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中国企业的慈善捐赠是一种“政治献金”吗?——来自市委书记更替的证据
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TitleAre Chinese Enterprises’ charitable donations “Political Contributions”?  
作者戴亦一 潘越 冯舒  
AuthorDai Yiyi, Pan Yue and Feng Shu  
作者单位厦门大学 
OrganizationXiamen University 
作者Emailyydai@xmu.edu.cn;panyue@xmu.edu.cn; 
中文关键词地方政府换届 慈善捐赠 政治献金 
Key WordsLocal Government Transition; Charitable Donations; Political Contributions 
内容提要本文以2006-2011年7517家A股上市公司为样本,选取地方政府换届(市委书记更换)这一独特视角,实证检验了该因素对企业慈善捐赠行为的影响,并分别从企业产权性质、新任官员来源和地区市场化程度三个维度对这一影响进行了更深层次的多角度研究。结果发现,地方政府换届后,企业慈善捐赠的倾向和规模都会显著增加。样本分组检验的结果表明,非国有产权性质、外地调任市委书记和地区较高的市场化程度三大因素,都会显著增强地方政府换届对企业捐赠规模和倾向的正向效应。进一步的考察还发现,政府换届之后的慈善捐赠确实能为民营企业带来融资便利、政府补贴、投资机会等多方面的经济实惠。由此,本文认为中国企业的慈善捐赠也是一种为建立政治关系、政府换届后争夺新一轮资源配置的优势地位而支付的“政治献金”。本文不仅丰富了企业慈善捐赠行为的政治动因研究,而且为全面理解现实中的中国企业究竟如何应对因换届而导致的政治不确定性带来的风险与机遇提供了新的认知。 
AbstractChoosing the A-share listed companies in China during 2006 and 2011 as a study sample,we selected the local government transition (the replacement of municipal party secretary )as a new angle of view and empirically studied its influence on corporate charitable donations. Meanwhile we analyzed this influence in detail from the dimensions of companies’ characters of property rights, the last job locations of the new officials and the market levels of the cities. We have found that the scale and inclination of corporate charitable donations would increase when political uncertainty caused by the replacements of the officials occurred. By group testing, we have found this positive effect would be more obvious if the company was non-state, or the new official was from a different city, or the city’s market level was higher. After a further examination, we found the private enterprises would get more benefit in financing, government subsidies and investment opportunities. Therefore, we thought the corporate charitable donations as “Political Contributions” paid by companies to establish the political relationship and compete for the dominant position in the new round of resource allocation. We not only enriched the research on the politically motivation of corporate charitable donations, but also offered a new way to fully understand how Chinese companies deal with the risk and opportunities in an uncertain political environment caused by the local government transition  
文章编号WP571 
登载时间2013-12-18 
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