Research On The Relationship Between Donations And Firm Performance Of Shanghai And Shenzhen A-share Listed Firm

With the continuous development and demand of the economy,corporate social responsibility has become one of the important means to promote its own development,and enterprise donation is the main form of corporate social responsibility.The statistics o f the China and the people's Charity Donation Information Center show that the amount of the enterprise is increasing year by year.More and more enterprises are willing to invest more in the cause of donation and participate in the social welfare.But private enterprises donated far more than state-owned enterprises,and manufacturing and other industries become the main force of donation.Then,what motivations and causes are corporate donations,and whether corporate donations are directly related to corporate performance? Previous scholars mainly study the motivation and influence factors,but the relationship between enterprise donation and enterprise performance has not yet formed a unified conclusion,and there is no in-depth study of the differences between different types of enterprise donation,and the enterprise donation has not formed a strategic charitable donation model.This paper focuses on the theoretical analysis and empirical analysis of the relationship between enterprise donation and enterprise performance,systematically studies the relationship between the two,and further compares the differences between different enterprises,so as to encourage and promote all walks of life to actively fulfill their social responsibilities.The article summarizes the research literature of domestic and foreign enterprise donation,summarizes the relevant views of scholars at home and abroad,and supports the conclusion that the foreign donation of listed companies has a positive relationship with the pe rformance of the company,and further studies the relationship between enterprise donation and corporate performance from two aspects of different property and different industry characteristics.Whether there is a certain difference.Based on the theory o f strategic philanthropy and so on,this paper analyzes its principle,and selects the data of foreign donation of Shanghai and Shenzhen stock listed companies in Shanghai and Shenzhen for 5 consecutive years in 2011-2015,using panel data regression and contrast analysis in empirical analysis,and through testing three theoretical hypotheses,the listed companies of China are listed.There is a positive correlation between foreign donation and company performance;compared with state-owned listed companies,private listed companies have more significant relationship with corporate performance;there are three significant differences in the significant difference between foreign donation and corporate performance in different industries.Finally,we summarize the article and give some suggestions on guiding,classifying,motivating and disclosing corporate donations,in order to better promote the development of Chinese enterprises endowment.