企业持续捐赠是否值得?基于时间压缩不经济及动态能力理论,以中国A股上市公司捐赠的面板数据为依据,本文分析并检验了企业持续捐赠的价值效应。研究发现,虽然持续捐赠不能直接给企业带来价值增值,但以企业通过持续捐赠获取的各种无形及有形资源需要积极运作为推论,进一步的实证表明,随着企业动态能力增强,企业持续捐赠的价值效应逐趋明显。另外,拓展性检验还发现,促成以上资源获取及能力发挥的情境因素越凸现,企业持续捐赠的价值回报亦越大。本文为针对性地探明企业持续捐赠的价值效应提供了新的理论和经验证据,有助于职能部门出台适宜的引导政策促进企业持续捐赠行为,同时也有利于企业探寻可行的对策提升持续捐赠的回报。 Based on the panel data donated by Chinese A-share listed companies, this paper analyzes and tests the value effect of continuous donation of enterprises. The study found that, although continuous donation can not directly bring value to the enterprise, based on the fact that enterprises need to actively operate all kinds of invisible and tangible resources acquired through continuous donation, further empirical evidence shows that as the dynamic capability of enterprises increases, enterprises continue to donate The value of the obvious by the trend. In addition, the outreach test also found that the more circumstantial factors that contributed to the above access to resources and their ability to play, the greater the return on the value of donations from enterprises. This article provides new theoretical and empirical evidence for the purpose of identifying the value effect of continuous donation of enterprises and helps the functional departments to put in place appropriate guiding policies to promote the sustainable donation of enterprises and at the same time, it is also beneficial for enterprises to explore feasible countermeasures and promote continuous donation s return.