企业生命周期视角下股权结构对企业慈善捐赠的影响研究.pdf

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1、多数股东所占有，每个股东所追求的价值目标是有差异的，有的股东为了提高产品或服务的销量，就会减少企业慈善捐赠，实现财富最大化，而经理层为了实现个人价值的最大化，会利用自身的权利做出慈善捐赠的决策，这两种不同的情况以及成熟期少量的样本数量均可能会导致相关关系的不显著。关键词：企业生命周期；股权结构；企业慈善捐赠IIAbstractAsmarketeconomicsentity,enterprisesbrewnumeroussocialproblemswhileproducingwealthforourcountry,becauseofexcessivepursu

2、itofbenefit.Enterprisesshouldfulfillitssocialresponsibilitiesinthemeantimecontributingwealthandthemostbasicandoldestformofperformingenterprises’socialresponsibilitiesischaritabledonation.Asthemostbasicandimportantpartofenterprisemanagementstructure,ownershipstructurepossessesveryim

3、portantinfluencetotheestablishmentandperformingofafirm’sstrategicdecision,operatingperformanceandsupervisionandadministrationsystems.Beinganimportantstrategicdecision,thecharitabledonationofcompanyisalwaysinfluencedbyvariousfactors.Thispapermainlyresearchedinfluencetocharitabledona

4、tioncausedbyownershipstructurethroughtheangleofenterpriselifecycle.ThefinancialdataofmanufactureenterpriseslistedonShanghaiandShenzhenAsharesareselectedasthispaper’sresearchsample.Thispaperfirstlyadoptsmethodsoftheoreticalanalysisandempiricalstudytostateitsresearchsignificance,thre

5、adingandmethodsstartingformresearchbackground.Andthenfromthreedifferentlevels,thispaperanalyzesthefactorswhichcaninfluenceanenterprise’scharitabledonationthroughsortingandsummarizingavailablereferencesandtakingenterprisesocialresponsibilitytheory,principal-agenttheory,stakeholderth

6、eoryandstrategiccharitabledonationtheoryasspringboards.ThispaperattemptstostudyandanalyzetheseissuesfromtheviewofenterpriselifecycleandadoptDickison’scashflowcombinationmethodtodifferentiatesampledenterprises’lifecyclestage.Thespecificpartitionstandardsare:thispaperassumesanenterpr

7、isebeingatgrowthstageifthesumofitsinvestmentactivityflownetamountof3consecutiveyearsisnegativevalue;thispaperassumesanenterprisebeingatmaturestageifthesumofitsinvestmentactivityflownetamountof3consecutiveyearsispositivevalue.Finallyafterputtingforwardresearchhypothesisandsettingres

8、earchvariableandmodel,this