企業(yè)慈善捐贈的保險效應(yīng)研究
發(fā)布時間：2019-01-04 23:47
【摘要】：近年來,企業(yè)社會責(zé)任成為社會關(guān)注的熱點問題,公眾越發(fā)重視企業(yè)的社會責(zé)任履行情況。然而,非公益組織的企業(yè)本質(zhì)上仍然是經(jīng)濟體,它們生存發(fā)展的首要條件是能獲得經(jīng)營績效。因此,越來越多的企業(yè)開始改變傳統(tǒng)做法,將社會責(zé)任行為納入到企業(yè)戰(zhàn)略計劃中,由原本單獨的利己或利他慈善行為變?yōu)閼?zhàn)略性行為,而大多數(shù)企業(yè)將捐贈作為主要慈善內(nèi)容,列入企業(yè)的營業(yè)外支出。盡管存在爭議,但大多國內(nèi)外研究結(jié)論都表明,企業(yè)慈善捐贈可以促進企業(yè)績效的提高。然而,以往學(xué)者們研究的熱點問題多是企業(yè)慈善捐贈是否能促進企業(yè)價值,而這個肯定的答案已經(jīng)成為社會的共識,而目前為止卻鮮有學(xué)者關(guān)注到企業(yè)慈善捐贈是否能在危機事件時承擔(dān)保險功能,保護企業(yè)價值,減緩其損失。雖然已有部分學(xué)者對此進行了研究,但仍然存在一些問題。首先,國外對此議題的研究已有一段時間,但國內(nèi)學(xué)術(shù)界仍處于探索的初步階段,并且理論很不完善；其次,以往的研究背景大多只局限于某一單獨行業(yè)或企業(yè)的危機事件,在此基礎(chǔ)上研究企業(yè)慈善捐贈的保險作用。本文以信息甄別理論為基礎(chǔ),探索在中國情境下,危機事件發(fā)生后,受溢企業(yè)前期的慈善捐贈信息能否被利益相關(guān)者正確甄別,并作出決策減緩其股票價值下降,以及不同的事件特征和企業(yè)特征信息在這個過程中的調(diào)節(jié)作用,填補了一定的理論空白。本文主要采取事件研究法,研究對象是2004——2014年間的26起危機事件中的1021條企業(yè)數(shù)據(jù),并最終得到以下結(jié)論：在危機事件后,企業(yè)慈善捐贈信息能夠被利益相關(guān)者甄別,對受溢企業(yè)有顯著保險作用,即倘若企業(yè)前期進行了慈善捐贈,那么當(dāng)陷入危機后,其股票價值的累計超額收益率下降幅度較小。一些其他信息會影響利益相關(guān)者的信息甄別和決策：當(dāng)事件涉及到誠信經(jīng)營或者事件可控時,負向調(diào)節(jié)作用顯著；而如果事件受關(guān)注程度越高,企業(yè)主營業(yè)務(wù)同危機事件的源頭相同或相似,則起到正向調(diào)節(jié)作用,企業(yè)慈善捐贈的保險作用越強；企業(yè)主營業(yè)務(wù)與身體接觸程度越深,企業(yè)慈善捐贈的保險作用越弱；企業(yè)規(guī)模的調(diào)節(jié)作用不顯著。通過理論和實證分析,本文提出了下一步企業(yè)慈善捐贈的建議：從政府和社會角度看,應(yīng)當(dāng)鼓勵企業(yè)進行慈善捐贈,擴大企業(yè)慈善捐贈的比例,從企業(yè)角度看,它們應(yīng)當(dāng)守法經(jīng)營,進取創(chuàng)新,對必要的信息公開透明處理,降低與利益相關(guān)者之間的信息不對稱,減少逆向選擇的可能,并遵從社會道德體系,響應(yīng)政府號召,在留有余力的情況下積極履行慈善責(zé)任,追求企業(yè)經(jīng)濟效應(yīng)和社會效應(yīng)的雙贏局面。
[Abstract]:In recent years, corporate social responsibility (CSR) has become a hot issue of social concern, and the public pays more and more attention to corporate social responsibility (CSR) performance. However, the enterprises of non-public organizations are still economies in nature, and the most important condition for their survival and development is the ability to achieve business performance. As a result, more and more enterprises begin to change their traditional practices and incorporate social responsibility behavior into their corporate strategic plans, changing from individual altruistic or altruistic philanthropy to strategic behavior. And most enterprises will donate as the main charitable content, included in the enterprise's non-operating expenses. Although there is controversy, most domestic and foreign studies show that corporate philanthropy can improve corporate performance. However, in the past, most of the hot issues studied by scholars are whether corporate philanthropy can promote corporate value, and this affirmative answer has become a consensus in society. So far, few scholars have paid attention to whether corporate charitable donation can take on the function of insurance, protect the value of enterprise and slow down its loss. Although some scholars have studied this problem, there are still some problems. First of all, foreign research on this topic has been for some time, but the domestic academic community is still in the initial stage of exploration, and the theory is not perfect; Secondly, the previous research background is mostly limited to a single industry or enterprise crisis events, on the basis of this research on the role of corporate charitable donation insurance. Based on the information screening theory, this paper explores whether the charity donation information of the overflowing enterprises can be correctly identified by the stakeholders after the crisis in China, and make a decision to slow down the decline of the stock value. And the regulation of different event characteristics and enterprise characteristics in this process, filling a certain theoretical gap. This article mainly adopts the event research method, the research object is 1021 enterprise data from 26 crisis events in 2004-2014, and finally obtains the following conclusion: after the crisis event, the enterprise charitable donation information can be identified by the stakeholders. It has a significant insurance effect on the overflowing enterprises, that is, if the enterprises make charitable donations in the early stage, the cumulative excess return on the value of their stocks will decrease less when they fall into a crisis. Some other information will affect the information screening and decision-making of stakeholders: when the event involves integrity management or the event is controllable, the negative adjustment effect is significant; If the event is paid more attention to, the main business of the enterprise is the same or similar to the source of the crisis event, then it plays a positive regulatory role, and the insurance role of corporate charitable donation is stronger; The deeper the contact degree between the main business and the body, the weaker the insurance effect of corporate charitable donation, and the less significant the regulating effect of enterprise size. Through theoretical and empirical analysis, this paper puts forward the following suggestions: from the government and social point of view, enterprises should be encouraged to make charitable donations, to expand the proportion of corporate charitable donations, from the point of view of enterprises, They should abide by the law, innovate aggressively, deal with the necessary information openly and transparently, reduce information asymmetry with stakeholders, reduce the possibility of adverse selection, and comply with social and ethical systems and respond to government calls, In the case of Yu Li, actively carry out the charitable responsibility and pursue the win-win situation of economic and social effects of enterprises.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F279.2;D632.9
本文編號：2400965
[Abstract]:In recent years, corporate social responsibility (CSR) has become a hot issue of social concern, and the public pays more and more attention to corporate social responsibility (CSR) performance. However, the enterprises of non-public organizations are still economies in nature, and the most important condition for their survival and development is the ability to achieve business performance. As a result, more and more enterprises begin to change their traditional practices and incorporate social responsibility behavior into their corporate strategic plans, changing from individual altruistic or altruistic philanthropy to strategic behavior. And most enterprises will donate as the main charitable content, included in the enterprise's non-operating expenses. Although there is controversy, most domestic and foreign studies show that corporate philanthropy can improve corporate performance. However, in the past, most of the hot issues studied by scholars are whether corporate philanthropy can promote corporate value, and this affirmative answer has become a consensus in society. So far, few scholars have paid attention to whether corporate charitable donation can take on the function of insurance, protect the value of enterprise and slow down its loss. Although some scholars have studied this problem, there are still some problems. First of all, foreign research on this topic has been for some time, but the domestic academic community is still in the initial stage of exploration, and the theory is not perfect; Secondly, the previous research background is mostly limited to a single industry or enterprise crisis events, on the basis of this research on the role of corporate charitable donation insurance. Based on the information screening theory, this paper explores whether the charity donation information of the overflowing enterprises can be correctly identified by the stakeholders after the crisis in China, and make a decision to slow down the decline of the stock value. And the regulation of different event characteristics and enterprise characteristics in this process, filling a certain theoretical gap. This article mainly adopts the event research method, the research object is 1021 enterprise data from 26 crisis events in 2004-2014, and finally obtains the following conclusion: after the crisis event, the enterprise charitable donation information can be identified by the stakeholders. It has a significant insurance effect on the overflowing enterprises, that is, if the enterprises make charitable donations in the early stage, the cumulative excess return on the value of their stocks will decrease less when they fall into a crisis. Some other information will affect the information screening and decision-making of stakeholders: when the event involves integrity management or the event is controllable, the negative adjustment effect is significant; If the event is paid more attention to, the main business of the enterprise is the same or similar to the source of the crisis event, then it plays a positive regulatory role, and the insurance role of corporate charitable donation is stronger; The deeper the contact degree between the main business and the body, the weaker the insurance effect of corporate charitable donation, and the less significant the regulating effect of enterprise size. Through theoretical and empirical analysis, this paper puts forward the following suggestions: from the government and social point of view, enterprises should be encouraged to make charitable donations, to expand the proportion of corporate charitable donations, from the point of view of enterprises, They should abide by the law, innovate aggressively, deal with the necessary information openly and transparently, reduce information asymmetry with stakeholders, reduce the possibility of adverse selection, and comply with social and ethical systems and respond to government calls, In the case of Yu Li, actively carry out the charitable responsibility and pursue the win-win situation of economic and social effects of enterprises.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F279.2;D632.9
【參考文獻】
相關(guān)期刊論文 前1條
1 鐘宏武;;企業(yè)捐贈作用的綜合解析[J];中國工業(yè)經(jīng)濟;2007年02期
，本文編號：2400965
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