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。

Relief Donations and Financing Constraints of Private Enterprises

Taking the A-share listed companies in China from 2016 to 2021 as a sample, the impact of relief donations on the financing constraints of private enterprises is studied from the perspective of operating cash flow level. The research conclusion shows that relief donations from private enterprises will significantly improve the level of operating cash flow and alleviate capital pressure. Further analysis shows that private enterprises with high equity concentration and enterprises that make relief donations in severe natural disasters can significantly improve the effect of relief donations on the level of operating cash flow. This paper expands the research perspective of enterprise donation, and provides certain references and suggestions for private enterprises to make relief donations.