摘要
为何不少私营企业家消极对待慈善捐赠?现有文献揭示了一些私营企业家工具性地利用慈善捐赠的现象,而较少关注另一些企业家对待慈善捐赠的消极态度。本文从信号理论的视角,指出在政府与中小企业之间存在信息不对称的情况下,企业家慈善捐赠的信号作用会增加私营中小企业的规费负担,这种规费惩罚效应会加强私营企业家对慈善捐赠的消极态度。采用第十次全国私营企业抽样调查1545家私营中小企业的数据,对上述理论假设进行检验,发现企业家的慈善捐赠额对下一年度私营中小企业的规费收入比存在显著正效应,企业家的家庭娱乐保健支出会加强慈善捐赠的信号效应,企业家及其家族的持股比例和所在省区政府的行政管理水平则会削弱上述效应。研究结果支持本文基于信号效应提出的解释,且呈现了增强和削弱规费惩罚效应的微观和宏观机制。上述结果不仅揭示了在中国制度情境下慈善捐赠信号效应的变异,也突显出私营中小企业与大企业面对的微观制度环境的差异。
Why do many Chinese SMEs(small and medium enterprises)owners hold a negative attitude toward philanthropic activities?Current literature reveals that some entrepreneurs instrumentally take advantage of philanthropy,while focusing less on others’reluctance.In this paper,starting with the signal theory,we propose that under the context of information asymmetry between local governments and companies’real operation conditions,philanthropic donation will incur more fee expenditures of a company.This'fee penalty'phenomenon accounts for the negative attitude of SME owners toward philanthropy.To prove this,we build a regression model using data from the 10 thnationwide surveys of Chinese privately-owned enterprises conducted by the All-China Federation of Industry.Results show that a company’s expenditures in administrative and institutional fees have a significant positive correlation with its amount of donation in the year before;an entrepreneur’s high expenditures on non-essential services intensifies this signal and predictive effect;whereas a high level of entrepreneur’s ownership and a good local political and institutional environment significantly moderates the process.These results support our proposal on signal effect of philanthropy,and reveal both the micro and macro mechanisms on intensifying or weakening'fee penalty'.Our research reveals that the signal effect of philanthropy functions abnormally in China and that SMEs and large enterprises face quite different micro institutional environments.
作者
朱沆
杨海翔
谭洁
Zhu Hang;Yang Haixiang;Tan Jie(Sun Yat-Sun Business School,Sun Yat-Sun University,Guangzhou 510275;School of Operation Research and Information Engineering,Cornell University,New York 14850;Yunnan Vanke Co.,Ltd.,Kunming 650000)
出处
《管理评论》
CSSCI
北大核心
2019年第9期146-158,共13页
Management Review
基金
国家自然科学基金面上项目(71872193
71372155)
国家自然科学基金地区项目(71503101)
关键词
私营中小企业
慈善捐赠
信号效应
规费
SME
philanthropy
signal effect
administrative and institutional fees
