【作者】 陈颖；

【导师】 彭迪云；

【作者基本信息】 南昌大学 ， 企业管理， 2020， 硕士

【摘要】 2008年,经历了汶川大地震事件后,企业对社会的援助力量日益凸显,我国新的《企业所得税法》提高了公益性捐赠支出的抵扣额度。随着利益相关者理论与企业社会责任理论的健康发展,慈善捐赠作为企业履行社会责任的最直观表现,不仅能够使企业减税降费,还能减轻政府财政压力,缓解社会矛盾,对实现社会与企业的互惠双赢具有重要意义。目前,大多数企业利用慈善捐赠扩大企业知名度、树立品牌形象等,研究捐赠额度与广告支出分别对企业经营成果(包括对市场的信号作用以及财务绩效)的影响强度,有利于探索企业中是否存在捐赠支出对广告支出的替代作用,优化企业的成本分配方案;寻求提升企业形象、获取无形资本,保有市场份额、提高顾客忠诚度、减少销售成本的同时实现利润最大化的可行性;以及提出鼓励企业科学参与社会捐赠,减轻国家财政压力,缩小贫富差距,缓解社会矛盾的具体对策建议。因此,研究这一问题具有一定的研究应用价值。结合最近10余年企业进行慈善捐赠的行为、政府对慈善企业的政策倾斜现象以及政府对企业减税降费的要求,以2008年以后上市企业的捐赠行为作为研究对象,了解企业面对慈善捐赠的态度演化过程以及企业慈善捐赠的现状。运用多元回归分析法与回归系数显著性检验确认慈善捐赠对经营成果的影响强度,并与广告宣传对比研究;运用Hansen门槛效应模型验证捐赠支出与广告支出的直接关系;选取11年(2008-2018年)捐赠行为不间断的企业作为典型案例,研究慈善捐赠对企业经营成果及广告宣传的长期作用,提出鼓励企业科学进行慈善捐赠的具体建议。本文在结构上共分为七章。其中:第一章为导论;第二章为相关概念与理论基础;第三章为我国上市公司捐赠支出与广告支出的现状分析;第四章为上市公司捐赠支出对广告支出替代效应的研究设计;第五章为上市公司捐赠支出对广告支出替代效应的实证分析;第六章为上市公司慈善捐赠有效替代广告宣传的对策建议;第七章为结论与展望。实证研究证明:一是与广告支出相比,捐赠额度同样对经营成果具有积极的正向影响。二是与广告支出相比,捐赠额度对市场信号的积极作用更强;捐赠额度对财务绩效的积极作用与广告支出在统计学上无显著性差异。三是相对捐赠水平对广告支出的替代作用可以分为三个阶段,随着捐赠额度的提高,广告支出的被替代效应逐渐减弱,直至消失,最后转为促进效应;捐赠额度低或者中等时,相对捐赠水平对广告支出具有显著的替代效应;捐赠额度高时,相对捐赠水平与广告支出之间的关系是显著正相关关系。四是捐赠额度与广告支出分别对经营成果的正向影响在统计学上不存在显著持续性,相对捐赠水平对广告支出的替代效应在统计学上也不存在显著持续性。最后,提出从上至下树立社会责任认知;结合企业文化强化产品特点;梯度设立企业社会责任标准;共享完善社会责任披露机制;提高现金流长期投资回报率;中小企业理性调整捐赠额度;强化情感连接作为竞争优势;捐赠行为塑造企业品牌形象;营销策略以顾客价值为核心;严控产品质量同步企业形象等对策建议。企业履行社会责任有其必要性与重要意义,研究这一问题对完善企业社会责任披露机制、缓解社会矛盾、节约社会资本具有一定的理论指导作用。更多还原

【Abstract】 In 2008,after the Wenchuan earthquake,the assistance of enterprises to the society has become increasingly prominent.The new enterprise income tax law of China has increased the deduction amount of public welfare donation expenditure.With the healthy development of stakeholder theory and corporate social responsibility theory,charitable donation,as the most intuitive manifestation of corporate social responsibility,can not only reduce taxes and fees,but also reduce the financial pressure of the government and alleviate social conflicts,which is of great significance to achieve mutual benefit and win-win between society and enterprises.At present,most enterprises use charitable donation to expand the popularity of enterprises,establish brand image,etc.,and study the influence intensity of donation amount and advertising expenditure on business results(including the signal effect on the market and financial performance)respectively,which is conducive to exploring whether there is an alternative role of donation expenditure on advertising expenditure in enterprises,optimizing the cost allocation scheme of enterprises;seeking to improve It is feasible to improve the corporate image,obtain intangible capital,maintain market share,improve customer loyalty,reduce sales costs and maximize profits.It also puts forward specific countermeasures and suggestions to encourage enterprises to participate in social donation scientifically,reduce national financial pressure,narrow the gap between the rich and the poor,and alleviate social conflicts.Therefore,the study of this problem has a certain research application value.Combined with the behavior of charity donation of enterprises in the last 10 years,the phenomenon of government’s policy preference for charity enterprises and the government’s requirements for tax reduction and fee reduction of enterprises,this paper takes the donation behavior of listed enterprises after 2008 as the research object to understand the evolution process of enterprises’ attitude towards charity donation and the status quo of enterprises’ charity donation.Using multiple regression analysis and regression coefficient significance test to confirm the impact intensity of charitable donation on business results,and make a comparative study with advertising;using Hansen threshold effect model to verify the direct relationship between donation expenditure and advertising expenditure;selecting 11 years(2008-2018)enterprises with continuous donation behavior as a typical case,to study the impact of charitable donation on business results and advertising The long-term role of publicity and publicity should be informed,and specific suggestions should be put forward to encourage enterprises to make scientific charitable donations.This paper is divided into seven chapters in structure.Among them:the first chapter is the introduction;the second chapter is the related concepts and theoretical basis;the third chapter is the analysis of the current situation of donation expenditure and advertising expenditure of Listed Companies in China;the fourth chapter is the research and design of the substitution effect of donation expenditure on advertising expenditure of listed companies;the fifth chapter is the empirical analysis of the substitution effect of donation expenditure on advertising expenditure of listed companies;the sixth chapter is the charitable donation of listed companies The seventh chapter is conclusion and prospect.Empirical research shows that:first,compared with advertising expenditure,donation amount also has a positive impact on business results.Second,compared with advertising expenditure,the positive effect of donation amount on market signal is stronger;the positive effect of donation amount on financial performance is not statistically significant different from advertising expenditure.Third,the substitution effect of relative donation level on advertising expenditure can be divided into three stages.With the increase of donation amount,the substitution effect of advertising expenditure gradually weakens until it disappears,and finally turns into promotion effect;when the donation amount is low or medium,the relative donation level has significant substitution effect on advertising expenditure;when the donation amount is high,the relative donation level and advertising expenditure The relationship between them is significant positive correlation.Fourth,the positive effects of donation amount and advertising expenditure on business results are not statistically significant,and the substitution effects of relative donation level on advertising expenditure are not statistically significant.Finally,it puts forward to establish social responsibility awareness from top to bottom,strengthen product characteristics in combination with corporate culture,establish corporate social responsibility standards in gradient,share and improve social responsibility disclosure mechanism,improve long-term return on investment of cash flow,rationally adjust donation amount of small and medium-sized enterprises,strengthen emotional connection of customers through donation behavior,shape corporate brand image through donation behavior,and take customers as marketing strategy Take value as the core,strictly control product quality and synchronize enterprise image.It is necessary and significant for enterprises to fulfill their social responsibility.The study of this issue will play a theoretical guiding role in improving the disclosure mechanism of corporate social responsibility,alleviating social contradictions and saving social capital.更多还原