| As a key part of disaster management, disaster assistance plays an important part before, in and after the disaster event. Main parts that launch in assistance activities are government, enterprises, NGO, public, media, foreign government and foreign public. Different parts undertake individual role and function in the process of disaster assistance due to various status in social division, which constitute a network system of disaster assistance. Enterprises, as a main part in market economy, have advantage in technology, finances and resources which other parts are unable to substitute, so they militate a lot in disaster assistance. In this essay, we constitute a decision model of disaster assistance of Chinese enterprises. We identify main factors that influence disaster assistance by enterprises and evaluate the influence on stock market and social reputation brought by enterprises' donations to disaster. On this base, we propose the strategy of donations of enterprises in undertaking social responsibilities and enhancing the efficiency of donations.In this study, I seek to examine the determinants of the corporate responses to Wenchuan Earthquake, and the effects of corporate donation based on 454 listed companies in response to Wenchuan Earthquake. The findings of this study are as followings:(1) of the preferred sizes of donation that these listed companies selected to donate, the middle and small listed companies preferred to donate 1.5 million RMB, and the large listed companies preferred 10.5 million RMB. (2) total asset, number of web pages related to company information, duration of employment, and public connection have positive effects on the size of donation. (3) Larger size of donation, earlier donation time, and higher corporate reputation can improve the effects of donation.Foreign researches show that positive activities of enterprises performing in disaster assistance can bring in significant strategic profit for themselves. While this article, based on market reaction model, evaluates 257 A-shared listed companies in Shanghai and Shenzhen stock market, of which the result shows that disaster assistance behavior done by the above listed companies does not gain accreditation of stock investors. That is to say, disaster assistance behavior of companies brings negative effects to stock prices. To avoid this unappreciated effect, the listed companies control the amount of donations at 10 million RMB, and release donation announcement in a later time, on the other hand, listed companies should build a consummate system of decision and communication in disaster donations, trying to gain their approval by communication to make them know that donations to disasters can bring strategic profit for companies.As to development of companies, donation behavior, no matter the motivation of donation behavior is out of pure morality or responsibilities, or company strategies and public relations marketing, donation behavior of companies have direct influence to social reputation of enterprises. Public perceive enterprise donations through amount of donations, time and form of donations. Public approve a certain behavior of donation when this behavior highly matches public expectation, which can bring in positive effects to market status and reputation capital of enterprises.It is worth of praise that most companies show social responsibility and philanthropy spirit. But one point needs to pay attention to, that is non-honest corporation donation after disasters arouses attention and strong dislike. Through constructing game relationship between enterprise and government, we find out that as we strengthen punishment force, the possibility that non-honest corporate donation is lower. Corporate donation is monitored by the public opinions. Government should make the information of corporate donation to be open and transparent. Public, which play the role of supervisor, can efficiently bring down the cost of government monitorship.
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