Research On The Impact Mechanism Of Corporate Charitable Donations On Financial Performanc

With the changes of the times and the continuous development of global economic integration,enterprises are faced with more and more pressures and challenges.Under the background of increasingly fierce competition,how to adapt to the new environment and maintain long-term survival and development has become a major problem for enterprises.In addition to the traditional concept that the long-term survival conditions of enterprises are advanced science and technology and excellent management capabilities,the development of contemporary enterprises requires enterprises to have a sense of social responsibility.Therefore,the form of corporate social responsibility represented by corporate philanthropy came into being.Actively participating in corporate philanthropy has not only been widely regarded as a major measure to enhance corporate brand image,but also regarded as an important way for companies to connect with stakeholders.The active participation of enterprises in social responsibility activities helps to improve the trust and loyalty of existing and potential customers of the enterprise,and is a strategic deployment of acquiring resources(including tangible and intangible resources)that are crucial to the survival and long-term development of the enterprise.Enterprises and other entities are part of social and economic activities.While pursuing corporate economic benefits,they are also expected to fulfill social and moral responsibilities by more people.Corporate philanthropy are an important way for enterprises to undertake social responsibilities and participate in public welfare undertakings.One,in recent years,it has set off a boom.Foreign scholars have already conducted detailed research on corporate philanthropy,which are not limited to corporate charitable motives,economic results,transmission mechanisms,etc.,and are currently in a relatively mature stage.Compared with the actual situation in my country,firstly,corporate philanthropy are still in the development stage,and the research in related fields is not comprehensive.Second,there are obvious differences in cultural systems and public perceptions between my country and Western countries.Copying the Western model is definitely not advisable.So far,Chinese scholars have not reached a consistent conclusion in this field.Most scholars have verified the obvious positive relationship between corporate philanthropy and corporate financial performance through different methods,but they have not explained it well.The specific mechanism is rarely discussed simultaneously with the internal capabilities of the enterprise and external factors.This paper summarizes and draws on the research results of existing scholars,from the perspective of corporate stakeholders,based on the theory of resource dependence,signaling theory and social exchange theory,combines sociology and economics,and verifies the economic purpose of corporate philanthropy.It further proves that enterprises choose to use corporate philanthropy as a way to participate in social responsibility more from rational strategic thinking,and there is a basis for corporate philanthropy to be gradually regarded by entrepreneurs as enterprise development strategies.From the perspective of corporate financial performance,this paper discusses the economic results of corporate philanthropy from the perspective of stakeholders,adopts a research method combining theory and empirical research,selects A-share listed companies in my country for 15 years from 2006 to 2020,and during this period Enterprises with charitable donation behaviors are used as research samples to explore the relationship between corporate philanthropy and corporate performance,and introduce the intermediary role of financing constraints.At the same time,combined with the internal marketing capabilities of enterprises,the exchange behavior and resource dependence between enterprises and external parties are analyzed from a market perspective.Its significance to corporate performance,and distinguish the difference in the effectiveness of internal marketing capabilities and external financing constraints under the background of different degrees of industry competition,emphasizing the importance of internal and external resource interaction and industry background,and made important research in this field.Replenish.This paper draws the following conclusions:(1)There is a significant correlation between corporate philanthropy and corporate performance.The higher the scale of corporate philanthropy,the more conducive to improving corporate performance;There is a positive relationship between donations and corporate performance,but the degree of competition in the industry is an important factor affecting the moderating variable.In an environment with a low degree of industry competition,the moderating effect of marketing capabilities is not obvious,but in the industry competition Enterprises with high level and high marketing ability can further improve the promotion effect of corporate philanthropy on corporate performance;(3)corporate philanthropy reduce corporate financing constraints,thereby improving corporate performance levels,especially in highly competitive industries,Corporate charitable donation is a good measure to reduce corporate financing constraints.The conclusions of this paper can be well applied to corporate philanthropy strategy actions,effectively explain the conduction and adjustment between "corporate philanthropy and corporate performance",and provide decision-making suggestions for companies in the context of different industry competition levels to formulate philanthropy strategies.