Empirical Research On The Impact Mechanism Of Corporate Charitable Donation On R&D Activities

Technological innovation is an inexhaustible driving force for creating and maintaining the core competitiveness of enterprises,and R&D activities are the foundation and guarantee of technological innovation.In order to maintain competitiveness,enterprises actively invest in research and development and technological innovation.However,due to the characteristics of long periods,large risks,lagging returns,and difficult to quantify results,innovation and R&D activities of enterprises determine that sufficient and stable R&D investment is a necessary guarantee for enterprises to carry out innovation activities.However,in the process of growth,an enterprise must not only pay attention to the innovation and development of its own technology,but also,as a social responsibility person,fulfill its due social responsibility.As the most important manifestation of corporate social responsibility,charitable donations have received increasing attention.Corporate social responsibility,charitable donations can enhance corporate reputation,protect corporate image,and thus increase corporate value,but inevitably,corporate charitable donations will occupy internal resources of the company,so will charitable donations of companies occupy R&D The resources needed to produce a"crowding out" effect on the latter are issues worthy of further study.This article addresses the possible relationships and influencing factors of charitable donations and R&D investment,and raises the following questions:(1)Will corporate charitable donations have a "crowding" effect on R&D investment?(2)How does the size of the company affect the relationship between corporate charitable donations and R&D investment?(3)What is the impact path of corporate charitable donations on R&D investment?Aiming at the above problems,this paper constructs a research based on the theory of signals and the theory of resource dependence.Based on the theoretical model of"charitable donation-financing constraints-R&D investment",and considering the regulating role of the nature of the company,the panel data of listed companies in China from 2010 to 2017 are used for empirical research The results show that:(1)Charitable donations have a significant positive relationship with the intensity of R&D investment of enterprises,and the conclusion is still valid after controlling for endogenous problems,that is,donation behavior has a promoting effect on enterprises' R&D activities,and enterprises are fulfilling society At the same time,responsibility is conducive to its own innovation and development.(2)The promotion effect of charitable donations on corporate R&D activities has different effects in different situations.From the perspective of the enterprise's own attributes,the positive relationship between charitable donations and R&D investment is more significant in larger,private enterprises than in smaller,state-owned enterprises.(3)Charitable donation mainly improves the level of R&D investment of enterprises by alleviating financing constraints,which enriches theoretical research on the relationship between the two.The research in this paper has certain theoretical and practical significance.From a theoretical point of view,this article first studies the impact of charitable donation behaviors on the internal R&D activities of enterprises,and further expands the perspective of researching charitable donations.Second,from the perspective of enterprise heterogeneity,this article specifically discusses the enterprises in different scales and ownership scenarios.The impact of charitable donation behavior on R&D investment,put forward the conclusion of the conditions of enterprise scale applicability and ownership applicable conditions,to provide a basis for different characteristics of the company's business decisions;Finally,further study the specific path of charitable donation affecting R&D investment,which is conducive to in-depth analysis Mechanism of the relationship between the two.From a practical point of view,first,this article examines the impact of corporate charitable donations on corporate R&D investment,which is conducive to better corporate social responsibility strategic planning and scientific and reasonable arrangements for corporate charitable donation activities.Second,based on the size and The impact of different property rights on the relationship between corporate charitable donations and R&D investment will help companies to rationally plan charitable donation activities and R&D investment activities from a strategic perspective according to their own characteristics,which has positive practical significance for the sustainable development of enterprises.Finally,this article from financing From the perspective of constraint,the mechanism of the impact of charitable donation on R&D investment was explored,which provided a reference for enterprises to solve the problem of insufficient funds.