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公司慈善捐赠驱动因素的研究已有很多成果,但从制度环境和产权性质角度进行研究的很少。本文以沪深A股上市公司为样本,系统考察了制度环境、产权性质对公司慈善捐赠的影响。研究证实,中国各地区制度环境差异显著影响公司慈善捐赠,制度环境的改善促进了企业捐赠水平的提高,且这种正向影响在非国有控股企业表现更为明显。非国有控股企业捐赠水平高于国有控股企业,且在国有控股企业中,地方政府控股国有企业捐赠水平高于中央政府控股企业。这些结论对理解制度环境在促进企业捐赠中的作用,认识中国不同产权性质企业慈善行动的深层含义具有一定的启示意义。
There have been many achievements in the research of the driving factors of the company’s charity donation, but there are few researches on the institutional environment and property rights. In this paper, a sample of listed companies in Shanghai and Shenzhen A shares, the system investigated the institutional environment, property rights of the company’s charitable donations. The study confirms that the differences in institutional environment in various regions of China significantly affect the company’s charitable donations. The improvement of the institutional environment has promoted the improvement of corporate donation levels, and this positive impact has been more pronounced in the non-state-controlled enterprises. The non-state-controlled enterprises donated more than the state-controlled enterprises, and among the state-controlled enterprises, the state-controlled state-owned enterprises donated by the local government were higher than those controlled by the central government. These conclusions are of some enlightenment for understanding the function of institutional environment in promoting corporate donations and understanding the deep meaning of philanthropic actions of enterprises of different property rights in China.