Governance Mechanism Of Corporate Foundations:A Comprehensive Study Based On Multiple Governance Theories

With the rapid development of the contemporary economy and society,besides the government,non-profit organizations and individuals,for-profit enterprises have gradually participated in public welfare activities and become an important part of philanthropy.Based on the implementation of social responsibility,strategic charitable and other factors,for-profit enterprises have explored a new way to carry out public welfare undertakings-the establishment of the enterprise foundation.In 2004,China promulgated the "Regulations on foundations management".Since then,corporate foundations have standardized management standards,and have gone through more than ten years of progress and development,and have become a new force that can make outstanding contributions to the field of public welfare.But at present,our country's supervision of social organization is still insufficient,and its own governance level is far behind the same kind of foreign organizations.And the reasons for the establishment of the enterprise foundation are relatively special,which makes the enterprise foundation a certain particularity compared with the ordinary foundation.Company will provide stable financial support for the enterprise foundation,will give employees,logistical support,knowledge or know-how and other non financial support,enterprise fund contributions are not limited to mere donations,may also work with the enterprises to complete the public charity project,the enterprise foundation is highly dependent on the enterprise.Corporate foundations have dual identities.They have social identities that match their pursuit and pursuit of public interests.They are also closely related to the strategic objectives and reputation of funded enterprises.Therefore,the special organizational form of the enterprise foundation has a certain research value.The research of this article is divided into four parts.In the first part,we first compare the differences between the enterprise foundation and the profit-making,non-profit,and ordinary foundation,and analyze the particularity of it.The second part,from a comparative perspective,puts forward the particularity of corporate foundation governance,and applies principal-agent theory,stakeholder theory and non-profit organization governance theory to analyze the governance problems existing in corporate foundations.The third part,from the perspective of decision-making,supervision and incentive,the comprehensive framework of the governance of the enterprise foundation is put forward.The fourth part,based on the decision making,supervision and incentive dimension,combined with the actual situation of the 4 enterprises' foundations,makes a comparative analysis to explore the application of corporate governance mechanism in practice and the development of enterprise foundations.This paper finds that corporate foundations are not only profitable but also have some characteristics of non-profit organizations.In the process of development,corporate foundations are faced with the problem of becoming a tool for enterprises to pursue economic interests,and lack of supervision and supervision.In view of the enterprise fund is intermediate between for-profit businesses and non-profit organizations,has some common of the two it has its own particularity,so consider the corporate governance fund,in addition to strengthen legal supervision,but also need to find out the characteristics of it in governance is different from the profit enterprise and non-profit organization,governance framework to build a complete governance thinking.China's enterprise foundation is generally established after the Wenchuan earthquake and is still in its infancy.This research is helpful to summarize the particularity of corporate foundations and their governance,and build a comprehensive governance framework for enterprise foundations from the perspective of decision-making,supervision and motivation.Secondly,from the practical point of view,discusses the enterprise fund development and governance mechanism,contribute to the foundation of existing enterprises recognize their own governance problems,promote enterprise fund governance reform,provide a useful reference for the healthy development of philanthropy in China.