企业慈善事业中的个人机会主义——基于高铁开通的“软信息”获取视角
Personal Opportunism in Corporate Philanthropy—Based on the Perspective of “Soft Information” Acquisition by the Opening of High-Speed Railway

企业慈善捐赠作为企业履行社会责任的维度之一，越来越多的企业将慈善捐赠视为了常态化的非市场战略行为，且这一趋势不断上升。尽管企业慈善捐赠是企业利己利人的好事，但企业慈善捐赠中存在着严重的“搭便车”行为。本文以2008~2019年中国沪深A股公司为样本，将高铁开通作为软信息冲击的衡量变量。重点考察了软信息冲击背景下高铁开通对企业慈善捐赠的影响与作用机理。研究结论表明：1) 当企业所在地城市开通高铁后，企业的慈善捐赠水平会显著降低；2) 高铁开通对企业慈善捐赠的影响主要是通过影响了企业自利性慈善捐赠导致，高铁开通对企业战略性慈善捐赠没有显著影响；3) 影响机制检验结果表明，外部利益相关者软信息获取和利用水平的提高，是软信息发挥治理效应的关键。研究结论有助于阐明高铁开通背景下软信息对企业自利性捐赠的治理路径，为完善上市公司机会主义行为治理机制提供理论依据。
Corporate charitable donation is one of the dimensions of corporate social responsibility. More and more companies regard charitable donation as a normalized non-market strategic behavior, and this trend continues to rise. Although corporate charitable donations are a good thing for companies to benefit themselves and others, there is a serious “free-rider” behavior in corporate charitable donations. This paper takes China’s Shanghai and Shenzhen A-share companies from 2008 to 2019 as a sample, and uses the opening of high-speed rail as a variable to measure the impact of soft information. This paper focuses on the impact and mechanism of the opening of high-speed rail on corporate charitable donations under the impact of soft information. The research conclusions show that: 1) When the high-speed rail is opened in the city where the company is located, the level of corporate charitable donations will be significantly reduced; 2) The impact of the opening of the high-speed rail on corporate charitable donations is mainly caused by affecting the self-interested charitable donations of enterprises. There is no significant impact on corporate strategic charitable donations; 3) The test results of the impact mechanism show that the improvement of the level of acquisition and utilization of soft information by external stakeholders is the key to the governance effect of soft information. The research conclusions are helpful to clarify the governance path of soft information to corporate self-interested donations under the background of the opening of high-speed rail, and provide a theoretical basis for improving the governance mechanism of opportunistic behavior of listed companies.