An Empirical Study On The Impact Of Charitable Donation On Corporate Performance Of Listed Companies In China

With the development of domestic economy,the concept of corporate social responsibility in China has gradually been accepted and understood by enterprises and entrepreneurs,and the expectations of the general public on corporate social responsibility have become higher and higher.Charitable giving has also received widespread attention as a social responsibility.Especially in recent years,due to the frequent occurrence of natural disasters in our country,the damage caused to the society and the harm caused to people by disasters are largely compensated and restored through charity.Therefore,charitable donations have gradually entered people's vision,and the national society has played a guiding role in the development of charitable causes.As a "community member",companies have also started to take on this responsibility and fulfilled through various channels,including establishing foundations,donating Other non-profit organizations,or donate money directly to disaster areas,poor areas,etc.,create warmth and hope for society.This has also attracted the attention of scholars,and its research is more extensive.Domestic and foreign scholars' research on corporate charitable donations mainly starts from theoretical and empirical aspects.In terms of theory,foreign scholars' conclusions are relatively rich,and they focus on motivation,influencing factors,and effects.Most of the research in China is based on foreign theoretical research,and some improvements are proposed based on the actual situation in China.In terms of empirical research,it is mainly about the impact of charitable donations on corporate performance,but there is no consistent conclusion.It is mainly divided into positive correlation,negative correlation,and irrelevant or non-linear relationship.It can be found that these studies have certain premise assumptions.Therefore,this article mainly analyzes the performance impact of charitable donations of listed companies in China,and conducts in-depth analysis of its mechanism from the perspective of consumers,supplementing and enriching Research in the field,based on the research results,can provide suggestions and strategies for China's listed companies to make charitable donations,which has important practical significance.The general idea of this article is to first build a purely theoretical basis for mechanism analysis,then combine theory with practice,put forward hypotheses on the impact of charitable donations by listed companies in China,and finally use data from listed companies as a theory to pass the fact test.First of all,in terms of theory,this article mainly uses stakeholder theory,strategic philanthropy theory,theory of political legitimacy,and resource dependence theory.Based on this,this article analyzes these theories from the perspective of consumers,and believes that China's listed companies make charitable donations.There is a boost to performance,and it varies depending on whether the product is in direct contact with consumers.This single external perspective of the consumer can help find an entry point when studying the mechanism of action,easily explain the conduction path,and can complement existing research results well.In the empirical part,this paper uses data from A-share listed companies from 2013 to 2017,and obtains data from 750 listed companies.It also introduces whether the product directly contacts consumers as a moderator.Based on hypothesis 1,this paper do more detailed researches to prove other hypothesis.The empirical results are significantly correlated,which well confirms the research hypothesis.Finally,the research conclusion of this article is drawn: the effective continuous charitable donation of the company can promote the company's performance.Therefore,China's listed companies should proactively make charitable donations to create greater value for enterprises.