CAJ | 학술논문

公司慈善捐赠驱动因素的研究已有很多成果，但从制度环境和产权性质角度进行研究的很少。本文以沪深A股上市公司为样本，系统考察了制度环境、产权性质对公司慈善捐赠的影响。研究证实，中国各地区制度环境差异显著影响公司慈善捐赠，制度环境的改善促进了企业捐赠水平的提高，且这种正向影响在非国有控股企业表现更为明显。非国有控股企业捐赠水平高于国有控股企业，且在国有控股企业中，地方政府控股国有企业捐赠水平高于中央政府控股企业。这些结论对理解制度环境在促进企业捐赠中的作用，认识中国不同产权性质企业慈善行动的深层含义具有一定的启示意义。
공사자선연증구동인소적연구이유흔다성과，단종제도배경화산권성질각도진행연구적흔소。본문이호심A고상시공사위양본，계통고찰료제도배경、산권성질대공사자선연증적영향。연구증실，중국각지구제도배경차이현저영향공사자선연증，제도배경적개선촉진료기업연증수평적제고，차저충정향영향재비국유공고기업표현경위명현。비국유공고기업연증수평고우국유공고기업，차재국유공고기업중，지방정부공고국유기업연증수평고우중앙정부공고기업。저사결론대리해제도배경재촉진기업연증중적작용，인식중국불동산권성질기업자선행동적심층함의구유일정적계시의의。
In view of Legitimacy Theory and Institution-based View of Strategy, this paper examines the relationship a-mong regional institutional environment, ownership type and corporate philanthropy using data of Chinese listed companies. The findings show that regional institutional environment has a significant positive impact on corporate philanthropy. The im-provement of institution encourages companies to be involved more in philanthropy. Non-state-owned-enterprises( Non-SOE) donate more than SOE, and the regional SOE donate more than national SOE. The further study shows ownership type moder-ates the relationship between institutional environment and corporate philanthropy. These findings indicate that the improve-ment of institution plays an active role in promoting philanthropy, which provides practical implications for government policy and private firms’ non-market strategy.