联系我们

论文查询结果	返回搜索

论文编号：	7607
作者编号：	1120100794
上传时间：	2015/6/16 18:29:38
中文题目：	慈善捐赠、实物期权与融资约束
英文题目：	Corporate Philanthropy 、Real Options and Financial Constraints
指导老师：	童道驰、李维安
中文关键字：	慈善捐赠；实物期权；融资约束
英文关键字：	Corporate philanthropy; Real options; Financial constraints
中文摘要：	改革开放三十余年来，随着国民经济的不断发展和市场化改革的不断深入，我国民营经济扮演了越来越重要的角色。民营企业对我国经济、政治、文化等各个方面产生了深刻影响。而自上世纪90年代开始，随着公众社会责任意识的增强以及政府对公司履行社会责任的鼓励，大量民营企业开始重视履行社会责任，特别是2000年以后，民营企业的社会责任履行受到了社会各界前所未有的关注。数据显示，我国民营企业的慈善捐赠近年来一直十分活跃，参与慈善捐赠的民营企业数量占到70%以上，而1000万元以上大额慈善捐赠，更是绝大多数出自民营企业或民营企业家。与“慷慨”相反的是我国民营企业普遍面临严重的融资约束。“缺钱”已经成为阻碍民营经济发展的重要原因之一。与此同时，“三聚氰胺”、“瘦肉精”等丑闻事件使得一些知名民营企业为追求利润最大化而违背社会公德底线的行径不断暴露在阳光下，而令人惊讶的是，这些企业往往在慈善捐赠方面却表现得异常慷慨。民营企业这种行为上的高度不一致，引发了我们对民营企业慈善捐赠动机的质疑。 本文摒弃企业慈善捐赠的“利他主义”观点，从“工具主义”视角考察了我国民营企业的慈善捐赠行为。根据慈善捐赠工具主义理论，我国民营企业之所以在普遍巨大融资约束的情况下仍然慷慨慈善捐赠，是因为慈善捐赠有可能为其带来潜在的未来利益。导致我国民营企业的慈善捐赠具备了实物期权的特征。直观地，那些融资约束较低的民营企业更有意愿为这种未来可能的潜在收益投资。但是数据却显示，融资约束较高的民营企业慈善捐赠显著高于融资约束较低的民营企业，揭示了我国民营企业“越缺钱、越捐赠”的独特现象。为探究其背后原因，本文将慈善捐赠直接与融资约束联系起来，并初步检验“越缺钱、越捐赠”的民营企业，在实施慈善捐赠后是否加重企业的财务负担。然而实证数据却得到与常理推测相反的研究结论，即民营企业践行慈善捐赠后能有效缓解下一期的融资约束。基于此，且植根于我国民营企业特殊的融资环境，本文提出重要研究假设，即：我国民营企业慈善捐赠的一个重要动机就是购买一个可能在未来起到缓解融资约束作用的实物期权，我们在文中称为“融资期权”。 本文借鉴了Gustavo, Lyandres and Zhdanov (2012)的基本范式，分三步实证地支持了这个重要假设。第一，根据融资期权对民营企业进行分类，并验证了高实物期权样本组慈善捐赠缓解融资约束的程度显著高于低实物期权样本组。实证结果显示，高实物期权组样本的慈善捐赠支出对民营企业融资约束缓解程度更强。说明民营企业慈善捐赠缓解融资约束具有实物期权效应；第二，根据融资约束对慈善捐赠与民营企业价值关系的调节系数，分组检验了对于融资期权效应明显的民营企业，其CAPM定价偏差更大；第三，通过分析融资期权执行前后捐赠价值敏感性的显著差异，检验了融资期权的执行效应。在完成了对我国民营企业慈善捐赠融资期权动机假设的检验后，我们进一步考察了该融资期权的实现机制。通过中介效应模型发现，融资期权的实现机制有两条基本路径：第一条路径是借慈善捐赠改善政治关系，进而通过以国有资本主导的债务融资市场缓解融资约束；第二条路径则是借慈善捐赠改善投资者关系，进而通过以投资者主导的股权融资市场缓解融资约束。 本文基于慈善捐赠的“工具主义”观点，创新地提出了我国民营企业慈善捐赠的融资期权动机；并进一步实证地对该动机进行了验证；最后，通过中介效应模型分析了该融资期权的实现机制。该研究回应了关于民营企业慈善捐赠动机的相关问题；厘清了我国民营企业通过慈善捐赠缓解自身融资约束的基本路径；并部分地打开了“社会责任-财务绩效”黑箱。这不但丰富了有关社会责任领域的研究成果，而且对引导我国民营企业积极履行社会责任具有重要的现实借鉴意义。
英文摘要：	The private economy has been playing an increasingly important role and deeply influenced national economy, political, and cultures in China during the thirty-odd years of reform and open-up. Because of the enhancement of social awareness of social responsibility and efforts made by the government of encouraging enterprise to participant in charities from 1990s, a large number of private began to value their social responsibility. Especially after 2000, the social responsibility of private economic sectors has attracted unprecedentedly widespread attention of public. The statistic shows that the philanthropic giving is popular among private enterprises in China. More than 70% of total charitable donations are made by private enterprises and most charitable donations that are more than 10,000 RMB have been provided by private enterprises or their owners. However, in the contrast, Chinese enterprises sectors generally face serious financing constraint. Lacking of fund is the crucial obstruction for the development of these private enterprises. Meanwhile, a series of unethical scandals of private enterprises were also disclosed by the media. Surprisingly, some of the protagonists in these scandals are famous private enterprises that are often extremely generous in charitable donations. Naturally, our hesitation has derived from these inconsistent behaviors of private sectors. In this paper, we abandon the altruism view and consider the charitable donations of Chinese private enterprises with the instrumentalist view. From this perspective, the fundamental motivation for private enterprises to generously donate in philanthropy is the potential benefits in future. These potential benefits derived through the behavior of charitable donation somehow seem like a real option. Intuitively, those private with relatively lower financing constraint may invest more in this real option in order to get potential benefits in the future. However, the empirical analysis has provided the evidence which is contrary to our speculation. The enterprises with serious financing constraint donate more in philanthropy, even more than those with less financing constraint. Furthermore, we also found the behavior of charitable donation can also ease financing constraint in lag period. Therefore, we hypothesized that one of the most important motivations for Chinese private enterprises to donate in philanthropy is to buy a real option, which may ease their financing constraint in the future. We call this real option as financing option. Then we draw on Gustavo, Lyandres, and Zhdanov (2012) to support our hypothesis in three steps. First we divide our samples into two categories, one for more real option and the other for less real option and illustrate that the degree of ease financing constraint for the group with more real option is significantly higher than that for the other. After that we point out the mispricing of CAPM is significant with the sensitivity coefficient of firms’ value on its charitable donation amount. And at last, the impact of real option executing is identified by comparing sensitivity coefficient. The implementation mechanism of financing option is also detailedly considered in this paper. We concluded that there are two main paths for Chinese private enterprises to ease their financing constraint through charitable donations based on mediating effect model. First the financing constraint may be reduced by charitable donation due to the improvement of political relationship of the enterprises. And second the improvement of investors’ relationship with the enterprises may help. The improvement of political relationship can help the private sectors to access finance in debt market while that of investors’ relationship may benefit the enterprises in equity market. Generally, from instrumentalist perspective, this paper innovatively represented a real option motivation assumption for charitable donations of Chinese private enterprises and empirically supported this assumption. Besides, it also analyzed the implementation mechanism of this real option based on mediating effect model. This study responded to the problem pertaining to the motivation of private sectors and clarified the main paths for Chinese private enterprises to ease their financing constraint through participating in philanthropy. It not only to an extent opened “CSR-CFP” black box, but also enriched the area of corporate social responsibility. We believe this work also help to guide Chinese private enterprises to fulfill their social responsibility in a healthier and more rational way.
查看全文：	预览  下载(下载需要进行登录)