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台风灾害地域性特征较强且频发的特点有利于比较灾后受灾地区和非受灾地区企业慈善捐赠行为的差异,还能从地方政府、市场和当地企业三者长期互动关系中识别出这种“善意”的非利他动机。本文以2008—2015年沪深两市上市公司为研究样本,结合气象学中的风场模型计算的地区台风破坏力指数,研究台风灾害对地区上市公司慈善捐赠行为的影响。主要结果显示,沿海城市遭受的台风破坏力越大,当地企业的捐赠越多。进一步的动机检验表明,一方面,媒体对台风的宣传力度越大,或者所处行业竞争激烈、产品与消费者直接接触以及属于行业领导者的企业,其受台风灾害影响而捐赠的声誉动机会更强烈;另一方面,与以大地震为背景的研究结论所不同的是,在台风灾害发生时,企业慈善捐赠的政治动机更加突出。本文发现,在财政压力较大的地区,企业受台风影响而捐赠的现象更为明显,而且相对于民营企业,摊派压力影响下的当地国有企业更有可能因台风破坏而捐赠救灾。最后,本文还发现,灾后慈善捐赠为救灾企业带来显著的正向经济后果,从而验证了企业灾后“善意”行为的非利他动机。本文研究为如何更好地激发企业履行社会责任的主动性提供了切实可行的方案。
The strong and frequent typhoon disaster regional characteristics are conducive to comparing the differences between charitable donations of enterprises in disaster-stricken areas and non-disaster-affected areas, and the long-term interaction among local governments, markets and local enterprises. Non-altruistic motives of “goodwill.” This paper studies the impact of typhoon disasters on the charitable donations of listed companies in the region based on the sample of listed companies in Shanghai and Shenzhen from 2008 to 2015 and the regional typhoon destructive index calculated by meteorological wind field model. The main results show that the greater the destructive typhoons in coastal cities, the more donations from local enterprises. Further motivation tests show that on the one hand, the greater the propaganda of typhoon media by the media or the intense competition in the industries where the products are placed, the direct contact between consumers and consumers and the enterprises that belong to the industry leaders, the reputation motivation donated by the typhoon disaster On the other hand, different from the conclusion of the study on the background of large earthquakes, the political motivation of corporate charitable donations is even more prominent when a typhoon disaster occurs. This paper finds that enterprises are more affected by the typhoon in the areas with financial pressure, and the state-owned enterprises under the pressure of apportionment are more likely to donate to disaster relief than the private enterprises. Finally, the paper also found that the post-disaster charity donation has brought significant positive economic consequences for disaster relief companies, thus verifying the non-altruistic motivation of enterprises after the disaster. This study provides practical solutions for how to better motivate enterprises to fulfill their social responsibilities.