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本文采用了2007~2014年1194家中国上市公司的数据研究发现:慈善捐赠对企业绩效没有显著影响;政治关联性对于慈善捐赠与企业绩效之间的关系不存在显著的调节作用;相较于市场化程度高的地区,市场化程度低的地区的企业进行慈善捐赠能够帮它们获得更好的企业绩效;在市场化程度高的地区,相较于没有政治关联的企业,有政治关联的企业进行慈善捐赠能够帮助它们获得更好的企业绩效。
This paper uses the data of 1194 Chinese listed companies from 2007 to 2014 and finds that: charitable donations have no significant effect on business performance; political relevancy has no significant regulatory effect on the relationship between charitable donations and corporate performance; In areas with a high degree of marketization, companies in areas with a low degree of marketization can help them achieve better enterprise performance. In areas with a high degree of marketization, politically-relevant enterprises perform more than enterprises without political connections Charitable donations can help them achieve better business performance.