Empirical Research on the Impact of Charitable Contribution on Corporate Value

China Business and Market - - 第一页 - ——Based on the Adjustment Role of Capability for Marketing and Industrial Competition YU Xiao-yu

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(Renmin University of China,Beijing100872,China)

Abstract:Charitable contribution is a kind of way for corporates to shoulder social responsibility,which can reflect corporates’sound view of value and help them to win intangible asset and high reputation. Taking data from 2009 to 2014 of companies listed in Shanghai and Shenzhen exchange,the authors establish a model to testify the impact of charitable contribution on corporates’capability for marketing and the role of industrial competition. It is found that charitable contribution will play the positive role in increasing corporates’value;capability for marketing will have positive adjustment effect on the relation between charitable contribution and corporate value;the higher capability for marketing will play a more important role in increasing corporates’value given that the amount of charitable contribution exceeds a certain level. The level of industrial competition will have significant negative impact on charitable contribution;and with the more severe industrial competition, charitable contribution will play a weaker role in increasing corporates’value. So corporates should be actively involved in charitable contribution. Corporates with strong capability for marketing should distribute more resources in charitable business; and corporates in industries with severe competition should distribute more resources in improving their own competitiveness to better realize the increase of corporate value.

Key words:charitable contribution;corporate value;capability for marketing;industrial competition level

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