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。

Corporate Donation and Corporate Value: A Perspective Based on Donation Motivation

In recent years, with the enhancement of corporate social responsibility awareness, the donation behavior of enterprises has gradually received extensive attention and has an impact on the operation and management of enterprises. Based on the signaling theory and principal-agent theory, this paper takes A-share listed companies from 2008 to 2021 as samples to distinguish the donation motives of enterprises, and analyzes whether there are differences in the impact of different donation methods on corporate value. At the same time, the role of shareholder nature and property property property in the relationship between corporate donation and enterprise value is investigated. Finally, the mechanism of media attention and investor attention is further studied. The results show that corporate philanthropic donations can significantly promote the improvement of corporate value. In the long run, corporate relief donations can have a positive impact on corporate value by increasing media attention and investor attention. The conclusion of the study reveals the effect of corporate donation on improving corporate value under different donation motives, which not only confirms the important role of corporate social responsibility in promoting corporate sustainable development, but also helps enterprises to actively make charitable donations, which has practical significance for helping the society achieve the goal of common prosperity.