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題名:企業國有化、國際化及慈善行為與財務績效之關係研究-以中國上市公司為例
作者:周珊珊
作者(外文):ShanShan, Zhou
校院名稱:國立雲林科技大學
系所名稱:企業管理系
指導教授:潘偉華
學位類別:博士
出版日期:2015
主題關鍵詞:企業社會責任企業慈善公司治理財務績效利益相關者CSRCorporate philanthropyCorporate governanceFiancial performanceStakeholder
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由於各地市場的特性不同,在遭受全球市場化趨勢的影響下,市場機制必須因地制宜。目前,跨國企業市場競爭愈演愈烈,本國企業受到國際市場競爭的影響,在面臨國際化競爭時必須針對市場特性制定相應之決策,使得企業獲取競爭優勢和發展的契機。企業慈善已經變成一種趨勢,歐美企業已把做慈善當作履行社會責任的重要表現方式,而本國企業不論在國內或國外的市場競爭方面,都應該考慮投入慈善,並把慈善轉化為策略。對亞洲企業而言,有必要瞭解和借鑒學習這種策略架構,企業做慈善不僅可以累積名譽資本,造就企業的好公民形象,同時可以增加銷售,吸引重要利益相關者來投資,並吸引優秀員工來應徵,還會增加企業財務績效及競爭優勢。本研究旨在探索在公司治理的原則下,從所有權角度,來分析中國國有企業的慈善行為。
本研究從公司治理 (Corporate Governance) 的代理理論 (Agency Theory) 角度探討企業慈善的成本,以利益相關者理論(Stakeholder Theory)代表企業利益,並以兩者的綜合抵減作為策略慈善的依據。從多餘資源理論(Slack Resources Theory)及企業社會責任(Corporate Social Responsibility,CSR)出發,探討以慈善作為策略的架構,研究企業慈善和財務績效之關係。
本研究是以深圳和上海上市公司2006-2012年連續7年年報慈善捐贈資料和財務資料進行實證分析。企業慈善和財務績效模型的基礎測試,則是取材收集的國外文獻,亦可藉此瞭解歐美企業的慈善情況,還可以瞭解不同文化間之差異。本研究是以中國為基礎的企業慈善研究,探討企業慈善對財務績效的影響,對中國企業慈善行為分析具有重大參考意義。
Due to the difference of each market , the golabl marketing strategy normaly will not adapt identical global market strategy.Affected by the growing globalization and internalization trends, international market competition intensifies. Local companies have to face the competition from multinational companies. They have to adapt strategies according to the market characteristics, to gain competitive advantage. Corporate philanthropy has become a trend, because it brought for the enterprise a lot of benefits, for example, accumulating corporate reputations capital, creating a good corporate citizen image, increasing the sales revenue and attracting key stakeholders to invest, drawing excellent staff to apply job vacancies, thus increasing financial performance. American and European companies have a tradition of charitable donation as one of the corporate social responsibility, regardless of their businesses to compete in the domestic or foreign markets. Chinese companies should take into account this culture and adapt it as one of the corporate strategies to increase competitive advantage and not to be left behind by the market. Corporate Philanthropy in Europe and America has been for long years corporate strategy. For Asian enterprises, it is necessary to understand and learn from this strategic framework. This paper explores the perspectives, among the principle of corporate governance, the ownership and state-owned enterprises, of philanthropy behavior characteristics.
In this paper, corporate governance’s agency theory point of view represents the cost of corporate philanthropy, while stakeholder theory represents for business interests. The simple formula of benefit reduced by the cost stands for the bottom line net value of of corporate philanthropy. The corporate social responsibility theory (CSR) and the Slack Resource Theory are incorporated to help explaining the correlation between philanthropy and corporate financial performance.
In this paper, the companies are sourced from the board of the Shenzhen and Shanghai stock listed companies with seven consecutive years 2006-2012. The annual charitable donations and financial data are collected for empirical analysis. The collection of foreign literature to understand western countries provides the basis to test the model of corporate philanthropy and financial performance. It not only compare the difference, but also understand the nature of the different culture. This article is one of the very few researches on Chinese companies over the correlation between corporate philanthropy and financial performance. In has significant reference value.The results show that CP has positive link with CFP. Industries vary in CFP result as expected.
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