摘要
文章采用2007-2014年沪深A股319家民营上市公司为样本,从政企关系的视角出发,研究了我国民营企业的慈善捐赠、政治关联性与股票市场风险三者的关系。研究发现:相较于没有政治关联性的民营企业,有政治关联性的民营企业参与慈善捐赠的可能性更大;相较于有政治关联性的民营企业,没有政治关联性的民营企业的慈善捐赠更能够帮助它们降低股票市场风险;没有政治关联性的民营企业的慈善捐赠有助于降低股票市场风险,而有政治关联性的民营企业的慈善捐赠则对股票市场风险没有显著影响。本研究丰富了慈善捐赠及政企关系方面的文献,也为民营企业如何通过慈善捐赠来降低其股票市场风险提供了一定的指导意义。
The paper, taking 319 A-share listed private companies in Shanghai and Shenzhen Stock Market as the samples, studies the re- lations among philanthropy, political connections and stock market risk of private enterprises from the perspective of the relationship be- tween government and enterprises. The study finds that： The political connections of private enterprises, compared to those without politi- cal connection, have a positive effect on the possibility of philanthropy; The philanthropy of private enterprises without political connec- tions, compared to those with political connections, can help reduce their risk in the stock market; The philanthropy of private enterprises without political connections can help reduce the stock market risk, whereas the philanthropy of private enterprises with political connec- tions have no significant impact on the stock market risk. The study not only enriches the related literature, but also can help directors and managers of private enterprises to evaluate and carry out their philanthropy.
出处
《华东经济管理》
CSSCI
北大核心
2017年第5期154-160,共7页
East China Economic Management
基金
国家社会科学基金项目(11BGL049)
上海财经大学研究生创新基金资助项目(CXJJ-2015-345)
关键词
民营企业
慈善捐赠
股票市场风险
政治关联性
private enterprises
philanthropy
stock market risk
political connections
