民营企业一定会“慷他人之慨”吗?——来自两权分离股权制度安排的经验证据被引量：1

Are Private Enterprises always“Generous at Shareholder’Expense”?——Empirical Evidence from the Institutional Arrangements of Two Rights Separation

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摘要在实践中企业慈善捐赠常常被质疑为“慷他人之慨”,特别是“大股东慷中小股东之慨”。但企业慈善捐赠真的是一种“大股东慷中小股东之慨”的侵占行为吗?为回答这一问题,本文以民营企业为研究对象,从两权分离股权安排制度视角展开研究,结果发现:(1)在两权分离度与民营企业慈善捐赠之间存在U型关系,说明民营企业慈善捐赠与“大股东慷中小股东之慨”并不是等价的。(2)终极控股股东持股比例会弱化两权分离度与民营企业慈善捐赠之间的U型关系,并且较大的持股比例使U型关系发生了翻转。(3)在控股股东持股比例较大的情况下,民营企业慈善捐赠包含有明显的促进企业价值增值的经济目的,并促进了价值增值。上述发现对于更全面地认知民营企业慈善捐赠的双刃剑属性,更客观地评价两权分离股权制度安排对我国企业慈善捐赠的影响具有一定的启示。 Corporate philanthropy is an important force to promote the development of social philanthropy in China.However,corporate philanthropy is often questioned as“generosity of major shareholders to minority shareholders”.Is corporate philanthropy really an expropriation behavior of“generosity of major shareholders over minority shareholders”?In order to answer this question,this paper takes private enterprises as the empirical research object and discusses from the perspective of separation of two rights.The main conclusions include:(1)There is a U-shaped relationship between the separation of the two rights and the corporate philanthropy,which means that the“generosity of major shareholders and minority shareholders”of corporate philanthropy is not equivalent.(2)The proportion of ultimate controlling shareholder weakens the U-shaped relationship between separation of the two rights and the corporate philanthropy,while the larger proportion of controlling shareholder reverses the u-shaped relationship.(3)Corporate philanthropy contains the purpose of increasing the value of private enterprise when the proportion of controlling shareholder is higher,and philanthropy can bring more value to them.

作者刘春济倪文昕高静 LIU Chun-ji;NI Wen-xin;GAO Jing(Business School,Shanghai Normal University,Shanghai 200234,China;College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China;Event and Communication School,Shanghai University of International Business and Economics,Shanghai 201620,China)

机构地区上海师范大学商学院上海财经大学商学院上海对外经贸大学会展与传播学院

出处《上海对外经贸大学学报》 CSSCI 北大核心 2023年第3期88-105,共18页 Journal of Shanghai University of International Business and Economics

基金国家自然科学基金项目“‘公司—产业—城市’嵌套网络视角下增强产业链应对重大外部事件冲击的韧性研究”(项目编号:72173087)的资助。

关键词两权分离企业慈善捐赠 U型关系侵占企业价值维护 separation of two rights corporate philanthropy U-shape tunneling enterprise value

分类号 F272 [经济管理—企业管理] F276 [经济管理—国民经济]