CAJ | 학술논문

本文以2006--2011年A股上市公司为样本，选取地方政府换届（市委书记更替）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，政府换届之岳的慈善捐赠确实能为民营企业带来融资便利、政府补助、投资机会等多方面的经济实惠。由此，本文认为中国民营企业的慈善捐赠在某种意义上来说也是一种为建立政治关系而付出的“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，而且为深入剖析中国企业家究竟如何应对因政府换届带来的政治不确定性风险，提供了全新的认知。
본문이2006--2011년A고상시공사위양본，선취지방정부환계（시위서기경체）저일독특시각，실증검험료해인소대기업자선연증행위적영향，병분별종기업산권성질、신임관원래원화지구시장화정도삼개유도대저일영향진행료경심층차적다각도연구。결과발현，지방정부환계후，기업자선연증적경향화규모도회현저증가。양본분조검험적결과표명。비국유산권성질、외지조임시위서기화지구교고적시장화정도삼대인소，도회현저증강지방정부환계대기업연증규모화경향적정향효응。진일보적고찰환발현，정부환계지악적자선연증학실능위민영기업대래융자편리、정부보조、투자궤회등다방면적경제실혜。유차，본문인위중국민영기업적자선연증재모충의의상래설야시일충위건립정치관계이부출적“정치헌금”。본문불부봉부료기업자선연증행위적정치동인연구，이차위심입부석중국기업가구경여하응대인정부환계대래적정치불학정성풍험，제공료전신적인지。
Choosing 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. 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 in an uncertain political environment caused by the local government transition.