| With the rapid development of economy and society,people's sense of social responsibility has been constantly strengthened to promote the development of philanthropy in China.In recent years,natural disasters in China have been frequent,and more and more enterprises are engaged in charity.As an effective way to fulfill their social responsibilities,enterprise donation has been paid more and more attention by the public,and has become the main source of social donation in China.However,with the development of the enterprise donation cause,the voice of questioning the donation behavior is promoting or hindering the development of the enterprise.After all,as a profit making organization,its core attribute is to pursue the maximization of shareholders' interests.However,the donation behavior has occupied the resources of the company on the surface,and infringes the shareholders and the creditor's rights.The interests of human beings.What kind of financial effects does donation give to enterprises has become the focus of concern of enterprises,and is also a hot topic in academic circles.Therefore,it is of great significance not only to make a scientific and reasonable donation decision for the enterprise,but also to the healthy development of our charitable cause.This paper studies the financial effects of donation behavior of Listed Companies in China through the combination of normative research and empirical analysis.First of all,through combing and summarizing the relevant research literature on the behavior of enterprise donation at home and abroad,the motivation,influencing factors,the relationship between enterprise donation and financial performance are combed,and the mechanism analysis is carried out on the basis of stakeholder theory,reputation theory,strategic charity theory,agent theory and so on.Secondly,based on the analysis of the mechanism of corporate donation and financial effects,the hypothesis of this paper is put forward.By selecting the data of the listed companies listed in the two cities of Shanghai and Shenzhen for 2012-2016 years as the research sample,the enterprise's donation level is measured by the ratio of the amount of donated money to the total assets,and the short-term financial performance of the enterprise is measured by the total income rate of accounting(ROA)and the net asset yield(ROE),and the value of the enterprise is measured by the Tobin Q value of the market index,and the value of the enterprise is measured by the market index Tobin.The multiple regression model was used to carry out empirical analysis.Finally,according to the conclusions of this study,policy recommendations for the development of corporate donations are put forward.The results show that whether financial performance is measured by accounting indicators or market indicators,charity is a measure.The lower the agency cost,the stronger the positive impact of the enterprise donation on financial performance;the enterprises in the eastern region can enhance the positive impact of the donation on the financial performance of the enterprise.This conclusion enriches and enriches the research in the field of charitable donation,and provides a reference for the enterprise to formulate a more thorough charitable donation strategy,which is of theoretical and practical significance. |
