摘要
以我国上市公司在汶川地震捐赠中的表现为分析对象,本文重点考察了媒体关注对上市公司捐赠行为的影响,以及其与股权性质、行业竞争程度和产品直接与消费者接触之间对捐赠影响的互动关系。将捐赠样本和非捐赠样本合在一起的回归分析发现,媒体关注对上市公司的捐赠行为有显著的正向影响,这说明来自舆论的可能压力明显地提高了上市公司的捐赠可能性;考虑到公关、广告、声誉等经济动机,这种影响在非国有产权控股以及产品直接与消费者接触的上市公司中表现得更加显著;同时,媒体关注还会显著地降低国有产权控股以及行业垄断程度对捐赠的负向影响。这些结果表明,媒体在上市公司履行社会责任方面发挥着显著的正面作用。但是,针对捐赠样本的回归分析发现,上述关于媒体的各类显著影响都不再存在,可见,媒体关注的影响效果仅限定在上市公司是否捐赠这一决策层面,对于公司决定捐赠后的捐赠水平高低并没有显著影响。这可能与我国上市公司在确定实际的捐赠水平时不能科学决策、对有关影响因素和社会预期考虑不足有关。
Taking as the object of our analysis the behavior of China's listed companies' donation in the Wenchuan Earthquake,we have,in this paper,mainly explored the impact of the close attention given by the media(CAGBTM) on listed companies' behavior of donation and the correlations between their donation,the nature of their ownership,the extent of industrial competition,and the effect of the direct sale of products to consumers on donation.Based on the regression results by means of combing conation samples with non-donation samples,we have discovered that the CAGBTM has noticeable positive effect on listed companies' behavior of donation,showing that the possible pressure from the public opinion has obviously increased the possibility of listed companies' donation,that,owing to the consideration of the economic motives such as the public relationship,advertising,and reputation,this positive impact has been expressed more markedly in non-state owned listed companies and in listed companies selling products directly to consumers,that the CAGBTM can also significantly decrease the negative effect of the state control ownership and the negative effect of the degree of industrial monopoly on donation,and that the media has played a noteworthy and positive role in listed companies' performance of the social responsibilities.However,by the regression analysis of the donation samples,we have found that the above-mentioned various noticeable impacts of the media have not existed any longer,and that,therefore,the results of the impact of CAGBTM are confined to whether listed companies donate,and those results have had no noticeable bearing on the donation level when a listed company has decided to donate,which,possibly is related to the listed companies' irrational decision on the actual level of donation and to the fact that the listed companies have not fully considered the relative factors and the social expectation.
出处
《管理世界》
CSSCI
北大核心
2011年第3期135-143,188,共9页
Journal of Management World
基金
国家自然科学基金面上项目(批准号:70872115)
青年项目(批准号:70702031)
中山大学青年教师培育项目资助
