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	企业慈善捐赠：诉讼风险下的自我救赎; Corporate Charitable Donations:Self-Redemption underthe Risk of Litigation
	戴亦一 ; DAI Yi-yi ; 彭镇 ; PENG Zhen ; 潘越 ; PAN Yue
	2016-04
关键词	诉讼风险 litigation risk 慈善捐赠 corporate philanthropy 社会责任 CSR ST
英文摘要	戴亦一，厦门大学管理学院教授、博士生导师；彭镇，厦门大学管理学院博士研究生；潘越，厦门大学经济学院教授、博士生导师。; 【中文摘要】诉讼风险是增加还是减少企业慈善捐赠，这是一对竞争性的假设。利用A股主板上市公司2006—2012年的数据，以被诉次数和涉案金额衡量诉讼风险，可实证检验上述竞争性假设。结果发现，企业诉讼风险显著负向影响慈善捐赠，但这种关系因企业经营状态的不同而存在显著差异。在ST样本中，企业诉讼风险越髙，捐赠可能性和捐赠水平都越髙；而在非ST样本中，情况 则正好相反。进一步研究发现，企业被ST的原因不同，其慈善行为也存在差异；通过慈善捐赠后，企业融资能力得到明显改善。因此，从某种意义上说，慈善捐赠是企业在高诉讼风险环境下的自我救赎行为。这一结论不仅有助于更好地理解企业慈善捐赠的动机，还为政府管理部门的市场监管行为提供了新的思路。 【Abstract】Arguing that there are two possible paths to explain the relationship between litigation risk and charitable donations, this paper proposes a pair of competing hypotheses. Using a sample of Chinese listed firms for the period from 2006 to 2012, this study examines the competing hypotheses, in which litigation risk was measured by the number of indictments and the amount of money involved. The results show that litigation risk exerts a significant negative impact on corporate charitable donations, but this relationship varies because of the difference of companies' operating conditions. In the ST samples, the higher the risk of corporate litigation, the greater the possibility of donation, and the higher the donation level, while in the non-ST samples, the situation is precisely the opposite. Moreover, this study further finds that, in the ST samples, corporate philanthropy behaviors are also different as a result of their different reasons for ST. The donating companies are usually able to significantly improve their financing capacity after making a donation. Therefore, to some extent, corporate charitable donations can be viewed as a behavior of self-redemption when the company faces a high risk of litigation. This study not only helps to gain a better understanding of the motivation of corporate charitable donations, but also provides a fresh way of thinking for the government's market regulation.; 国家自然科学基金项目“基于慈善捐赠视角的公司财务行为与资本市场反应研究”（71372071)
语种	中文
出版者	厦门大学学报（哲学社会科学版）编辑部
内容类型	其他
源URL	[http://dspace.xmu.edu.cn/handle/2288/98128]
专题	2016年
推荐引用方式 GB/T 7714	戴亦一,DAI Yi-yi,彭镇,等. 企业慈善捐赠：诉讼风险下的自我救赎, Corporate Charitable Donations:Self-Redemption underthe Risk of Litigation. 2016-04-01.

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