论文部分内容阅读
战略性慈善对企业具有增值效应,而战略性慈善实现企业增值存在什么样的作用机制?本文选择了企业业绩下滑相对性“穷”与亏损确定性“穷”的情景,研究了企业捐赠行为的战略动机及其战略效用。研究发现,虽然企业捐赠行为会显著受到盈余能力的影响,但是业绩下滑企业并没有因为自身盈利能力的下降而减少捐赠,甚至会更积极的增加捐赠支出。而这种战略性慈善行为降低了利益相关者对企业下滑业绩的风险感知,抑制了企业商业信用资源流失的风险,同时企业业绩下滑情景下的捐赠信息对会计盈余信息在信贷契约中的作用产生了替代效应。研究结论证实了战略性慈善的增值作用及其内在作用机制,不过研究同时发现这种战略性慈善的增值效应存在一定的主体性边界。本文的研究反映了企业战略性慈善增值效应的信号传递作用机制以及作用机制有效性的主体依赖,进一步打开了战略性慈善对企业价值增值作用的黑箱,对于战略性慈善的理论研究与实施管理具有重要意义。
Strategic philanthropy has a value-added effect on the enterprise, and strategic philanthropy to achieve enterprise value-added what kind of role? This paper chose the relative decline of corporate performance, “poor” and “loss of certainty” " Strategic Motives and Strategic Utility of Corporate Donation Behavior. The study found that, although corporate donations will be significantly affected by the ability of surpluses, the decline in performance of enterprises did not reduce donations because of their own profitability decline, and even more positive increase donation spending. However, this kind of strategic philanthropy reduces the risk perception of stakeholders on the performance of corporate glide, and inhibits the risk of business credit loss. At the same time, the donation information under the circumstances of corporate performance has an effect on the role of accounting surplus information in the credit contract The substitution effect. The conclusion of the study confirms the value-added role of the strategic philanthropy and its intrinsic mechanism. However, the research also finds that there are some subjective boundaries of the value-added effect of the strategic philanthropy. The research in this paper reflects the signaling mechanism of the strategic value-added effect of enterprises and the main dependence of the effectiveness mechanism, further opens up the black box of the role of strategic charities in value-added of enterprises, and has the theoretical foundation for strategic research and implementation management of strategic philanthropy Significance.