【摘要】 企业捐赠是企业履行社会责任、推动社会共同富裕的重要途径，高管作为企业实际经营者，其意志很大程度上决定了企业决策行为，会对企业的捐赠行为产生影响。以2010—2020年中国沪深A股上市企业为样本，采用Tobit模型，从代理成本角度研究高管持股对企业慈善捐赠行为的影响。研究发现，高管持股与企业捐赠存在正相关关系，即高管持股可以提升企业捐赠水平。不同性质的企业高管持股对企业捐赠影响不同，国有企业慈善捐赠水平高于民营企业慈善捐赠水平；相对于市场化程度高的地区，在市场化程度低的地区，高管持股对企业慈善捐赠的正向影响更为显著。进一步对高管持股影响企业慈善捐赠的内在机制分析发现，高管持股有助于减少高管个人机会主义，增加高管与股东的利益趋同效应，从而促进企业捐赠水平提升。因此，应适当鼓励高管持股，提升企业信息透明度，减少管理层机会主义，加大政策支持，从而提升企业捐赠的内在动机，促进企业践行社会责任。更多还原

【Abstract】 Corporate donation is an important way for enterprises to fulfill their social responsibilities and promote the common prosperity of society. As the actual operator of the company, the executive’s will largely determines the decision-making behavior of enterprises to a large extent and will have an impact on the donation behavior of enterprises. Using a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2020, the Tobit model is used to study the impact of executive shareholding on corporate charitable giving behavior from the perspective of agency costs.The study finds that there is a strong positive relationship between executives’ shareholding and corporate donations, that is, executives’ shareholding can increase the level of corporate donations. Different types of corporate executives’ shareholding have different impacts on corporate donations. The level of charitable donations in state-owned enterprises is higher than that of private enterprises; The positive effect of donation is even more significant in places with lower marketization degree compared with places with higher marketization degree.Further analysis of the mechanisms underlying the influence of executive shareholding on corporate charitable giving reveals that executive shareholding helps reduce executive personal opportunism and increase the convergence effect of executive and shareholder interests, thereby promoting higher levels of corporate giving. Therefore, executive shareholding should be appropriately encouraged, corporate information transparency should be enhanced,management opportunism should be reduced, and policy support should be increased, thereby enhancing the intrinsic motivation of corporate giving and promoting a corporate practice of social responsibility.更多还原