Research On The Influence Of Strategic Donation To Enterprise Value Under Different Market Competition

At present,China's economy has entered into new normal state.The market economy has been developing steadily,and the social transformation has been carried out in an all-round way.China's public welfare charity has entered a fast developing period,which has shown a booming situation.With the continuous improvement of the relevant national systems and the continuous promotion of the capital market,corporate social responsibility has been further recognized and valued in all kinds of enterprises in our country,more and more enterprises put fulfilling the corporate social responsibility into the overall development strategy,that made outstanding contributions in the economic,environmental,social and other a spects.Charitable donation,as a part of the corporate social responsibility,has been all the attention of the enterprise,there have been companies recognize that charitable donation is not just "altruism" behavior,but also is a kind of "mutual benefit" behavior.However,from the current data of A-share listed company,less than half of the enterprises can realize and implement the strategic donation.Therefore,this paper tries to summarize the strategic philanthropy how to influence the enterprise value,and appeal that all kinds of enterprises should not blindly donate in the fierce market competition situation.All companies should be organized and planned to make donation to charity,and raise donation to the strategic height to dual economic benefits and social benefits.Based on the 2012-2016 years samples of A-share listed companies between 2012 and 2016 in China,the relationship between strategic donation and corporate value and the impact of market competition on the relationship between them are examined used by Heckman model.The result show that the strategic donation could enhance corporate value,and that the value effect of corporate strategic philanthropy will be more prominent with the strong market competition situation.Finally,the example of the enterprise S illustrated the inherent influence of strategic donation on enterprise value.