摘要
近些年来,越来越多的企业开始从事慈善捐赠,而企业这种"利他主义"行为会给股东财富带来何种影响却始终没有得到回答。通过研究2008年汶川地震后中国上市公司的捐赠行为,本文发现慈善捐赠对于股东财富来说是一把"双刃剑":不论从短期还是长期来看,累计超额回报率均和捐赠排名正相关,表明了慈善捐赠能够提升股东财富;而对于成长性高的公司而言,其捐款的机会成本较高,企业的捐赠活动降低了股东财富。更为重要的是,慈善捐赠对于股东财富的提升仅体现在大股东非绝对控股和机构持股的公司中,说明只有有效的公司治理机制才能够确保企业做出最大化股东财富的捐赠行为。本文的发现为更好地评价和规范企业慈善捐赠活动提供了一定的经验支持。
In recent years, as increasing great catastrophes happened continuously in the whole world, more and more firms start to donate for the disaster areas, which lead to an increasing number of scholars started to focus on the behaviors of the corporate philanthropy. However, there is one important question still remains unresolved, which is how would this altruism behavior affect the shareholder wealth of these firms? By investigating donations of Chinese listed compa- nies after Wenchuan Earthquake in 2008, we find that the effect of these philanthropic behaviors of the firms works like a double-edged sword. More specifically, the cumulative abnormal returns, both in the short window and in the long window, are positively related to the ranks of donations. But the cumulative abnormal returns are negatively related to the growth potential of these firms, no matter in the short window or in the long window. This empirical evidence im- plies that altruistic behavior can benefit oneself at least from the per- spective of shareholder wealth. However, every coin has two sides. For the firms with high growth potential, altruistic behavior may not be able to benefit oneself due to high opportunity cost. What is more interesting is that the positive impact of philanthropy behaviors on shareholder wealth only exists for firms without absolute control shareholder, or the positive impact of altruism behaviors only exists for the firms with institutional investors. This implies that corporate governance matters for the economic consequences of donation. To be more specific, our results suggest that more efficient and superior corporate governance mechanism would help increase the positive impact of philanthropy behaviors on shareholder wealth. Our find- ings would help the investors to evaluate the donations of the firms, and help the directors and managers to make donation decisions for the firms, and also help the government officers to regulate the behaviors of corporate donation.
出处
《南开管理评论》
CSSCI
北大核心
2011年第2期92-101,共10页
Nankai Business Review
关键词
慈善捐赠
股东财富
公司治理
利他主义
汶川地震
Corporate Philanthropy
Shareholder Wealth
Corpo-rate Governance
Altruism
Wenchuan Earthquake