Research On Corporate Philanthropy Behavior On Corporate Value

The implementation of corporate social responsibility has always been an important topic in this field.With the development of traditional media and new media,the transmission speed of corporate social responsibility has been accelerated.Corporate philanthropy is an important part of corporate social responsibility.When the natural disaster happened,companies may choose to donate in order to obtain a huge reputation effect.At present,corporate philanthropy has become an important choice for reputation governance.When companies face up to stigma,they may choose to use corporate philanthropy to make up for it.This paper uses the absolute donation level of corporate philanthropy and the relative donation level of corporate philanthropy to measure corporate charity behavior.This paper draws the following contents:This paper explores the impact of corporate philanthropy on corporate value.First of all,this paper builds a theoretical game model based on the game analysis of the government departments and the enterprises.The research results show that the promotion effect of corporate philanthropy on the corporate value requires certain conditions.Then,this paper finds that corporate philanthropy has played a positive role in promoting corporate value via empirically analysis.In addition,this paper analyzes the effect of corporate philanthropy on corporate value via regression analysis in different regions is different.The nature of property rights also affects the relationship between corporate philanthropy and corporate value.Finally,the conclusion is robust based on the endogenous test and the variable replacement test.This paper studies the impact of debt costs on corporate philanthropy and corporate value.Firstly,this paper introduces the behavior of financial institutions to improve the model based on the original game model.Debt cost is opposite to the willingness of corporate philanthropy under the certain conditions through the derivation of the game model.Then,this paper analyzes the relationship between corporate charity behavior,debt cost and corporate value through empirical research.The research results show that the debt cost is the mediator variable of the relative level of corporate philanthropy and corporate value.However,debt cost is not a mediator variable of the absolute level of corporate philanthropy and corporate value.Finally,when companies face up to financing difficulties,this paper considers that it maybe effective by raising the relative level of corporate philanthropy.This paper studies the impact of investor confidence on early stage of corporate philanthropy and corporate value.First of all,this paper introduces investor behavior into the basic game model of corporate philanthropy behavior,and finds that the willingness of corporate philanthropy is positively correlated with the increase of stock value which is enhanced by investor confidence under the relevant conditions.Then,this paper studies the relationship between investor confidence,corporate philanthropy and corporate value by empirical analysis.Investor confidence is a mediator variable of the previous relative level of corporate charity and corporate value,and the absolute level of corporate charity donation cannot play this role.Finally,this paper proposes that the relative level of corporate philanthropy may affect the stock value,and encourage enterprises to participate in philanthropy,optimize and strength the information disclosure mechanism actively.This paper studies the impact of equity structure on corporate philanthropy and corporate value.First of all,this paper introduces internal control coefficients to correct the basic game model on the base of the original game model.It is found that the internal control coefficient of the enterprise can have an impact on the relationship of corporate charity and corporate value through model derivation.Then,this paper studies the relationship between corporate equity structure,corporate philanthropy and corporate value by empirical analysis.The proportion of institutional investors' shareholdings can modify the relationship between the relative level of corporate philanthropy and corporate value.The ownership concentration of the enterprise and the proportion of state-owned shares can modify the relationship between the absolute level of corporate charity and corporate value.Finally,this paper considers that the impact of corporate philanthropy on corporate value maybe enhanced via the participation of shareholders.