Research On Motivations Of Corporate Charitable Giving Based On Hurun Rich List:Evidence From Listed Private Enterprises In China

With China's economic development and social progress,private economy,supported by national policies and with its own efforts,has emerged,grown and made new achievements.As the leader of private enterprises,private entrepreneurs also continuously realize personal value in the expansion of enterprise scale and the improvement of economic benefits,thus emerging a batch of rich people and creating one wealth myth after another.At the same time,more and more entrepreneurs have realized the importance of undertaking social responsibility,and China's philanthropy has also made great progress with the support of all sectors of society,especially enterprises.According to the"Charity Giving Report" issued by China Charity Federation in recent years,the power of enterprises represented by private enterprises has become the backbone of China's charity power.Not only do private enterprises realize their own interests,but also actively contribute to social progress.The research on the motivations of enterprises'active participation in charitable giving has been a hot topic in the academic circle.Bases on the unique exogenous situation of hurun rich list,this paper focuses on the listed private enterprises led by entrepreneurs who first appeared on the hurun rich list from 2003 to 2014.With the help of Statal4.0 professional statistical analysis software,this paper makes an empirical study on the relationship between the fact that the actual controller of private enterprises is listed on the rich list and the charitable giving level of their enterprises,as well as the possible reasons behind.The results showed that the fact that the actual controller of private enterprises ascend hurun rich list would significantly improve the level of enterprise current charitable giving;tax evasion and the initial form of enterprise property right(according to the initial form of property right,private enterprises were divided into state-owned transformed enterprises and entrepreneurial enterprises)had a negative regulatory role in the relationship.In other words,the charitable giving level of non-evading tax evasion or entrepreneurial private enterprises increased significantly after the actual controller of the enterprise was listed on the rich list for the first time,those results further proved that the enterprises led by the rich on the list are engaged in philanthropic donations out of altruistic motives.This study enriches the research results of corporate charitable giving motivations.The enterprises of the rich on the list are better than private enterprises in terms of scale and development resilience,explore the giving motivations behind such enterprises will help us understand the connotation of charitable giving,reveal the true value of corporate philanthropy,promote the extensive and sustainable development of charitable giving in China and provide a new management enlightenment for corporate charitable giving under the Chinese context.