摘要
以我国2009-2018年A股上市房地产公司为研究样本,实证检验了慈善捐赠、债务融资成本与绩效之间的关系。研究发现,企业财务绩效与债务融资成本之间存在负相关关系;通过参与慈善捐赠有助于企业降低债务融资成本;企业慈善捐赠在债务融资成本与企业绩效之间存在调节效应,即企业慈善捐赠可以通过降低融资成本促进自身价值的增长。
Taking China's A—share listed real estate companies from 2009 to 2018 as research samples,this paper empirically tests the relationship between charitable donation,debt financing cost and performance,the research finds out that:there is A negative correlation between corporate financial performance and debt financing cost;participating in charitable donations can help enterprises reduce the cost of debt financing;corporate charitable giving has a moderating effect between debt financing costs and corporate performance,that is,corporate charitable giving can promote the growth of its own value by reducing financing costs.
作者
牛帅帅
朱剑峰
Niu Shuaishuai;Zhu Jianfeng(Fuyang Normal University,Fuyang 236037,China)
出处
《廊坊师范学院学报（自然科学版）》
2021年第3期67-71,共5页
Journal of Langfang Normal University(Natural Science Edition)
基金
安徽省社会科学重点项目(AHSKZ2018D15)。
关键词
慈善捐赠
债务融资成本
企业绩效
charitable giving
debt financing costs
corporate performance
