国有企业混合所有制改革与慈善捐赠行为优化

当代财经 ›› 2022, Vol. 0 ›› Issue (2): 91-102.

国有企业混合所有制改革与慈善捐赠行为优化

马新啸¹, 汤泰劼², 胡珺³

1.中山大学管理学院,广东广州 510275;
2.北京大学光华管理学院,北京 100871;
3.海南大学管理学院,海南海口 570228

收稿日期:2021-07-17 修回日期:2021-10-08 出版日期:2022-02-15 发布日期:2022-02-22
通讯作者: 汤泰劼,北京大学博士研究生,主要从事公司财务研究,联系方式tangtaijie@pku.edu.cn
作者简介:马新啸,中山大学博士研究生,主要从事国有企业改革与公司治理研究;胡珺,海南大学副教授,博士,主要从事企业社会责任与环境会计研究。
基金资助:
国家自然科学基金重大项目“会计、审计对企业经营管理与宏观经济发展的影响研究”（71790603）; 国家社会科学基金重点项目“减税降费对企业高质量发展的影响及传导机制研究”（20AJY002）; 国家自然科学基金青年项目“环境规制下的企业成本转嫁研究：机制、后果与治理”（71902050）

Mixed Ownership Reform and Charitable Donation Behaviors Optimization in State-Owned Enterprises

MA Xin-xiao¹, TANG Tai-jie², HU Jun³

1. Sun Yat-sen University, Guangzhou 510275;
2. Peking University, Beijing 100871;
3. Hainan University, Haikou 570228, China

Received:2021-07-17 Revised:2021-10-08 Online:2022-02-15 Published:2022-02-22

摘要/Abstract

摘要： 自觉履行公民义务是微观企业安身立命乃至经济社会行稳致远的核心动力,优化的慈善捐赠行为成为新时代推进国有企业混合所有制改革的重要目标。以2008—2018年国有上市公司为样本,在对其股东性质、股权比例以及派出董事信息进行人工整理的基础上,考察混合所有制改革能否促进国有企业的慈善捐赠特征优化,研究发现：非国有股东向国企派驻董事和参与治理能够抑制代理问题和提升经营效率,从而对国企慈善捐赠行为产生积极的影响,具体表现为慈善捐赠水平的上升;进一步研究显示,前述影响在地方国企、竞争性行业国企以及社会期望较高的情境下更加明显;最后,非国有股东治理可以提升国有企业慈善捐赠行为的价值效应,并且改善其社会责任信息披露质量。结论表明,非国有股东参与国企高层治理可以统筹兼顾地优化其慈善捐赠行为和经济目标的实现。这不仅支持全面深化改革背景下决策高层健全国企公司治理机制的积极探索,而且对国有企业慈善捐赠和异质性股东治理的研究进行了有益的补充。

关键词: 国有企业, 慈善捐赠, 混合所有制改革, 非国有股东治理

Abstract: Consciously fulfilling the civic obligations is an important driving force for micro-enterprises to settle down and even to achieve economic and social stability. To optimize the charitable donation behaviors also has become an important target of state-owned enterprises in advancing their mixed ownership reforms in the new era. Taking the state-owned listed companies from 2008 to 2018 as the samples, this paper investigates whether the mixed ownership reform can promote the optimization of the state-owned enterprises' charitable donations characteristics on the basis of hand sorting the natures of shareholders, the equity ratio and the information of the appointed directors. The findings show that to send directors to state-owned enterprises by non-state shareholders and to participate in their governance can alleviate agency problems and improve the efficiency of operation and management, thereby exerting a positive effect on the charitable donation behaviors of state-owned enterprises, which is manifested in the increase at the level of charitable donations. Further research indicates that this effect is more obvious in local state-owned enterprises, the enterprises in the competitive industries and those with higher external social expectations. Finally, non-state-owned shareholders' governance can enhance the value effect of charitable donations of state-owned enterprises and improve the quality of their social responsibility information disclosure. This conclusion indicates that the participation of non-state shareholders in the high-level governance of state-owned enterprises can optimize their charitable donations and realize their economic goals in an comprehensive way, which not only supports the active exploration of the decision-makers to improve the governance of state-owned enterprises, but also does useful supplement to the academic researches on the charitable donations and the heterogeneous shareholder governance of state-owned enterprises in the context of deepening the reform in all respects.

Key words: state-owned enterprises, charitable donation, mixed ownership reform, non-state shareholders' governance

中图分类号:

F271

马新啸, 汤泰劼, 胡珺. 国有企业混合所有制改革与慈善捐赠行为优化[J]. 当代财经, 2022, 0(2): 91-102.

MA Xin-xiao, TANG Tai-jie, HU Jun. Mixed Ownership Reform and Charitable Donation Behaviors Optimization in State-Owned Enterprises[J]. Contemporary Finance & Economics, 2022, 0(2): 91-102.

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