暨南学报(哲学社会科学版)

作者：朱滔, 涂跃俊

单位：暨南大学管理学院。

关键词：股权激励,慈善捐赠,机会主义慈善捐赠,战略性慈善捐赠

基金：国家自然科学基金项目“三层委托代理框架下的董事与经理层合谋问题研究:机制与治理”(71672076)。

鼓励并引导公司积极开展慈善捐赠活动,是当前我国协调三次分配、促进共同富裕的重要内容。基于对上市公司股权激励核心特征的分析,本文提出了管理层在公司慈善捐赠中的权衡假说,并通过实证方法考察了管理层股权激励对公司不同类别慈善捐赠的影响。结果显示,随着管理层股权激励强度的提高,管理层机会主义慈善捐赠显著下降,而公司战略性慈善捐赠没有显著变化。进一步研究发现,在融资约束较严重、代理成本较高、股价崩盘风险较高和信息透明度较高的公司中,股权激励对管理层机会主义慈善捐赠的负向作用更为明显,同时当公司面临较高的股价崩盘风险时,管理层倾向于增加公司战略性慈善捐赠以稳定股价。本文从慈善捐赠视角拓展了股权激励的经济后果研究,为消除管理层因行权业绩条件压力而选择降低公司社会责任承担的顾虑提供了重要的经验证据。"/>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":["国家自然科学基金项目“三层委托代理框架下的董事与经理层合谋问题研究:机制与治理”(71672076)。"],"article":{"keywordList_cn":["慈善捐赠","股权激励","机会主义慈善捐赠","战略性慈善捐赠"],"juan":"44","zhaiyao_cn":"鼓励并引导公司积极开展慈善捐赠活动,是当前我国协调三次分配、促进共同富裕的重要内容。基于对上市公司股权激励核心特征的分析,本文提出了管理层在公司慈善捐赠中的权衡假说,并通过实证方法考察了管理层股权激励对公司不同类别慈善捐赠的影响。结果显示,随着管理层股权激励强度的提高,管理层机会主义慈善捐赠显著下降,而公司战略性慈善捐赠没有显著变化。进一步研究发现,在融资约束较严重、代理成本较高、股价崩盘风险较高和信息透明度较高的公司中,股权激励对管理层机会主义慈善捐赠的负向作用更为明显,同时当公司面临较高的股价崩盘风险时,管理层倾向于增加公司战略性慈善捐赠以稳定股价。本文从慈善捐赠视角拓展了股权激励的经济后果研究,为消除管理层因行权业绩条件压力而选择降低公司社会责任承担的顾虑提供了重要的经验证据。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6604","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6604","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20212226","qi":"4","id":6604,"nian":2022,"bianHao":"2022-4-102","zuoZheEn_L":"ZHU Tao, TU Yuejun","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2022","shouCiFaBuRiQi":"2022-04-28","qiShiYe":"102","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2022/V44/I4","lanMu_cn":"经济·管理","pdfSize":"1368","zuoZhe_CN":"朱滔, 涂跃俊","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6604","title_cn":"管理层股权激励会降低公司慈善捐赠吗？","doi":"10.11778/j.jnxb.20212226","jieShuYe":"117","keywordList_en":["charitable donation","management's opportunistic charitable donation","stock option incentives","strategic charitable donation"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6604","zhaiyao_en":"Encouraging and guiding companies to actively carry out charitable donation activities is currently an important part of our country's coordination of three distributions and promotion of common prosperity. 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来源：2022年第4期

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