Research On Financial Guarantee Mechanism Of Corporate Philanthropy In China

In recent years, with the rapid development of corporate philanthropy, scholars at home and abroad have paid great attention to theoretical problems of corporate philanthropy. They discussed respectively various aspects such as the connotation, motivation, economic consequences and influencing factors of corporate philanthropy and obtained constructive research achievements, thus making great contribution to the development of corporate philanthropy theory and practice.Based on preceding studies, this dissertation puts forward the idea that it is necessary to construct financial security mechanism of corporate philanthropy in the light of the law of basic behavior model, rational economic man supposition and the game model. Statistical analysis and questionnaire are used in the research. It also advances the logical framework of financial guarantee mechanism of corporate philanthropy, and analyses the meaning, function of the mechanism in depth on the basis of historical exploration of the operation of framework of financial guarantee mechanism of corporate philanthropy and its realistic dilemma.Finally, it offers the relevant path to perfecting the guarantee mechanism.The dissertation is schemed as follows:Chapter one:Introduction. This chapter explains the research background, significance, content, framework and research methods.Chapter two:Literature review and theoretical basis. The purpose of this chapter is to seek the reasons for designing enterprise financial guarantee mechanism. First of all, according to the basic model of behavior, it summarizes the research methods and conclusion of the existing corporate philanthropy according to the basic model of behavior, advancing the idea that there exists internal and external driving force in the enterprise. It constructs the game model of the corporate philanthropy, and thus proves the necessity of constructing enterprise financial security mechanism theoretically. Secondly, the relative theories of financial guarantee mechanism of enterprises donations are analyzed, which serves as the theoretical basis of the study.Chapter three:Financial guarantee mechanism of corporate philanthropy: historical research and practical difficulties. This chapter attempts to find its history imprint and reality and tries to sort out the direction to design the above mechanism. Through interviews and questionnaire, the historical development of financial guarantee mechanism of corporate philanthropy is explored with regard to the aspects of the scale, laws and regulations, preferential policy, channels and internal financial mechanism, thus revealing its realistic difficulties by presenting the real situation in decision-making and implementation.Chapter four:Financial guarantee mechanism of corporate philanthropy: theoretical framework. This chapter provides logical analysis framework for the following chapters 5,6,7,8. After the clarification of the concepts of mechanism and financial guarantee mechanism, it puts forward the theoretical logical framework of financial guarantee mechanism of the corporate philanthropy in combination with the objects of the corporate philanthropy, its function and mechanism of function also being analyzed.Chapter five:Financial decision-making mechanism of corporate philanthropy. Based on the corporate social responsibility theory and entrusted agent theory, this chapter presents the implication of financial decision-making mechanism and its function, and analyses its design purpose from three parts: investors'interests, the enterprise benefits and social welfare. It also tests its influence on corporate philanthropy from the angle of corporate governance by empirical research. Finally, it puts forward the effective path of perfecting financial decision-making mechanism, so as to form an interrelated and interactional financial decision-making mechanism from the aspects of decision-makers, organizations, arrangements of the decision-making power, decision procedure, decision supervision and so forth.Chapter six:Capital allocation mechanism of corporate philanthropy. Based on the corporate social responsibility theory and entrusted agent theory, chapter 6 brings up the meaning of capital allocation and capital allocation mechanism of corporate philanthropy, and analyses its function from the following aspects:the annual donor requirements, capital source, purposes and timing, capital budget. Through Case Analysis Method, it reveals the problems of lacking planning, structure imbalance and no cost benefits principle in capital allocation of corporate philanthropy. Then it goes on to further explore the valid path to capital allocation, that is, on the basis of rational analysis of the donated capital amount, it probes into different factors such as capital budget, capital source, donation flow and timing, so as to form the effective enterprise capital allocation mechanism which can make the capital endowment stable.Chapter seven:Corporate philanthropy information disclosure and evaluation mechanism. Based on the entrusted agent theory, signal transmission theory and social capital theory, this chapter firstly introduces general theories concerning corporate philanthropy information disclosure such as research value, function and principle. By statistical analysis, it reveals the current situation and problems of corporate philanthropy information disclosure, advancing the ideas of perfecting report form and content of corporate philanthropy information, and broadens the channels of corporate philanthropy information disclosure. Next, according to the internal logic relationship of "corporate philanthropy--social capital--economic effect", it analyses the mechanism of action of corporate philanthropy and social capital in depth, systematically elaborates the general and specific principles that the corporate philanthropy should follow. This chapter emphatically analyses the application of logical framework in corporate philanthropy evaluation in addition to the analysis of experts'qualitative evaluation method, characteristic analysis model method, analytic hierarchy process, dynamic appraisal model and the balanced scorecard. Finally, it constructs evaluation index with regard to evaluation content of corporate philanthropy.Chapter eight:Incentive mechanism of the government donation. In the light of resource dependence theory and public goods theory and on the basis of the research value of the incentive mechanism of the government donation, by induction, this chapter advances the idea that incentive credit mechanism can be perfected from the aspects of corporate philanthropy information being included into people's bank credit management system, adjustment of bank credit evaluation standard, moderate credit easing and preferential policies of lower interest rate or interest-free partially; incentive mechanism of donation type investment can be perfected from the aspects of corporate philanthropy being included in the investment terms of institutional investors, supervision department's support on policy of investment products of donation type, forming donation type investment index, cultivating rational donation model investor and so on; the tax incentive mechanism,combined with design basis of incentive mechanism of tax policy, and in line with the formulated preferential tax policies, can be perfected from the aspects of increasing the rate of preferential tax, allowing deferred deductions of excess donations; broadening the corporate philanthropy forms and purpose of tax exemption; simplifying tax rebate procedure and increasing enterprise income tax rate, thus to provide the corporate philanthropy with a long-term external good policy environment.Innovative ideas of the dissertation:1. The theoretical framework of financial guarantee mechanism of corporate philanthropy is constructed. With the corporate social responsibility theory, entrusted agent theory, resource dependence theory, public goods theory and modern financial theory, together with the practice of enterprise, the study broadens the basic theory in financial security design and puts forward the logical framework of financial guarantee mechanism of corporate philanthropy.2. Capital allocation path of corporate philanthropy is brought forward. To the question of randomness and discontinuity of corporate philanthropy, this paper proposes internal and external factors should be combined to predict annual donated capital amount, choose donation flow and timing, ascertain the donated capital source, practice budget management to donated capital.3. Evaluation index system of corporate philanthropy is constructed. This dissertation expands capital connotation, analyses evaluation mechanism of corporate philanthropy by social capital, thus perfecting the evaluation system of corporate philanthropy, which is beneficial for enhancing economic results of corporate philanthropy and has realistic significance to evaluation mechanism of corporate philanthropy.4. This dissertation puts forward the advice of perfecting financial decision-making mechanism of corporate philanthropy and the incentive mechanism of government donation. On the one hand, the financial decision-making mechanism of corporate philanthropy is perfected from four aspects:the decision body, allocations of decision rights, decision procedure and decision supervision; on the other hand, the investment and financing policies with which enterprises are concerned should be integrated into incentive mechanism, thus forming an all-around guiding policy in corporate finance, investment and management, which provides the government with the scientific and reasonable policy guarantee in guiding corporate philanthropy, and reduces negative effects from "forced to donate" and administrative mobilization.5. The current situation of financial guarantee mechanism of corporate philanthropy is revealed. On the basis of normalizing financial guarantee mechanism, the study exposes the current situation of financial guarantee mechanism by using such methods as questionnaire, interview, statistical analysis and case sorting, so as to offer cues to ensure the mechanism.