| 我国企业慈善行为的市场反应——基于汶川地震捐赠数据的实证检验 |
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| 引用本文： | 宋林,王建玲.我国企业慈善行为的市场反应——基于汶川地震捐赠数据的实证检验[J].当代经济科学,2010,32(6). |
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| 作者姓名： | 宋林 王建玲 |
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| 作者单位： | 1. 西安交通大学,经济与金融学院,陕西,西安,710061
2. 西安交通大学,管理学院,陕西,西安,710049 |
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| 基金项目： | 教育部人文社会科学基金，西安交通大学"211"三期子项目 |
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| 摘 要： | 本文以136家中国上市公司为样本,分析了汶川地震后资本市场对企业发布捐赠公告的市场反应,与对照组企业相比,样本中的企业的7天累计超额收益率显著为正.但是,当把样本划分为政府控股企业和私人企业两类后,本文发现两类企业在捐赠行为上存在明显的差异,Godfrey的"慈善捐赠只有被看作是企业社会责任的真实表达时才可以提高企业价值"的观点,在政府控股企业并不适用.
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| 关 键 词： | 公司社会责任 慈善捐赠 市场反应 |
The Market Reaction on Corporate Philanthropy of Chinese Companies-an Empirical Study Based on Wenchuan Earthquake |
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| SONG Lin,WANG Jian-ling.The Market Reaction on Corporate Philanthropy of Chinese Companies-an Empirical Study Based on Wenchuan Earthquake[J].Modern Economic Science,2010,32(6). |
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| Authors: | SONG Lin WANG Jian-ling |
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| Institution: | SONG Lin1,WANG Jian-ling2(1.School of Economics and Finance,Xi'an Jiaotong University,Xi'an 710061,China,2.School of Management,Xi'an 710049,China) |
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| Abstract: | This paper investigates the market reaction to corporate philanthropic giving to the relief effort following the May 12,2008 Wenchuan Earthquake in Sichuan,China,based on a sample of 136 Chinese listed companies.The results indicate a statistically significant positive 7-day cumulative abnormal return compared to the controlling sample companies in Chinese emerging capital market.However,when partitioning the whole sample into two sample groups,one of which is government-controlled sample and the other non-... |
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| Keywords: | Corporate social responsibility Corporate philanthropy Market reactions |
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