| The traditional culture in China has a good virtues that "One tries to let others be benefited" and emerging enterprises which are happy in doing good.Corporate philanthropy is not only the embodiment of corporate citizenship, but also has brought all aspects of benefits, such as expand the influence of the enterprise, gain a social reputation, strengthen the political ties and create a competitive environment conducive to their own development. Although corporate philanthropy is a kind of unilateral pay, but it has received a certain return. Therefore the motivation of enterprises to make charitable donations is becoming more and more complicated. With the rapid growth of China’s GDP for many years, the enterprise has obtained the unprecedented development. But the imperfections of the market economy still exist which highlights the focus in the field of financing. Therefore, this paper focuses on whether the enterprise can be through charitable donations to ease the financing constraints faced. Because the real estate industry in our country’s national economy occupies a large proportion and Facing with more serious financing problems, So study the financing effect of charitable donations from China A shares listed real estate enterprises and based on the different strategic groups.Based on the above objectives, this paper collects the data of 2005-2014 with single factor analysis of variance, cluster analysis and regression analysis and other empirical methods studies the relationship between the strategic groups, charitable giving and financing constraints. We find there is a negative correlation between A shares of listed real estate enterprises and corporate financing constraints, and the different strategic groups also affect the level of charitable donations. Through empirical research, this paper reveals the intrinsic motivation of corporate philanthropy, but also provides a reasonable path for enterprises to ease financing constraints. |
PDF Full Text Request