企业社会捐赠既可能是公司代理问题加重的体现,也可能是企业的政治资本投资。文章通过分析中国A股上市公司2004-2008年数据发现,一方面,企业社会捐赠表现为代理问题的加重和代理成本的增加,且在国有企业更加突出;另一方面,社会捐赠成为企业的政治投资战略及获取资源的有效方式,非国有企业通过捐赠获取的政治资本更多,且在制度环境较好的地区获取政治资本的能力更强。 Corporate social donations may not only reflect the problem of corporate agency may also be the investment of political capital of enterprises. By analyzing the data of China’s A-share listed companies from 2004 to 2008, the article finds that on the one hand, corporate social donations show the increasing agency costs and agency costs, and more prominent in state-owned enterprises; on the other hand, social donations become the corporate politics Investment strategy and access to resources in an effective way, non-state-owned enterprises obtain more political capital through donation, and in the institutional environment better access to political capital ability.