嵌入与回馈:国有企业的隶属级别、政府补助与慈善捐赠
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摘要
中国的国有企业进行慈善捐赠的行为逻辑是什么?什么样的国企会更积极地捐赠?利用975家中国国有上市公司在2010—2016年间的数据,实证考察了国企的隶属级别和政府补助对其慈善捐赠的影响,以及政治关联和政府干预的调节作用。结果表明:首先,国企的隶属级别与慈善捐赠负相关,级别较低的地方性国企由于对地方较高的嵌入和依赖会更多地捐赠;其次,国企所获得的政府补助与慈善捐赠正相关,捐赠成为国企回馈政府的一种方式;再次,由于企业高层的政治关联和当地政府的干预水平会增强国企的地方嵌入和回馈需要,二者均正向调节上述关系;最后,对国企所面临的制度压力和社会期待等因素的进一步考察,也验证了国企的捐赠决策遵循"嵌入"和"回馈"两种行为逻辑。
What is the logic of the charitable donation behaviors of Chinese state-owned enterprises? What kind of SOEs will make more active donations? Based on the data of 975 Chinese listed SOEs during the period of 2010-2016, this paper empirically investigates the influence of SOEs' affiliation level and government subsidies on their charitable donations, as well as the moderating effects of political connection and government intervention. The results show that firstly,the affiliation level of SOEs is negatively correlated with their charitable donations, the local SOEs at the lower level will donate more because of their higher level of embeddedness and reliance on the localities; secondly, the government subsidies obtained by SOEs are positively related to their donations, and donations have become a way for SOEs to feed back to the government. In addition,as the political connections of corporate management and the intervention level of the local government will enhance SOE's local embeddedness and needs for feedback, both of the two will positively adjust the above relationships. Finally, through further investigations of such factors as institutional pressure that SOEs are faced, social expectations, and so on, it is also verified that the donation decision-making of SOEs is following the two behavioral logics: embedding and feedback.
What is the logic of the charitable donation behaviors of Chinese state-owned enterprises? What kind of SOEs will make more active donations? Based on the data of 975 Chinese listed SOEs during the period of 2010-2016, this paper empirically investigates the influence of SOEs' affiliation level and government subsidies on their charitable donations, as well as the moderating effects of political connection and government intervention. The results show that firstly,the affiliation level of SOEs is negatively correlated with their charitable donations, the local SOEs at the lower level will donate more because of their higher level of embeddedness and reliance on the localities; secondly, the government subsidies obtained by SOEs are positively related to their donations, and donations have become a way for SOEs to feed back to the government. In addition,as the political connections of corporate management and the intervention level of the local government will enhance SOE's local embeddedness and needs for feedback, both of the two will positively adjust the above relationships. Finally, through further investigations of such factors as institutional pressure that SOEs are faced, social expectations, and so on, it is also verified that the donation decision-making of SOEs is following the two behavioral logics: embedding and feedback.
引文
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[2]吴芳.客户集中度与企业捐赠的关系研究——基于资源依赖理论与交易成本理论[J].当代财经,2018,(1):78-87.
[3]Li S.,Song X.,Wu H..Political Connection,Ownership Structure,and Corporate Philanthropy in China:A Strategic-Political Perspective[J].Journal of Business Ethics,2015,129(2):399-411.
[4]黄送钦.代理成本、制度环境变迁与企业慈善捐赠--来自中国制造业的经验证据[J].上海财经大学学报,2017,19(1):75-87.
[5]Li M.H.,Cui L.,Lu J..Varieties in State Capitalism:Outward FDI Strategies of Central and Local State-Owned Enterprises from Emerging Economy Countries[J].Journal of International Business Studies,2014,45(8):980-1004.
[6]步丹璐,狄灵瑜.治理环境、股权投资与政府补助[J].金融研究,2017,40(10):193-206.
[7]Wang H.,Qian C..Corporate Philanthropy and Corporate Financial Performance:The Roles of Stakeholder Response and Political Access[J].Academy of Management Journal,2011,54(6):1159-1181.
[8]Lin K.J.,Tan J.,Zhao L..In The Name of Charity:Political Connections and Strategic Corporate Social Responsibility in a Transition Economy[J].Journal of Corporate Finance,2015,32:327-346.
[9]Li W.,Zhang R..Corporate Social Responsibility,Ownership Structure,and Political Interference:Evidence from China[J].Journal of Business Ethics,2010,96(4):631-645.
[10]张建君.竞争-承诺-服从:中国企业慈善捐款的动机[J].管理世界,2013,(9):118-129.
[11]Okhmatovskiy I..Performance Implications of Ties to the Government and SOEs:A Political Embeddedness Perspective[J].Journal of Management Studies,2010,47(6):1020-1047.
[12]Xiao S.S.,Jeong I.,Moon J.J..Internationalization and Performance of Firms in China:Moderating Effects of Governance Structure and the Degree of Centralized Control[J].Journal of International Management,2013,19(2):118-137.
[13]Benjamin B.A.,Podolny J.M..Status,Quality,and Social Order in the California Wine Industry[J].Administrative Science Quarterly,1999,44(3):563-589.
[14]Piazza A.,Castellucci F.Status in Organization and Management Theory[J].Journal of Management,2014,40(1):287-315.
[15]Lawler E.J.,Thye S.R..Bringing Emotions into Social Exchange Theory[J].Annual Review of Sociology,1999,25(1):217-244.
[16]Luo Y..Guanxi:Principles,Philosophies,and Implications[J].Human Systems Management,1997,16:43-52.
[17]Li S.,Wu H.,Jiang X.Rent-Seeking and Firm Value:Chinese Evidence[J].Business and Politics,2018,20(2):239-272.
[18]Aronson E.,Wilson T.D.,Akert R.M..Social Psychology[M].London:Prentice Hall,2005.
[19]Lee E.,Walker M.,Zeng C.C..Do Chinese State Subsidies Affect Voluntary Corporate Social Responsibility Disclosure?[J].Journal of Accounting and Public Policy,2017,36(3):179-200.
[20]卢洪友,谭维佳.地方财政压力对企业捐赠行为的影响研究[J].当代财经,2015,(9):24-34.
[21]Cheung Y.L.,Rau P.R.,Stouraitis A..Helping Hand or Grabbing Hand?Central vs.Local Government Shareholders in Chinese Listed Firms[J].Review of Finance,2009,14(4):669-694.
[22]Gupta A.,Briscoe F.,Hambrick D.C..Red,Blue,and Purple Firms:Organizational Political Ideology and Corporate Social Responsibility[J].Strategic Management Journal,2017,38(5):1018-1040.
[23]Gao Y.,Hafsi T..Government Intervention,Peers’Giving and Corporate Philanthropy:Evidence from Chinese Private SMEs[J].Journal of Business Ethics,2015,132(2):433-447.
[24]Gao Y.,Tian Z..How Firms Influence the Government Policy Decision-Making in China[J].Singapore Management Review,2006,28(1):73-85.
[25]Schuler D.A.,Rehbein K.,Cramer R.D..Pursuing Strategic Advantage through Political Means:A Multivariate Approach[J].Academy of Management Journal,2002,45(4):659-672.
[26]樊纲,王小鲁,朱恒鹏.中国市场化指数——各省区市场化相对进程2011年度报告[M].北京:经济科学出版社,2011.
[27]王宇,李海洋.管理学研究中的内生性问题及修正方法[J].管理学季刊,2017,(3):20-47.
[28]冯丽艳,肖翔,程小可.社会责任对企业风险的影响效应——基于我国经济环境的分析[J].南开管理评论,2016,19(6):141-154.
[29]Marquis C.,Glynn M.A.,Davis G.F..Community Isomorphism and Corporate Social Action[J].Academy of Management Review,2007,32(3):925-945.
[30]Idemudia U..Community Perceptions and Expectations:Reinventing the Wheels of Corporate Social Responsibility Practices in the Nigerian Oil Industry[J].Business and Society Review,2007,112(3):369-405.
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