企业的捐赠水平与捐赠能力相关吗？——来自自由现金流量创造力视角的证据

管理评论 ›› 2023, Vol. 35 ›› Issue (2): 252-267.

企业的捐赠水平与捐赠能力相关吗？——来自自由现金流量创造力视角的证据

谢德仁¹, 宋子威¹, 刘劲松²

1. 清华大学经济管理学院, 北京 100084;
2. 四川大学商学院, 成都 610064

收稿日期:2021-10-29 出版日期:2023-02-28 发布日期:2023-03-27
通讯作者: 刘劲松(通讯作者),四川大学商学院助理研究员,博士
作者简介:谢德仁,清华大学经济管理学院教授,博士生导师,博士;宋子威,清华大学经济管理学院博士研究生。
基金资助:
清华大学经济管理学院研究基金项目（2020051009）；清华大学中国现代国企研究院研究基金项目（iSOEYB202102）；2022年建设世界一流大学经费-提升自主创新和社会服务能力管理科学与国家治理（20502044C3001）。

Are Donation Amounts by a Firm Related to Its Donation Capacity? Evidence from Free Cash Flow Creativity

Xie Deren¹, Song Ziwei¹, Liu Jinsong²

1. School of Economics and Management, Tsinghua University, Beijing 100084;
2. Business School, Sichuan University, Chengdu 610064

Received:2021-10-29 Online:2023-02-28 Published:2023-03-27

摘要/Abstract

摘要： 本文采用自由现金流量创造力来度量企业捐赠能力，并基于A股公司数据研究了企业捐赠能力、捐赠动机与捐赠行为之间的关系。结果发现：（1）非国有企业的捐赠能力与捐赠水平负相关，且在其寻求政企关系和利益交换的动机更强时更显著；（2）在捐赠能力强劲的国有企业中，捐赠水平与捐赠能力正相关，且在其受到更严格的内外部监督时更显著；（3）非国企在缺乏捐赠能力下的捐赠行为具有资源交换效应，而国企的捐赠行为则没有类似效应。本文的发现意味着，非国有企业的捐赠行为更多受策略性利己动机而非捐赠能力的影响，而国有企业的捐赠行为则更加量力而行。

关键词: 自由现金流量, 捐赠能力, 捐赠动机

Abstract: This paper adopts free cash flow creativity to proxy for a firm's donation capacity and examines the association between firm's donation capacity and donation amount in China. We argue that strategic donation motivations contribute to the deviations between firm donation amounts and donation capacity, and thus different donation motivations between SOEs and non-SOEs lead to different associations between firm donation capacity and donation amount. Consistent with our argument, we find that non-SOEs with lower free cash flow creativity donate more and this negative relationship is more significant when non-SOEs have stronger incentives to maintain political connections and more likely obtain benefits from government. Second, we document a positive association between firm's donation capacity and donation amounts in SOEs with strong free cash flow creativity. This positive relationship is more significant when SOEs are under the strict internal and external supervision. Lastly, non-SOEs with insufficient donation capacity obtain more accesses to economic resources through donation, as evidenced by more government subsidies and credit preferences, while SOEs do not. Our findings suggest that non-SOEs' donations are dominated more by strategic motivations than by donation capacity, while SOEs' donations are mainly driven by social responsibility motivations. Overall, our study adds to the growing literature on firm donation behavior and helps stakeholders to better understand the intrinsic logic of corporate donation behavior in China.

Key words: free cash flow, donation capacity, donation motivation

谢德仁, 宋子威, 刘劲松. 企业的捐赠水平与捐赠能力相关吗？——来自自由现金流量创造力视角的证据[J]. 管理评论, 2023, 35(2): 252-267.

Xie Deren, Song Ziwei, Liu Jinsong. Are Donation Amounts by a Firm Related to Its Donation Capacity? Evidence from Free Cash Flow Creativity[J]. Management Review, 2023, 35(2): 252-267.

参考文献

[1] Dodd E. For Whom Corporate Managers Are Trustees?[J]. Harvard Law Review, 1932,45(7):1145-1163
[2] Liket K., Simaens A. Battling the Devolution in the Research on Corporate Philanthropy[J]. Journal of Business Ethics, 2015,126(2):285-308
[3] Carroll A. B. The Pyramid of Corporate Social Responsibility:Toward the Moral Management of Organizational Stakeholders[J]. Business Horizons, 1991,34(4):39-48
[4] Han Y., Chi W., Zhou J. Prosocial Imprint:CEO Childhood Famine Experience and Corporate Philanthropic Donation[J]. Journal of Business Research, 2022,139:1604-1618
[5] Maung M., Miller D., Tang Z., et al. Value-Enhancing Social Responsibility:Market Reaction to Donations by Family vs. Non-family Firms with Religious CEOs[J]. Journal of Business Ethics, 2020,163:745-758
[6] 戴亦一,潘越,冯舒. 中国企业的慈善捐赠是一种"政治献金"吗?——来自市委书记更替的证据[J]. 经济研究, 2014,49(2):74-86
[7] 张敏,马黎珺,张雯. 企业慈善捐赠的政企纽带效应——基于我国上市公司的经验证据[J]. 管理世界, 2013,(7):163-171
[8] 李维安,王鹏程,徐业坤. 慈善捐赠、政治关联与债务融资——民营企业与政府的资源交换行为[J]. 南开管理评论, 2015,18(1):4-14
[9] Seifert B., Morris S. A., Bartkus B. R. Having, Giving, and Getting:Slack Resources, Corporate Philanthropy, and Firm Financial Performance[J]. Business & Society, 2004,43(2):135-161
[10] 谢德仁,刘劲松,廖珂. A股公司资本回报支付能力总体分析(1998-2018)——基于自由现金流量创造力视角[J]. 财会月刊, 2020,(19):9-31
[11] Buchholtz A. K., Amason A. C., Rutherford M. A. Beyond Resources:The Mediating Effect of Top Management Discretion and Values on Corporate Philanthropy[J]. Business & Society, 1999,38(2):167-187
[12] Patten D. M. Does the Market Value Corporate Philanthropy? Evidence from the Response to the 2004 Tsunami Relief Effort[J]. Journal of Business Ethics, 2008,81(3):599-607
[13] 山立威,甘犁,郑涛. 公司捐款与经济动机——汶川地震后中国上市公司捐款的实证研究[J]. 经济研究, 2008,43(11):51-61
[14] 谢德仁. 企业分红能力之理论研究[J]. 会计研究, 2013,(2):22-32
[15] Lin K. J., Tan J., Zhao L., et al. In the Name of Charity:Political Connections and Strategic Corporate Social Responsibility in a Transition Economy[J]. Journal of Corporate Finance, 2015,32:327-346
[16] 李增福,汤旭东,连玉君. 中国民营企业社会责任背离之谜[J]. 管理世界, 2016,(9):136-148
[17] 沈弋,徐光华,钱明. 慈善捐赠、研发投入与财务资源的调节作用——基于战略间互动视角[J]. 管理评论, 2018,30(2):159-171
[18] Chen J., Dong W., Tong J., et al. Corporate Philanthropy and Tunneling:Evidence from China[J]. Journal of Business Ethics, 2018,150:135-157
[19] Ji L., Tao C., Deng B. Where to Donate:The Geographical Distribution of Corporate Philanthropy in China[J]. China Journal of Accounting Research, 2021,14(1):341-361
[20] 陈守明,周洁. 企业捐赠对创新的影响——基于我国制造业上市公司的实证研究[J]. 管理评论, 2018,30(11):57-67
[21] 朱沆,杨海翔,谭洁. 企业家慈善捐赠的信号效应与私营中小企业的规费负担[J]. 管理评论, 2019,31(9):146-158
[22] 雷宇. 慈善、"伪善"与公众评价[J]. 管理评论, 2015,27(3):122-132
[23] Godfrey P. C. The Relationship between Corporate Philanthropy and Shareholder Wealth:A Risk Management Perspective[J]. Academy of Management Review, 2005,30(4):777-798
[24] Campbell J. L. Why would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility[J]. Academy of Management Review, 2007,32(3):946-967
[25] Li S., Wu H., Song X. Principal-Principal Conflicts and Corporate Philanthropy:Evidence from Chinese Private Firms[J]. Journal of Business Ethics, 2017,141(3):1-16
[26] Wu B., Jin C., Monfort A., et al. Generous Charity to Preserve Green Image? Exploring Linkage between Strategic Donations and Environmental Misconduct[J]. Journal of Business Research, 2021,131:839-850
[27] Luo X., Wang D. Are Politically Endorsed Firms More Socially Responsible? Selective Engagement in Corporate Social Responsibility[J]. Journal of Business Ethics, 2021,170:535-555
[28] 唐跃军,左晶晶,李汇东. 制度环境变迁对公司慈善行为的影响机制研究[J]. 经济研究, 2014,49(2):61-73
[29] 李四海,陈旋,宋献中. 穷人的慷慨:一个战略性动机的研究[J]. 管理世界, 2016,(5):116-127
[30] 沈弋,徐光华,吕明晗,等. 企业慈善捐赠与税收规避——基于企业社会责任文化统一性视角[J]. 管理评论, 2020,32(2):254-265
[31] 袁诚,李越,胡涛. 企业捐赠提高了税收激进性吗?——基于媒体监督效应的证据[J]. 经济学(季刊), 2021,21(1):135-156
[32] 谢德仁. 自由现金流量创造力十问[J]. 财会月刊, 2021,(21):22-27
[33] Anderson M. C., Banker R. D., Janakiraman S. N. Are Selling, General, and Administrative Costs "Sticky"?[J]. Journal of Accounting Research, 2003,41(1):47-63
[34] 古志辉. 公司治理与公司捐赠:来自中国上市公司的经验研究[J]. 管理评论, 2015,27(9):69-84
[35] 陈仕华,姜广省,李维安,等. 国有企业纪委的治理参与能否抑制高管私有收益?[J]. 经济研究, 2014,49(10):139-151
[36] Hu F., Tan W., Xin Q., et al. How do Market Forces Affect Executive Compensation in Chinese State-owned Enterprises?[J]. China Economic Review, 2013,25:78-87
[37] Hadlock C. J., Pierce J. R. New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J]. Review of Financial Studies, 2010,23(5):1909-1940
[38] 王小鲁,樊纲,胡李鹏. 中国分省份市场化指数报告(2018)[M]. 北京:社会科学文献出版社, 2019
[39] 许年行,李哲. 高管贫困经历与企业慈善捐赠[J]. 经济研究, 2016,51(12):133-146
[40] DeHaan E. Using and Interpreting Fixed Effects Models[R]. SSRN Working Paper, 2021
[41] 高勇强,陈亚静,张云均. "红领巾"还是"绿领巾":民营企业慈善捐赠动机研究[J]. 管理世界, 2012,(8):106-114