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本文基于2012-2014年我国民营上市公司慈善捐赠的面板数据,利用门槛模型考察了慈善捐赠影响企业价值的媒体关注度门槛效应。研究表明,媒体关注度会影响企业慈善捐赠积极性,慈善捐赠对企业价值有显著的媒体关注度单门槛效应:媒体关注度低的民营企业,慈善捐赠对企业价值有显著的负向影响,企业进行慈善捐赠的动力不足;媒体关注度高的民营企业,慈善捐赠对企业价值有显著的正向影响,企业慈善捐赠更积极。
Based on the panel data of charitable donations of private listed companies in China from 2012 to 2014, this paper uses the threshold model to examine the media attention threshold effect of charitable donations on the corporate value. Research shows that the media attention will affect the enthusiasm of corporate philanthropy, philanthropy has a significant media attention on the value of the enterprise Single threshold effect: low media attention of private enterprises, charitable donations have a significant negative impact on corporate value, business The lack of motivation for charitable donations; private enterprises with high media attention, charitable donations have a significant positive impact on corporate value, corporate charitable donations more positive.