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本文选择2008—2014年沪深A股上市公司作为研究样本,检验了公益性捐赠与企业债务资本成本的关系,结果显示,公益性捐赠额与企业债务资本成本呈倒“U”形关系。这意味着在企业捐赠额较少时,股价的“消极”影响使得债务资本成本随企业公益性捐赠的增加而增加,当捐赠额累积达到某一程度时,企业声誉资本的作用显现,此时公益性捐赠额的增加能够显著降低企业债务资本成本。考虑到国有企业捐赠更多的是履行政府“摊派”的社会责任,而非国有企业主要是期望通过社会责任的履行获取声誉资本及战略资源,本文进一步考察了产权性质对上述关系的影响,通过区分国有企业及非国有企业样本,运用似不相关回归进行chow检验,结果表明,公益性捐赠与企业债务资本成本的倒“U”形关系在非国有企业较为显著,在国有企业则较弱。本文的贡献在于:第一,发现了公益性捐赠与企业债务资本成本的倒“U”形关系,丰富了现有公益性捐赠经济后果的研究文献。第二,从企业产权角度阐明了公益性捐赠影响企业债务资本成本的作用机理并给出了相应的经验证据,为引导企业捐赠行为和提升企业价值提供了有益参考。第三,引入声誉机制探讨了声誉资本影响公益性捐赠与债务资本成本两者关系的机理所在,拓宽了从外部环境及企业治理研究企业债务资本成本的传统视角。
This paper chooses Shanghai-Shenzhen A-share listed companies from 2008 to 2014 as the research sample to examine the relationship between public welfare donations and the cost of corporate debt capital. The results show that the public welfare donations and corporate debt capital costs are inverted U-shaped relationship . This means that when the amount of donations is small, the “negative” effect of the stock price makes the cost of debt capital increase with the increase of corporate public donations. When the amount of donations reaches a certain level, the role of corporate reputation capital appears, At this point the increase in public welfare donations can significantly reduce the cost of corporate debt capital. Considering that the state-owned enterprises donate more social responsibility to fulfill the government “apportionment ”, rather than the state-owned enterprises mainly expect to obtain the reputation capital and strategic resources through the fulfillment of social responsibility, this paper further examines the impact of property rights on the above relationship , The result of chow test using irrelevant regression shows that the inverted “U” shaped relationship between public welfare donation and corporate debt capital cost is more significant in non-state-owned enterprises. In state-owned enterprises Weaker. The contribution of this paper lies in the following aspects. First, we found the inverted U-shaped relationship between public welfare donations and corporate debt capital costs, and enriched the research literature on the economic consequences of existing public welfare donations. Second, from the perspective of enterprise property rights, the mechanism of public welfare donations affecting the cost of corporate debt capital is clarified and corresponding empirical evidence is provided. This provides a useful reference for guiding enterprises to donate behavior and enhance enterprise value. Thirdly, the introduction of reputation mechanism explores the mechanism of the influence of reputation capital on the relationship between nonprofit donations and the cost of debt capital, and broadens the traditional perspective of researching corporate debt capital costs from the external environment and corporate governance.