慈善捐赠、研发投入、高管团队断裂带与品牌资产——来自创业板上市公司的经验证据

摘要/Abstract

摘要： 本文基于信息决策理论和社会分类理论,以2009—2018年创业板467家上市公司为样本,采用Heckman两阶段模型,运用2SLS、两步系统GMM及双向固定效应估计方法,研究了慈善捐赠、研发投入、高管团队断裂带与品牌资产之间的关系。结果表明:创业板上市公司慈善捐赠对研发投入与品牌资产均有显著的正向影响;当慈善捐赠与研发投入同时作用于品牌资产时,慈善捐赠对品牌资产的正向影响进一步增强,研发投入在慈善捐赠与品牌资产关系间起部分中介作用;信息认知断裂带在慈善捐赠与研发投入、研发投入与品牌资产关系间均起正向调节作用;社会分类断裂带在慈善捐赠与研发投入关系间起负向调节作用,而在研发投入与品牌资产关系间的负向调节作用不显著。

关键词: 慈善捐赠, 研发投入, 信息认知断裂带, 社会分类断裂带, 品牌资产

Abstract: Based on information decision-making theory and social-categorization theory, this paper uses 467 listed companies on China’s Growth Enterprise Market from 2009 to 2018, adopts Heckman two-phase model, 2SLS, Two-Step System GMM and two-way fixed-effect estimation methods to study the relationship between charitable donation, R&D investment, top management team faultlines and brand equity. The results show that: the charitable donation of GEM listed companies has a significant positive impact on their R&D investment and brand equity; When charitable donation and R&D inputs are simultaneously applied to brand equity, the positive influence of charitable donation on brand equity is further enhanced; R&D investment positively affects brand equity, and plays a partial mediating role in the relationship between charitable donation and brand equity; Information cognitive faultlines plays a positive role in the relationship between charitable donation and R&D investment, R&D investment and brand equity; Social classification faultlines play a negative role in the relationship between charitable donation and R&D investment, while the negative role between R&D investment and brand equity is not significant.

Key words: charitable donation, R&D investment, information cognitive faultlines, social classification faultlines, brand equity

邵伟, 刘建华, 崔登峰, 李园园. 慈善捐赠、研发投入、高管团队断裂带与品牌资产——来自创业板上市公司的经验证据[J]. 管理评论, 2022, 34(8): 286-298.

Shao Wei, Liu Jianhua, Cui Dengfeng, Li Yuanyuan. Charitable Donation, R&D Investment, Top Management Team Faultlines and Brand Equity—— Empirical Evidence from Growth Enterprises Market Listed Companies[J]. Management Review, 2022, 34(8): 286-298.

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