Research On The Impact Of Corporate Charitable Donations On Corporate Value From The Perspective Of Life Cycle

There are many means for enterprises to fulfill their social responsibility,and corporate charitable donation is one of the widely used ones.The COVID-19 epidemic in 2020 once again pushes the topic of corporate charitable donation to the academic and theoretical circles.As rational economic man,enterprises are expecting the positive impact of charitable donation on enterprise value while making charitable donation.At present,some scholars believe that corporate charitable donation will bring about the increase of corporate value,while others believe that corporate charitable donation will bring about the decrease of corporate value.At present,no scholars have studied the impact of corporate charitable donations on corporate value from the perspective of corporate life cycle.From the perspective of corporate life cycle,this paper constructs an empirical regression model to explore the impact of corporate charitable giving on corporate value under different life cycles.By combing existing literature at home and abroad,this paper defines and measures the corporate life cycle,corporate charitable donation and corporate value respectively,and analyzes the internal mechanism of corporate charitable donation affecting corporate value under different life cycles,and puts forward research hypotheses.According to the characteristics of cash flow portfolio,eligible A-share listed companies from 2014 to 2019 are divided into growth,maturity and decline periods.In addition,OLS regression and quantile regression were carried out for the samples in the growth stage and maturity stage,and OLS regression was carried out for the samples in the decline stage,and the influence of property property properties on them was also discussed.In the study,considering the lag effect of corporate charitable donations,the data of corporate charitable donations were processed with a lag period.The research shows that both the growth and maturity stages of enterprises,corporate charitable donations to the outside will improve the enterprise value,with the improvement of corporate charitable donations,the improvement effect on enterprise value is also increasing.In the growth period,the charitable donation of state-owned enterprises has a more significant effect on the improvement of enterprise value.In the mature stage,the charitable donation of non-state-owned enterprises has a more significant effect on the improvement of enterprise value.And in a recession,the effect of charitable giving on the value of a business is unclear.When state-owned enterprises are in decline,charitable donations have some effect on enterprise value.At the same time,it proves that corporate charitable donation has a lag effect on corporate value,which verifies all the hypotheses.At the end of this paper,combining theoretical analysis and empirical research results,some suggestions are put forward for enterprises in different life cycles from the aspects of the way,scale,field,approach and improvement of information disclosure system of corporate charitable donation.