暨南学报(哲学社会科学版)

作者：朱滔, 黄沁雪

单位：暨南大学管理学院。

关键词：共同机构所有权,慈善捐赠,监督治理,信息协同

基金：教育部哲学社会科学研究重大课题攻关项目“健全中国特色国有资产治理体系研究”(22JZD007)。

基于社会网络理论,选取2009—2021年中国A股市场机构投资者持股数据,深入探究共同机构投资者对企业慈善捐赠行为的影响效应及其作用机制。实证结果表明,共同机构所有权显著提升企业慈善捐赠表现,即相较于无共同机构投资者的企业,拥有共同机构投资者的上市企业慈善捐赠更为积极,且共同机构所有权更倾向于推动企业实施战略性慈善捐赠。该结论在工具变量法、倾向得分匹配等多重稳健性检验后依然成立。机制分析显示,共同机构所有权通过监督治理效应和信息协同效应双重路径驱动企业慈善捐赠行为优化。异质性分析表明,上市公司经营地经济发展程度会弱化共同机构所有权对企业慈善捐赠行为的影响。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["教育部哲学社会科学研究重大课题攻关项目“健全中国特色国有资产治理体系研究”(22JZD007)。"],"article":{"keywordList_cn":["共同机构所有权","慈善捐赠","监督治理","信息协同"],"juan":"47","zhaiyao_cn":"基于社会网络理论,选取2009—2021年中国A股市场机构投资者持股数据,深入探究共同机构投资者对企业慈善捐赠行为的影响效应及其作用机制。实证结果表明,共同机构所有权显著提升企业慈善捐赠表现,即相较于无共同机构投资者的企业,拥有共同机构投资者的上市企业慈善捐赠更为积极,且共同机构所有权更倾向于推动企业实施战略性慈善捐赠。该结论在工具变量法、倾向得分匹配等多重稳健性检验后依然成立。机制分析显示,共同机构所有权通过监督治理效应和信息协同效应双重路径驱动企业慈善捐赠行为优化。异质性分析表明,上市公司经营地经济发展程度会弱化共同机构所有权对企业慈善捐赠行为的影响。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=7173","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=7173","articleType":"","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20240648","qi":"2","id":7173,"nian":2025,"bianHao":"1742197564649-815990223","zuoZheEn_L":"ZHU Tao, HUANG Qinxue","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2025","shouCiFaBuRiQi":"2025-03-17","qiShiYe":"176","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2025/V47/I2","lanMu_cn":"经济管理·公司治理","pdfSize":"761","zuoZhe_CN":"朱滔, 黄沁雪","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=7173","title_cn":"共同机构所有权能促进企业慈善捐赠吗？","doi":"10.11778/j.jnxb.20240648","jieShuYe":"196","keywordList_en":["common institutional ownership","charitable donations","supervision and governance effect"," information synergy"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=7173","zhaiyao_en":"Drawing upon the third wave of philanthropy in China and the new requirements for corporate social responsibility (CSR) outlined in the 14th Five-Year Plan, this paper focuses on the impact of common institutional ownership on corporate charitable donations. In this context, corporate charitable donations not only reflect a company's sense of social responsibility but also serve as a crucial means to enhance its corporate image and competitiveness. However, corporate decisions on charitable donations are often influenced by external factors, among which common institutional investors, as a significant market force, exert a particularly notable influence.Using data on institutional investor holdings in A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2021, and adopting the calculation method proposed by Park et al. (2019), this paper constructs proxy variables for common institutional ownership by representing institutional investors with fund companies. Based on the stakeholder theory and social network theory, this paper examines how common institutional investors, serving as bridges for information and resources among firms within their portfolios, influence corporate charitable donations. The empirical findings reveal that common institutional ownership significantly enhances corporate charitable donation performance. Specifically, listed companies with common institutional investors tend to engage in more active charitable donations compared to those withoutcommon institutional investors. While promoting corporate charitable donations, common institutional ownership is more inclined to foster strategic charitable donations. These conclusions remain valid after a series of robustness checks. Mechanism analysis demonstrates that common institutional ownership positively influences corporate charitable donations through monitoring and governance effects and information synergy effects. Further analysis shows that the economic development level of the location where a listed company operates weakens the impact of common institutional ownership on corporate charitable donations.Compared to previous literature, this paper contributes to the fields of economic consequences of common institutional ownership, the impact of social networks on firms, and corporate charitable donations in three ways. Firstly, regarding the debate on common institutional ownership, this paper focuses on common institutional investors in China's capital market and finds that they can strengthen governance capabilities, promote synergistic effects, and enhance charitable donations by leveraging “industry expertise” and “governance externalities”, providing new evidence for positive synergies. Secondly, integrating stakeholder and social network theories, this paper reveals the positive impact of common institutional investors on corporate charitable donations by leveraging their information advantages and industry experience from the perspective of common institutional ownership, deepening the understanding of the micro-role of common institutional investors. Thirdly, considering the characteristics of China's capital market, this paper expands research on the impact of common institutional investors on corporate decision-making and finds that they play an active role in monitoring and governance in terms of charitable donations, urging companies to fulfill their social responsibilities, elevate donation levels, and strengthen market positions, thereby enriching related research.To a certain extent, this paper provides theoretical support for companies to balance economic interests and social responsibilities and achieve sustainable development. Regulatory authorities are recommended to guide common institutional ownership networks, standardize corporate social responsibility fulfillment, and encourage listed companies to introduce common institutional investors to strengthen cooperation. Meanwhile, combining stakeholder and social network theories, this paper offers a new perspective on the relationship between institutional investors and corporate charitable donations, providing new insights for future research and new evidence for the monitoring and governance of common institutional ownership and information synergy effects.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=7173","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/10.11778/j.jnxb.20240648","zuoZheCn_L":"朱滔, 黄沁雪","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2025","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2025/V47/I2","zuoZhe_EN":"ZHU Tao, HUANG Qinxue","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=7173","title_en":"Can Common Institutional Ownership Promote Corporate Charitable Donations?","hasPdf":"true"},"authorNotes_cn":["朱滔、黄沁雪,暨南大学管理学院。"]};if(window.metaData && (!window.metaData.authorNotesCommon_cn && !window.metaData.authorNotesCorresp_cn && window.metaData.authorNotes_cn)){window.metaData.authorNotesCommon_cn = window.metaData.authorNotes_cn;}if(window.metaData && (!window.metaData.authorNotesCommon_en && !window.metaData.authorNotesCorresp_en && window.metaData.authorNotes_en)){window.metaData.authorNotesCommon_en = window.metaData.authorNotes_en;}var _nlmdtdXml = $("#article_nlmdtdXml").val();var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');window.metaData.magDir = magDir;new mag_vue({ el: '#metaVue', //dataUrl: mag_currentQikanUrl() + '/EN/article/getRichHtmlJson.do?articleId='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); }, doAfterFun:function(selector,jsonData){doMagVueAfter(selector,jsonData);}});var pars = {attachType:'PDF',id:$("#articleId").val(),json:true};jQuery.post($("#mag-common-contextPath").val()+"/CN/article/showArticleFile.do?" + new Date().getTime(), pars, function(data){var json=null;if(data.match(/^\[json\].*/g)){json=eval("("+data.replace(/^\[json\]/g,"")+")");}if(json && json.status == 1){//有权限}else{//无权限$("#no-access-div").show();}});mag_ajax({url:mag_currentQikanUrl() + '/CN/article/getRichHtmlJson.do',data:{articleId:$("#articleId").val(),token:'c901a5de9b614792a22c5e0971f4044f',referer:document.referrer},dataType:"json",async:"false",success:function(json){if(json.richHtmlJson && json.richHtmlJson.article){if(json.trans){var _nlmdtdXmlCN = $("#article_nlmdtdXmlCN").val();var magDirCN = _nlmdtdXmlCN.replace(/\/[^\/]+$/,'');json.richHtmlJson.magDir=magDirCN;}else{json.richHtmlJson.magDir=magDir;}new mag_vue({ el: '#bodyVue', data:json.richHtmlJson, doTextFun:function(text){ return doDataJsonText(text); }, doAfterFun:function(selector,jsonData){doMagVueAfter(selector,jsonData);}});}}});//altmetricif($.trim($("#article_doi").val())!=''){$.ajax({url:'https://api.altmetric.com/v1/doi/'+$.trim($("#article_doi").val())+'?callback=altmetric_callback',//url:'https://api.altmetric.com/v1/doi/10.1007/s13238-016-0264-7?callback=altmetric_callback',dataType:'jsonp'});}mag_rich_menu(jQuery);$(function(){ $('#autoMenu').autoMenu();})$("#autoMenu").niceScroll({cursorcolor: "#ccc", //滚动条的颜色cursoropacitymax: 0, //滚动条的透明度，从0-1 touchbehavior: false, //使光标拖动滚动像在台式电脑触摸设备 true滚动条拖动不可用 cursorwidth: "6px", //滚动条的宽度 单位默认px cursorborder: "0", // 游标边框css定义 cursorborderradius: "3px", //滚动条两头的圆角 autohidemode: true, //是否隐藏滚动条 true的时候默认不显示滚动条，当鼠标经过的时候显示滚动条 zindex: "auto", //给滚动条设置z-index值 railvalign:'defaul',railpadding: {top: 0,right: -6,left: 0,bottom: 0}, //滚动条的位置});window.autoMenuFlag=true;$("#relatedArticles").niceScroll({cursorcolor: "#ccc", //滚动条的颜色cursoropacitymax: 0, //滚动条的透明度，从0-1 touchbehavior: false, //使光标拖动滚动像在台式电脑触摸设备 true滚动条拖动不可用 cursorwidth: "6px", //滚动条的宽度 单位默认px cursorborder: "0", // 游标边框css定义 cursorborderradius: "3px", //滚动条两头的圆角 autohidemode: true, //是否隐藏滚动条 true的时候默认不显示滚动条，当鼠标经过的时候显示滚动条 zindex: "auto", //给滚动条设置z-index值 railvalign:'defaul',railpadding: {top: 0,right: -6,left: 0,bottom: 0}, //滚动条的位置});//公式序号 居右jQuery(".mag-xml-disp-formula").each(function() {var _this = jQuery(this);var _label= _this.children("label");if(typeof(_label.html())!="undefined"){_this.children("label").remove();_this.wrap("");_this.parent().parent().append(""+_label.html()+"");}});$('body').click(function(){$('.daochu_div').hide();$('.qipao').hide();})$('.qipao').click(function(event){event.stopPropagation();})/*参考文献显示隐藏*/$('.biaotijiantoush1').click(function(event){if($(this).attr('class')=='glyphicon glyphicon-triangle-top biaotijiantoush biaotijiantoush1'){$(this).parents('.mag_main_zhengwen_left_div_ckwx_table_benwenyiny').next('.mag_main_zhengwen_left_div_ckwx_table_ckwx_xiangqing').stop().slideUp();$(this).attr('class','glyphicon glyphicon-triangle-bottom biaotijiantoush biaotijiantoush1');}else if($(this).attr('class')=='glyphicon glyphicon-triangle-bottom biaotijiantoush biaotijiantoush1'){$(this).parents('.mag_main_zhengwen_left_div_ckwx_table_benwenyiny').next('.mag_main_zhengwen_left_div_ckwx_table_ckwx_xiangqing').stop().slideDown();$(this).attr('class','glyphicon glyphicon-triangle-top biaotijiantoush biaotijiantoush1');}event.stopPropagation();});//加载补充材料mag_ajax_update({ele_id:'showArticle_suppls',url:mag_currentQikanUrl() + '/CN/article/showArticleSuppls.do',data:{articleId:$("#articleId").val()}});//加载专题mag_ajax_update({ele_id:'showArticle_subjects',url:mag_currentQikanUrl() + '/CN/subject/showSubjectListByArticle.do',data:{articleId:$("#articleId").val(),forwardJsp:'showArticle'}});//渲染公式mag_mathJax();});function altmetric_callback(json){if(json && json.score){if(json.score - parseInt(json.score) > 0){$("#altmetric-score").html(parseInt(json.score)+1);}else{$("#altmetric-score").html(parseInt(json.score));}$(".main_content_center_right_duoweidu_div").css("width","25%");$("#altmetric-a").show();$("#altmetric-a").attr("href",json.details_url);}}function richClickAuthor(name){var searchSQL = "((("+mag_advSearchValReplace(name)+"[Author]) AND 2J[Journal]) AND year[Order])";mag_request({url:mag_currentQikanUrl() + '/CN/searchresult',data:{searchSQL:searchSQL}});}function richClickKeyword(keyword){var searchSQL = "((("+mag_advSearchValReplace(keyword)+"[Keyword]) AND 2J[Journal]) AND year[Order])";mag_request({url:mag_currentQikanUrl() + '/CN/searchresult',data:{searchSQL:searchSQL}});}function mag_share(){$("#bShare_more_a").click();}function loadRelatedArticles(){if($("#showRelatedArticles") && $("#showRelatedArticles").length>0){//加载过了}else{mag_loading();mag_ajax_update({ele_id:'relatedArticles-content',url:mag_currentQikanUrl() + '/CN/article/relatedArticle.do',data:{id:$("#articleId").val(), forwardJsp:'showArticle'},complete:function(){mag_layer_close();}});}}function showMetrics(){mag_window_location(mag_currentQikanUrl() + '/CN/metrics/'+$("#articleId").val());}function piaofuFn(a,fnId){var content=''+$("#mag-rich-fn-"+fnId).html()+'';piaofu(a,content);}function huoqukuanduimg(){//}function doDataJsonText(text){var str = text;//var _nlmdtdXml = $("#article_nlmdtdXml").val();//var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');str = str.replace(/";ss += "";var shuomingTitle = "";var shuomingContent = '';if(fig.titleCn && fig.titleCn!=''){shuomingTitle = fig.titleCn;if(fig.titleContentCn && fig.titleContentCn!=''){shuomingContent += fig.titleContentCn;}}if(shuomingTitle==''){if(fig.titleEn && fig.titleEn!=''){shuomingTitle = fig.titleEn;}if(fig.titleContentEn && fig.titleContentEn!=''){shuomingContent += fig.titleContentEn;}}else{if(fig.titleEn && fig.titleEn!=''){shuomingContent += ""+fig.titleEn+"

来源：2025年第2期

《暨南学报(哲学社会科学版)》期刊编辑部

查看暨南学报(哲学社会科学版)杂志2025年第2期