越来越多学者的研究显示，“声誉资本”对于拥有声誉的公司来说具有战略 价值。前期的研究，集中于企业的“市场声誉”，企业市场声誉与绩效、员工和 顾客忠诚度、社会责任、企业合并、媒体投入、市场竞争、产品质量等因素之间 的关系受到了广泛的关注。但是在中国情境下，企业不仅会获得市场声誉，还会 获得“全国劳动模范”、“全国五一劳动奖章”、“全国关爱员工优秀民营企业家” 和“全国非公有制经济人士优秀中国特色社会主义事业建设者”等各类政治声誉， 但“政治声誉”对于企业影响的机制和作用效果尚不清晰。 论文在之前学者关于“市场声誉”研究基础之上，进一步发展出了“政治声 誉”这一概念。即由于公司高管获得由政府部门颁发的奖项，使得公司获得的声 誉和知名度。鉴于捐赠行为已经成为企业的一种战略行为，对于企业的绩效有显 著和巨大的作用，论文集中于研究企业政治声誉与捐赠行为的关系。本文基于 2009年至2015年间的A股上市公司数据，手动收集了样本公司的获奖数据，从 政治声誉对于上市公司自身的捐赠行为以及上市公司获取政治声誉后对于竞争 对手的捐赠行为两个层面进行了较为详细的研究，同时考察了上市公司的政治关 联、股权性质以及股权集中度对于政治声誉与捐赠行为的调节作用。 论文研究表明，整体而言，政治声誉能有效地提高企业的捐赠水平，且其影 响能持续两年；企业的产权性质和政治关联能够对企业政治声誉与捐赠行为二者 之间起到调节效果。论文研究也发现，即使上市公司没有获得政治声誉，但是其 同行业的竞争对手获得政治声誉也会提高公司的捐赠水平，且企业股权特征和政 治关联也对同业政治声誉的影响存在调节作用。本文研究揭示了企业政治声誉与 企业捐赠行为的深层次机理，对于进一步完善企业治理机制、发挥声誉的激励作 用，进而提升企业绩效具有较为重要的理论和现实价值。 关键词：政治声誉，公司捐赠，股权性质，股权集中度，政治关联 III ABSTRACT More and more scholars’ research shows that "reputation capital" has strategic value for companies with reputation. Previous studies focused on the "market reputation" of enterprises. The relationship between market reputation and performance, employee and customer loyalty, social responsibility, enterprise merger, media input, market competition, product quality and other factors has attracted wide attention. However, in the Chinese context, enterprises will not only gain market reputation, but also various kinds of political reputation, such as "National Labor Model", "National May Day Labor Medal", "National Care for Employees Excellent Private Entrepreneurs" and "National Non-public Economic Personnel Excellent Construction of Socialist Cause with Chinese Characteristics". The mechanism and effect of reputation on enterprises are still unclear. Based on previous scholars ‘research on "market reputation", this dissertation further develops the concept of "political reputation". That is to say, the company's reputation and popularity are due to the awards awarded by the government departments by the company's executives. In view of the fact that donation has become a strategic behavior of enterprises, which plays a significant and huge role in the performance of enterprises, this dissertation focuses on the relationship between corporate political reputation and donation behavior. Based on the data of A-share listed companies from 2009 to 2015, this dissertation collects the award-winning data of sample companies manually, and conducts a detailed study from two aspects: the political reputation of listed companies’ own donation behavior and the listed companies' donation behavior to their competitors after gaining political reputation. At the same time, it examines the listing of listed companies. The political connection, ownership nature and ownership concentration of the company play a moderating role in political reputation and donation behavior. The research shows that, on the whole, political reputation can effectively improve the level of corporate donation, and its impact can last for two years; the nature of corporate property rights and political connections can play a moderating role between corporate political reputation and donation behavior. The dissertation also finds that even if listed companies do not gain political reputation, their competitors in the same industry will gain political reputation, which will improve the level of corporate donation, and the characteristics of corporate equity and political IV connections also have a moderating effect on the political reputation of the same industry. This study reveals the deep-seated mechanism of corporate political reputation and corporate donation behavior, which has important theoretical and practical value for further improving corporate governance mechanism, giving play to the incentive role of reputation, and then improving corporate performance. KEY WORDS: Political reputation, Corporate donation, Ownership nature, Ownership structure, Political connection V 目 录 第1章 绪论.................................................................................................................. 1 1.1 研究背景......................................................................................................... 1 1.2 研究意义......................................................................................................... 3 1.2.1 理论意义.............................................................................................. 3 1.2.2 实践意义.............................................................................................. 4 1.3 研究框架......................................................................................................... 4 1.3.1 论文结构.............................................................................................. 4 1.3.2 研究结构.............................................................................................. 5 1.3.3 研究方法.............................................................................................. 6 1.4 创新点及理论贡献......................................................................................... 7 第2章 国内外研究综述.............................................................................................. 9 2.1 企业声誉界定的演进及发展......................................................................... 9 2.2 企业声誉的影响........................................................................................... 10 2.2.1 企业声誉的影响................................................................................ 10 2.2.2 企业声誉与捐赠水平........................................................................ 11 2.3 有关政治声誉的发展................................................................................... 12 2.4 社会比较研究............................................................................................... 13 2.5 现有文献评述及启示................................................................................... 14 第3章 理论分析及假设............................................................................................ 17 3.1 政治声誉与公司捐赠水平........................................................................... 17 3.1.1 政治声誉与公司捐赠水平................................................................ 17 3.1.2 产权性质和政治关联的影响............................................................ 18 3.2 同业政治声誉与公司捐赠水平................................................................... 20 3.2.1 同业政治声誉与捐赠水平................................................................ 20 3.2.2 股权特征和政治关联的影响............................................................ 22 第4章 政治声誉与公司捐赠水平及持续性研究.................................................... 25 4.1 研究设计....................................................................................................... 25 4.1.1 样本选取............................................................................................ 25 4.1.2 倾向匹配得分法................................................................................ 27 4.1.3 变量定义.................................................................