Research On The Impact Of Enterprise Anti-epidemic Donation On Financial Performance Based On The Perspective Of Public Crisis Collaborative Governance

At the beginning of 2020,the epidemic caused by the novel coronavirus(2019-n Co V)has posed a severe challenge to the governance of global public crisis.In the face of sudden and significant public crisis,it needs the participation of all members of society to realize the collaborative governance of public crisis.Public crisis collaborative governance emphasizes that the interest coordination between governance subjects is the key to ensure the governance effect.As the main body of the market economy,enterprises provide timely and critical financial and material support for the fight against COVID-19 through active anti-epidemic donations.The government provides timely government support for the development of enterprises and leads them to resume work and production,thus achieving mutual benefits between government and enterprises.With the efforts of the whole country,China is the only country to achieve positive economic growth in 2020.Eenterprise operation and development is an important part of the macro economy.When enterprises participate in the collaborative governance of public crisis through anti-epidemic donations,will their own operation and development get positive returns? What is the mechanism behind the impact.This paper will analyze this issue.Based on the basis of collaborative governance theory,stakeholder theory and resource dependence theory,this paper selects all A-listed companies in continuous operation during 2018-2020 except *ST and the financial industry as the research object and collect characteristic data of the COVID-19 to explore the relationship between enterprise anti-epidemic donation and enterprise financial performance.The paper shows that enterprise anti-epidemic donations can promote the financial performance of the enterprise;the mechanism test shows that enterprises participate in the public crisis collaborative governance through anti-epidemic donations and constitute a good interest coordination and interaction with the government.The government support for enterprises plays an intermediary role in the positive impact of anti-epidemic donations on the financial performance of enterprises.Through further analysis,this paper finds the marginal benefit of the positive promotion effect of anti-epidemic donation on financial performance is more obvious in non-state enterprises and enterprises with better employee social responsibility.For enterprises,their charitable donation is an important financial and material support to deal with the crisis.Enterprises should establish the concept of public crisis collaborative governance,actively participate in the public crisis collaborative governance,and pay attention to the coordination and balance of external and internal corporate social responsibility.At this time,enterprises to "save others" is also actively "save themselves".For the government,how to effectively unite with other social subjects to jointly manage the public crisis is crucial.The government should correctly establish the concept of public crisis collaborative governance and improve the promotion mechanism for enterprises to participate in public crisis collaborative governance.Only in this way can the benign development and cycle of the mutually beneficial interaction between government and enterprise be guaranteed,and the public crisis collaborative governance system can be effectively operated and improved.