Accounting Conservatism & Charitable Donation And Sustainable Development Of Enterprises

Choosing the annual data of 9450 companies in Shanghai and Shenzhen A-share market from 2008 to 2015 as research sample,explores the relationship among accounting conservatism,charitable donation and sustainable development of enterprises,the results showed that:(1)Charitable donation can promote the sustainable development of enterprises;(2)In the "lemon market" environment,the intrinsic value of enterprises with high accounting conservatism level is underestimated,accounting conservatism weakens the positive correlation between charitable donation and sustainable development of enterprises.Taking into account the lower degree of marketization of state-owned enterprises,the result of grouping test to further distinguish the ownership type shows that,the weakening effect is more obvious in state-owned enterprises,while the weakening relations of non-state-owned enterprises are not significant.This shows that charitable donation has played a "positive effect" to promote the sustainable development of enterprises,but the information content of accounting conservatism has not been fully understood by the participants of the capital market.One of the contributions of this paper is to enrich the existing research library on the economic consequences of charitable donation;The second one is based on factor analysis method to measure the sustainable development ability of enterprise,innovate the measurement of enterprise sustainable development ability in the existing research.