, the anti-corruption campaign strengthens the effects of political uncertainty on corporate political activities. Third, our results also show that political uncertainty has stronger effects 1) when new government officials come from external appointments, and 2) when former government officials experience abnormal turnover. In addition, the effects of political uncertainty on corporate charitable donations are stronger in non-state-owned enterprises and firms belonging to regulated industries. Finally, political uncertainty increases firms’ government subsidies through corporate political activities. It’s clear that political activities have mediating effects.     

财政压力对企业慈善捐赠行为影响的实证研究

慈善捐赠是企业履行社会责任的一种重要形式。以中国2011—2020年上市公司为样本,考察财政压力对企业慈善捐赠的影响,并探讨企业税负在财政压力与企业慈善捐赠二者之间的作用。研究发现,地方财政压力越大,越能促进该地区的企业捐赠,且企业税负在财政压力与企业捐赠之间存在反向调节作用。政府可以通过制定合理的财政收支规划,规范税收标准,为企业提供良好的税收环境,正确引导企业捐赠行为。     

基于博弈论的亏损企业捐赠行为研究——以鸿星尔克捐赠事件为例

企业捐赠是其履行社会责任的重要途径。然而，作为一种不以营利为目的的支出，慈善捐赠却被诸多亏损上市公司所采用，其中缘由值得深究。通过利益博弈分析，运用划线法与逆向归纳法，以鸿星尔克捐赠事件为例，说明相关各方的利益可以实现均衡，解释了亏损企业的捐赠行为。基于此，提出了解决目前中国企业慈善捐赠中存在问题的对策。     

空气污染对地区科技创新水平的影响研究——基于专利授权大数据的证据

空气污染对产业的科技创新同时产生"抑制效应"和"激励效应"，前者指空气污染会触发环境规制强化，提高企业成本，进而抑制产业的科技创新，后者指空气污染会激励产业转型创新，进而促进科技创新。那么，近年我国空气污染对产业创新水平的影响是哪一种效应占据主导地位？在什么条件下"激励效应"会超过"抑制效应"？不同地区不同产业的影响效果是否相同？围绕上述问题，文章基于34个细分产业的专利授权大数据的证据，通过固定效应基本模型，建立空气污染浓度与产业科技创新水平之间的相关关系；结合动态面板模型，分析空气污染浓度与产业科技创新水平之间的因果关系；并进一步在不同的污染产业、不同的环境规制严格程度和34个细分产业条件下进行了异质性分析，在环境规制存量、执法力度、改变科技创新变量和改变固定效应的条件下进行了稳健性分析，并从作用渠道和协同效应两方面解释了作用机制。实证研究发现，在全国层面，空气污染对科技创新水平产生的"激励效应"大于"抑制效应"，在污染地区和污染密集产业，空气污染对科技创新水平有更大的促进效果。根据文章的分析，在全国层面空气污染倒逼企业进行科技创新的激励效应很大，足够抵消空气污染对科技创新造成的抑制效应。但这并不意味着空气污染是可以接受的，促进科技创新水平提升的根本原因是激励效应，因此，建议政府更多地关注和加强激励效应，完善环境保护制度，加强环境监督力度，同时对科技创新进行更多的投入。     

The path towards sustainable finance: Venture capital and air pollution in China

Financing sustainable growth has attracted global attention and discussion in recent years. This study investigates the effect of venture capital, as a potential source of sustainable finance, on air pollution in China from 2003 to 2016. Using the unique Government Guidance Fund as instrumental variable, we find that venture capital activities have significantly reduced local air pollution in cities of China. To be specific, a one standard deviation increase in the VC amount leads to 4% decrease in PM_2.5 concentration and 6% reduction in industrial SO₂ emission. The effects are insensitive to a wide range of robustness tests. Cities characterized by more rigorous environmental supervision, superior business environments, and stronger innovation incentives benefit more from venture capital activities. We further show that venture capital helps improve local air quality by boosting general and green innovation, increasing the investment of new green enterprises, as well as crowding out the investment of polluting industries.     

民营企业救济性捐赠与融资约束

以2016-2021 年中国沪深A 股上市公司为样本，从民营企业经营现金流水平的角度，研究民营企业救济性捐赠对融资约束的影响。研究结论表明：民营企业救济性捐赠会显著提高经营现金流水平，缓解资金压力。进一步分析表明，股权集中度高的民营企业以及在自然灾害严重的年份进行救济性捐赠的企业可以显著提高救济性捐赠对经营现金流水平的提升作用。扩展了企业捐赠的研究视角，为民营企业进行救济性捐赠提供一定参考与建议。     

Out of the shadows: Impact of SARS experience on Chinese netizens' willingness to donate for COVID-19 pandemic prevention and control

While charitable donations help to raise funds and contribute to pandemic prevention and control, there are many unanswered questions about how people make such donation decisions, especially in countries like China where charitable donations have played an increasing role in recent years. This study contributes to the literature by assessing the potential impacts of Chinese netizens' experience with the 2002 severe acute respiratory syndrome (SARS) epidemic on their willingness to donate for COVID-19 pandemic prevention and control. Specifically, this study applies a difference-in-differences (DID) model to a dataset collected from a nationwide survey to examine how individuals' exposure to the SARS epidemic affects their willingness to donate to alleviate the COVID-19 pandemic. The results suggest that individuals' SARS epidemic experiences in their early lives, especially during the “childhood-adolescence” period, had a lasting and far-reaching impact on their willingness to donate toward COVID-19 pandemic prevention and control. Also, the impacts were likely heterogeneous by such sociodemographic factors as educational background, health status, and income level. The empirical findings highlight the importance of considering early-life experiences in developing and implementing epidemic prevention and control policies. While the SARS experience likely affected Chinese netizens' willingness to donate toward COVID-19 pandemic prevention and control, lessons learned from both the SARS epidemic and COVID-19 pandemic could be used to develop more effective public health education and prevention programs as well as to increase public donations for future pandemic prevention and control.     

绿色信贷政策对重污染企业创新的实证研究

在绿水青山就是金山银山的理念下，绿色信贷政策如何运用配置信贷资金的手段来解决重污染企业产生的环境污染问题，成为了一项待解决的重要课题。本文选取2009-2021年中国上市企业面板数据,构建双重差分模型来研究绿色信贷政策是否对重污染企业创新产生影响。研究结果显示，绿色信贷政策对重污染企业创新具有促进作用。本文以企业技术创新为视角，拓展了绿色信贷政策的微观效果,不仅有助于了解绿色信贷政策的实施效果以及重污染企业参与创新的原因,还为后续深入落实绿色信贷政策以及建设绿色金融体系提供了宝贵的经验。     

大气污染防治增加了企业税负吗

《京津冀及周边地区2017年大气污染防治工作方案》将"2+26"城市确定为京津冀大气污染传输通道城市进行联合防治，基于此，文章以2013-2019年"2+26"城市所在省市的A股上市公司为研究对象，运用双重差分法检验"2+26"城市大气污染联合防治行动对企业税负的影响。研究结果表明，对"2+26"城市而言，大气污染联合防治行动使得企业税负显著增加。区分企业所在城市规模、是否属于污染密集型行业、企业所有制性质的异质性分析发现，大气污染联合防治行动对非污染密集型行业企业、国有企业以及位于小规模城市的企业税负影响更大。     

DETERMINANTS OF DONATIONS: EMPIRICAL EVIDENCE FROM TAIWAN

In this paper, data from the 1999 Survey of Social Development Trend (SSDT) in Taiwan were used to examine the effects of income, tax price, as well as demographic variables on donations to different types of nonprofit organizations. The findings of this paper suggest that the effect of income on the level of donations was positively significant only for charitable and religious donations, but not for other types of donations. In addition, lowering the tax price of a donation exerted a significant effect on the probability of making donations only for religious contributions, but it also raised the level of contributions both for charitable and religious donations. The effects of most demographic variables were significant for the participation decision for all the different types of donations, but not significant for the levels of donations to academic, medical, and political organizations.     

Subsidizing Charitable Giving with Rebates or Matching: Further Laboratory Evidence

We examine two different ways to subsidize charitable giving: by a rebate (returning a portion of the donation to the giver) or by a match (adding additional donations to the giver's donation). In previous experimental research, we have shown that participants give more to charity under the match than under an equivalent rebate. The previous within-subject experimental design required participants to make a series of decisions under both types of subsidy. Each decision consisted of an allocation of an endowment between the subject and a charity chosen by the subject from a specified list. This article examines whether that result is an artifact of the previous within-subjects design: subjects may have failed to fully distinguish the two types of subsidy. In the current article, we report results from a between-subjects design, where participants are required to make only one type of decision—involving rebates or involving matching subsidies. Our results confirm previous findings.     

Earning reduction caused by air pollution: Evidence from China

This paper investigates the effect of air pollution on employees' earnings in China. Using both instrument variable (IV) and regression discontinuity design (RDD), we find that air pollution reduces employees' yearly earnings. A one μg/m³ increase in yearly PM_2.5 decreases employees' yearly earnings by 175.4 CNY. The total loss in earnings for all employees working for our sample firms amounts to about 268.59 million CNY. Our estimations are not sensitive to a battery of different robustness checks. We also find that the effect of air pollution differs based on several factors including labor intensity, ownership types and firm size. Our mechanism tests indicate that air pollution can reduce employees' earnings by lowering their unit wage and reducing their working time. The resulting increase in firms' labor costs further undermines their operating status. Notably, air pollution exerts a non-linear negative effect on employees' earnings. Overall, our findings suggest that air pollution can significantly lower employees' benefits by reducing their earnings. Our paper also provides powerful support for formulating environmental regulations in the future.     

环境信息披露与企业价值相关性研究

基于对不同类型环境信息披露与企业价值的相关性分析,选取沪市A股重污染行业中118家上市公司作为样本对象,构建多元回归模型进行实证研究,得出结论：①从不同维度的环境信息披露水平综合来看,我国重污染行业上市公司环境信息披露水平不高。②环境管理信息披露水平、环境业绩信息披露水平均与企业价值呈显著正相关,环境负债信息披露水平对企业价值呈显著负相关,而环境支出信息披露水平对企业价值未有显著作用。     

Growing pains for others: Using holidays to identify the pollution spillover between China and South Korea

Transboundary pollution spillovers have emerged as an important global issue in designing optimal regional economic policies. In particular, China and South Korea have been at odds over which country is the “source of evil” and responsible for their air pollution. This study investigates this issue and identifies the burden of the environmental externalities of pollution between China and South Korea. There are two novelties of this study: first, we employ a unique daily pollution indicator, that is, air visibility, to address data limitations. Second, we propose a novel identification strategy to examine the pollution spillovers of economic activities by exploiting the different holiday arrangements between China and South Korea. Evidence indicates significant bilateral environmental externalities between China and South Korea. Therefore, China and South Korea should make joint efforts to deal with their environmental challenges.     

家族企业主的政治联系、制度环境与慈善捐赠——基于全国私营企业调查的实证研究

家族企业的慈善捐赠是中国慈善事业的中坚力量,探究其影响因素对深化理解家族企业行为具有重要价值。文章基于2012年全国私营企业调查数据,采用Tobit回归模型,研究了家族企业主的政治联系、制度环境对慈善捐赠的影响。研究发现家族企业主的政治联系促进慈善捐赠行为,具有政治联系的家族企业主比没有政治联系的家族企业主更多地进行慈善捐赠,政治联系级别越高,慈善捐赠水平也越高。当企业所处地区的制度环境更完善时,政治联系对慈善捐赠的促进作用减弱。文章揭示了家族企业慈善捐赠行为的部分规律,对推动中国慈善事业的发展具有一定的政策含义。     

环保信息披露与IPO融资成本

随着环境保护问题越来越受到政府和社会公众的关注，环境监管对上市公司尤其是对“准IPO”公司也提出了更多的要求。那么公司环保信息披露情况如何影响其IPO融资成本？本文通过对2009-2011年IPO成功的334家上市公司进行考察发现：（1）公司环保信息披露情况对于公司IPO融资成本有着明显的约束作用。（2）其他条件不变的情况下，相较于低污染行业的公司而言，高污染行业公司的环保信息披露对于其IPO融资成本的影响更大。本文的研究对上市公司的环境投入提供了有意义的政策建议。     

Worthiness versus Self‐Interest in Charitable Giving: Evidence from a Low‐Income,Minority Neighborhood

We examine the impact of perceived worthiness and financial self‐interest on charitable giving. Both participants and recipients come from a low‐income, predominantly African‐American community in the United States. To examine this issue, we introduce a “Comparative Dictator Game,” where participants make dictator allocations for four possible recipients, each with different characteristics. We find higher charitable giving toward more “worthy” (i.e., disabled, females who are head of household, and individuals with more children) recipients when individuals donate money to different recipients. Additionally, subjects then select their preferred recipient/allocation. When only one recipient must be selected for a donation, individuals select recipients to whom they provided smaller donations and recipients with children. The results highlight the trade‐off between a desire to engage in philanthropy, supporting those who are deserving, and financial self‐interest.