而作为企业捐赠决策者的企业高管对企业的捐赠行为必然会造成一定的影响，高
管权力的大小也会对企业捐赠和企业价值的关系造成影响。这些都是值得思考和
探讨的问题
本文以2009年至2014年间的上市公司为样本研究高管权力对企业捐赠行为
的影响情况，并研究高管权力在企业捐赠与企业价值关系中的作用。研究结果表
明，高管权力大小与企业捐赠意愿及企业捐赠力度间存在正相关关系，高管权力
越大，企业捐赠意愿越强，企业捐赠金额越多。同时，在企业实际控制人属性不
同的情况下，高管权力对企业捐赠的影响程度是不同的：国有企业的高管权力会
显著正向影响企业的捐赠力度和捐赠意愿，非国有企业的高管权力与企业捐赠随
呈现正相关关系，但效果并不明显。此外，高管进行捐赠的决策会对企业价值造
成负向影响，高管权力越大，越容易造成企业价值的损失。这一现象在国有企业
中表现的更为明显，相比于非国有企业，国有企业高管权力对企业捐赠提升企业
价值的抑制作用更加明显
本文的研究意义和创新点在于：首先，本文将高管权力作为研究企业捐赠与
企业价值关系的切入点，在探讨高管权力与企业捐赠之间关系的基础上，研究在
考虑高管权力的情况下，企业慈善捐赠行为将如何影响企业价值，这是一个全新
的研究角度。其次，本文按照企业实际控制人性质对研究进行划分，探讨在国有
企业与非国有企业中，高管权力对企业捐赠与企业价值之间关系影响程度的异同，
对于我国具有一定的现实意义
关键词：高管权力，企业捐赠，企业价值III
ABSTRACT
The target of an enterprise is to maximize their economic interests while donate
is to use the assets of the enterprise on things that are not directly related to the
economic interests of the enterprise. It seems that donation is a behavior that will
increase the cost of an enterprise without bring in any economic interest. The role the
power of executives plays in the relationship between the donation of an enterprise
and its value and the meaning of donations have been a heated discussed topic.
The relationship between the power of executives and donations is examined by
listed companies in China during year 2009 to year 2014. The role the power of
executives can also be examined by the data. The results show that, there is a positive
correlation between the power of executives and enterprises’ willingness and strength
of corporate donation. What’s more, the degree of the correlation is different in
state-owned enterprises and non-state-owned enterprises. There is a higher degree of
correlation in state-owned enterprises. What’s more, there is a negative correlation
between the power of executives and the relationship between donation and value of
the enterprise. The more powerful the executives are, the less value it will bring by
donation. The result is more obvious in state-owned enterprises.
The innovations of the empirical analysis lie as follows. Firstly, it’s a new aspect
to study the relationship between donations and the value of an enterprise by using the
power of executives. Secondly, there is a practical significance to our country by
dividing the enterprises into state-owned and non-state-owned enterprises to find out
the differences in the roles that executive power plays.
KEYWORDS: Executive power, Corporate donations, Enterprise valueV
目录
摘要........I
ABSTRACT...III
第 1 章 引言......1
1.1 研究背景与研究意义..1
1.1.1 研究背景1
1.1.2 研究意义和创新点.........3
1.2 关键概念界定...3
1.2.1 高管权力3
1.2.2 企业捐赠4
1.3 研究方法..........4
1.4 研究内容..........5
1.5 研究框架..........5
第 2 章 文献综述..........7
2.1 企业捐赠..........7
2.1.1 企业捐赠的影响因素....7
2.1.2 企业捐赠的动机..........10
2.2 高管权力........15
2.2.1 控制权理论......15
2.2.2 高管权力的衡量..........17
2.2.3 高管权力的经济后果..17
第 3 章 研究假设与研究设计21
3.1 理论分析与研究假设21
3.1.1 高管权力与企业捐赠..21
3.1.2 高管权力、企业捐赠与企业价值......22
3.2 研究设计........23
3.2.1 样本选择与数据来源..23
3.2.2 变量描述..........24
3.2.3 研究模型..........28
第 4 章 实证结果与分析........31
4.1 描述性统计分析........31
4.2 相关性分析....32VI
4.3 回归结果与分析........35
4.3.1 企业捐赠与高管权力的回归分析......35
4.3.2 企业捐赠、高管权力与企业价值的回归分析..........38
4.4 稳健性检验....40
4.4.1 企业捐赠与高管权力关系的稳健性检验......40
4.4.2 企业捐赠、高管权力与企业价值关系的稳健性检验..........41
第 5 章 结论与进一步讨论....45
5.1 结论....45
5.2 研究不足及展望........45
参考文献..........47
发表论文和参加科研情况说明..........57
致谢......59第
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