An Empirical Research On The Influence Of Charitable Donation To Enterprise Value

With the development of our country entering a new stage and the reform continuing to more cities and areas, the deepening transformation of the economic is gradually changing the public values and the view of social responsibility. Corporate philanthropy, which is the highest level performance of social responsibility, is increasingly attracted attention from every part of our society and has become the leading force of social philanthropy. On the one hand, from the current situation, more and more enterprises committed to philanthropy and the charitable giving of our enterprise showed a trend of rapid development; on the other hand, theoretical natural goal of operating is that enterprises should pursue the maximization of their own economic interests. But charitable donations, which occupy the enterprise funds and increase operating costs, violate the natural goal.The contradiction between reality and theory causes doubt that:corporate philanthropy behavior is voluntary or political task? Is there any link between philanthropy and corporate value? If there is, how can philanthropy to influence the enterprise value? Which factors can intervene the influence?Based on the above questions, this paper will research the problems related to correlations between philanthropy and enterprise value.Firstly, this paper reviewed the former studies with the method of the literature research; secondly, analyzed the mechanism of how charitable donation effects enterprise value by the related theory and then deduced the hypothesis; finally, verified the research hypothesis by the method of empirical analysis, and put forward the conclusion of this paper. The main contents are as follows. The first chapter is an introduction. In this part the research background and significance will be introduced. Former conclusions will be reviewed briefly on which base to point out the problems.The second chapter is the analysis theories related to charitable donation and enterprise value. This part will mainly introduce the current situation of our country enterprise charity donation, and carry on the theoretical analysis of the charitable donation mechanism of effect of enterprise value by the stakeholder theory, resource dependence theory and the social responsibility theory. The third chapter is the design of empirical research. This part mainly introduces the research hypotheses of this paper, and then will put forward the design of empirical research which including sample selection, variable definitions and models construction.The fourth chapter is the empirical analysis. This part is mainly an empirical test on the relationship between charitable donations and corporate value, verify every research hypothesis, and analyze the results of empirical research.The fifth chapter is conclusions and policy recommendations. This part is the conclusion and summary of the whole paper, put forward the suggestions for the corporate philanthropy, and direct the future research prospects.In this paper, according to the research results, charitable donation has positive promotion effect to the enterprise value; in the process of the charitable donations influenced the enterprise value, the industry category and the relationship between the enterprise and the government play a positive regulatory role, and the level of competition within the industry plays a negative regulation role; in addition, because of the current donation scandal frequent and the daily donation mechanism in the enterprise has not been established, the advertising does not play a regulatory role in the process of the charitable donations influenced the enterprise value.