| Recent years, as natural catastrophes are increasingly rampant, charitable donation becomes hot topic among the public and the media, meanwhile, social responsibility is also discussed among them for the sake of scholars’arguments. Particularly, after the Wencuan earthquake happened on March 12,2008, enterprises’social obligated senses have been strengthened extravagantly and they have sincerely helped people in the disaster areas in return for what they have gained from society. Simultaneously, we have also received international humanitarian assistances.Actually, a large number of corporations take measures to payback the society and carry out their own obligation actively in that Chinese capital market goes into a regular track gradually and the economic power of our companies gets enhanced step by step. For instance, charitable donations, public-interested activities and public welfare funds are main ways they take. As shown in "the specific investigated report about Chinese enterprisers’development and mature", corporations, above 90 percent, took part in various philanthropies more or less. This report, what’s more, expressed it is becoming a prevailing phenomenon that Chinese enterprises fulfill their responsibilities through donations.As a Chinese saying goes misfortune tests the sincerity of friends, natural emergencies are more powerful to show our enterprises and entrepreneurs’social obligated sense. In 2008, lots of companies almost donated money and materials to the stricken region at the same time. Some numbers are beyond the pubic imagination. However, what kind of reactions market may manifest, rewards or loses? It means that whether companies will gain a positive result in terms of improving accounting value and market value or not.This dissertation, taking the Wenquan earthquake as an example, makes a research and chooses listed companies which have circulative A-share without special companies such as financial corporations, which are not sure of the money they donate or never do that, ST corporations and so on. It collects the donating data manually including enthusiasm, number and information as a basis to measure influences empirically on accounting performance and market value. As this paper illustrates, enthusiastic donating conducts may improve corporate accounting performance and market value, which means these actions have a positive influence on corporate situation, and the number they donate and information revealed have the same result like their behaviors.This text is divided into five parts as follows altogether:Chapter one, it is prolegomenon illustrating backgrounds, research purposes, main contents, methods it will take, contributions and deficiencies.Chapter two, in this part, it introduces theoretical basis cleans relevant achievements within which it is consisted of two parts. First of all, it is related about theories about enterprise’s social responsibilities. At the beginning, accounting for connotations of social responsibility, it expounds social duty contents and structures next. Lastly, it analyzes relevant theories on information .revealed about corporate social responsibility. The second part elaborates theoretical researches about charitable donating action involved with its evolution, origination, definition and motivation. And then it expresses these actions’factors and analyzes the relationship between charitable donating action and financial performance. The third part is the financial performance. Firstly defined and financial performance measurement, the second is about social responsibility for the financial performance of the influence of performance, finally expounded the social responsibility of financial performance information disclosure of the impact study.Chapter three, it is the theoretical analysis. This chapter is divided into three parts, in the first part of mainly introduced the charitable giving of financing performance of theoretical analysis of the influence of previous studies, firstly summarized charitable giving and the enterprise’s financial performance, then the relationship between documental analysis to charities behavior of the enterprise’s financial performance of several possible influence. The second part mainly introduces the social responsibility of enterprise financial performance information disclosure of the theory analysis, and then will charity information disclosure in embedded into the relation model are analyzed. The third part is this chapter, combining theoretical analysis of summaries of model, the part variables and relationship of theoretical research design.Chapter four, it contains research assumption, sample and model. According to the relationship among donating action, situation of revealing its information and financial performance, it proposes the research hypothesis, the origination of sample with data and the structure of theoretical model with relevant variables. And in this paper, it uses two indexes, which are corporate performance and enterprise value, to measure financial performance.Chapter five, it is analysis and explanation of empirical results. In this dissertation, it makes a descriptively statistical and relevant analysis about variables of the money they donate, enthusiasm, information, corporate performance and value, inspects empirical model about them above and explains the regression results.Chapter six, it proposes conclusions and suggestions, about listed companies’ donating sense, their accounting actions and related comparative macro-polices basing on this research results and discoveries, and also outlooks research directions of this field in the future.The innovation of this text:1. It sorts out the socially responsible concepts and accounts for contents and structures of them theoretically, which lays a theoretical foundation of comprehending factors of the responsible information revealed.2. It shows elements about charitable activities and analyzes existed theories of the relationship between charitable donation and financial performance, which provides a positive assistance to undertake relevant researches.3. It illustrates comprehensive theoretical analysis both in charitable actions and revealing enterprise’s information about social responsibility and quantifies the data with the methods of quantitative analysis and qualitative analysis. Meanwhile, it probes into the relatedness between financial performance and corporate value reflecting relevant factors completely within them. Admittedly, there is no a unified theory about the relationship among information revealed of social responsibility, financial performance and donating action, especially, in charitable donations. Therefore, this dissertation does not only enrich contents and documents but also supply a direction to curry out a further research in this field. 4. During the process of analyzing factors, it regards charitable donating actions and information revealed as explaining variables, combining with corporate inner features, administration traits and industry factors and so on. Specifically, some of variables are brought into this field at first.It proposes comparative policies according to theoretical and accurate researches, which have referent values to make research in charitable activities, to strengthen corporate sense to donate and to regulate listed company’s accounting actions so as to perfect relevant macro-polices.The deficiencies of this text:1. It just takes enterprises which had circulative A-share, listed before March 12,2008 and donated in the earthquake as the samples. Keeping analyzed indexes consistently, we also cancelled some companies from the samples, including special listed companies about finance, insurance, ST, and *ST, and then some others who cannot distinguish materials donated by companies themselves and related corporations or their own staffs, and who are lack of financial data. It is also not concerned about unlisted companies and not represents comprehensive phenomena, although this paper, to some extent, can reflect the relationship among listed companies’donating action, information revealed and financial performance.2. It only chooses three criteria consist of whether their actions are active or not, the total money they donate and the ratio of revenue to what they donate to research their donating action and only one index in the process of revealing information about social responsibility. Nevertheless, there are a number of factors affecting their actions and information revealed. Similarly, it just provides five indexes when analyzing influences on financial performance caused by the two parts comprised of corporate sizes, industry characteristics, administration structures, equity features and the ratio of total liabilities to total assets.3. It adopts computing methods defined by experts through uniquely theoretical analysis. There will be subjective diversifications having a neglect influence on the research accuracies even though the methods are reliable and effective. 4. Owing to my limitations on theory, practical knowledge and capacity to cope with problems, I do not propose countermeasures abundantly. And some suggestions need inspecting through practical activities to improve them correctly and feasibly. |
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