民营企业慈善行为中的红色文化因素研究

文章以2007-2016年沪深A股非金融类民营上市公司为样本,从捐赠意愿和捐赠规模两个维度检验红色文化对民营企业慈善捐赠行为的影响。研究发现,相比非革命老区民营企业,老区企业具有更强的捐赠意愿和更大的捐赠规模,该结论在使用"地形起伏度"作为工具变量控制可能的内生性问题后依然成立。拓展检验发现,在产品直接面向消费者、外部市场制度不完善及面临业绩压力的企业,红色文化促进慈善的作用明显较弱。机制检验表明,董事长的老区成长经历能够促进红色文化对慈善捐赠的影响,由此说明,红色文化是通过核心管理者将慈善的"奉献"理念嵌入企业的决策行为。文章从财务学视角探讨红色文化与企业慈善行为间的联系,丰富了中国情境下文化与微观企业决策的研究。

Study on the Motivation of Corporate Philanthropy from the Perspective of Red Culture

Sampling on Chinese A-listed firms during 2007 to 2016, we examined the impact of red cultural on the charitable donation of private listed firms. The results show that firms in the old revolutionary areas are more willing to charitable donations and have large scale of charity donation compared to those of firms which registered in the non-revolutionary old areas. This conclusion is still robustness after controlling the endogeneity problem by using the terrain undulating degree as an instrument variable. Further analysis show that the philanthropic effect of red cultural is weakened when the firms belong to industries which is direct contact with consumers, or the firms' external market environment is poor, or the firms are facing performance pressure. Channel tests show that the childhood growth experience of the firms' chairman in the old revolutionary areas can improve the philanthropic effect of red cultural on the charitable donation, thus verifying that the red culture embeds the concept of dedication and acts on the firms' decision-making of charitable donation through the core managers. This paper explores the relation between red culture and corporate charitable donation in light of the financial perspective, and enriches the research on culture and corporate finance in the context of China.