Research On The Motivation Of Donation Of Financial Difficulty Enterprises

China's economy is developing rapidly since the reform and opening,meanwhile promoting the rapid development of philanthropy.As an important way to fulfill the social responsibility of enterprises,corporate charity donations play an important role in disaster reliefing,Poverty alleviation and assisting the impoverished students.When the enterprise engaged in donation activities,it needs to put some resources into non-profit activities.It is understandable when the company is profitable,but we found that,most of ST company,the special group in China's capital market,had donated behavior.Data shows that 50% of the 613 companies have donated behavior.This make us can't help wondering: Why ST enterprises still make a generous move-to carry out large donations in its financial crisis,such embarrassing circumstances? What kind of return does charity donations can give ST enterprises? At present,the domestic academic research on corporate charity donations is very rich,but I found that few scholars have studied the charity donations of ST enterprises.Therefore,it is necessary to analyze the motivation of the ST enterprises.Based on the sample of ST and * ST companies listed in Shanghai and Shenzhen Stock Exchanges from 2000 to 2015,this paper makes an empirical analysis on the motivations and economic effects of ST enterprises charitable donations.The results show that: ST enterprise donations will have a positive impact on operating income;The more donations,the more subsidies it receives;ST corporate charity donations can improve the financial performance of enterprises.