摘要
本文选取2010-2017年沪深A股上市公司作为研究样本,实证检验了公益性捐赠对企业盈余持续性的影响,并进一步探究了大股东控制对二者关系的调节作用。研究结果表明:公益性捐赠能够提高企业盈余持续性水平,且在国有企业中更加显著;大股东控制会显著抑制公益性捐赠提高盈余持续性水平的效应,其抑制作用在非国有企业中更显著。本文的研究对推动公益性捐赠、实现企业可持续发展等方面具有启示,也为现代公司治理提供了经验证据。
This paper selects Shanghai and Shenzhen A-share listed corporates from 2010 to 2017 as research samples, empirically tests the impact of public welfare donation on the sustainability of corporate earnings, and further explores the moderating role of major shareholder control in the relationship between public welfare donation and earnings persistence. The results show that: Public welfare donation can improve the sustainability of corporate earnings, and this effect is more obvious in state-owned enterprises;The control of major shareholders significantly inhibits the improving effect of public welfare donation on the level of earnings persistence, and the moderating effect of the major shareholder control is more obvious in non-state-owned enterprises. The research in this paper has implications for promoting public welfore donation and achieving sustainable development of enterprises, and provides empirical evidence for modem corporate governance.
作者
吴良海
李娟
梅艳晓
WU Liang-hai;LI Juan;MEI Yan-xiao
出处
《财务研究》
2019年第4期30-39,共10页
Finance Research
基金
国家社会科学基金项目(14BJY015)
国家社会科学基金重大项目(14ZDA027)
安徽省级重大教学研究项目(2017jyxm0155)
关键词
公益性捐赠
盈余持续性
大股东控制
产权性质
public welfare donation
earnings persistence
major shareholder control
property rights
