摘要
基于市场反应模型分析评估了汶川地震后我国沪深257家A股上市公司的捐赠行为对股票价格的影响,从研究结果来看,上市公司的灾难捐赠行为并不能得到股票投资者的认可,即公司的灾难捐赠行为会对股票价格产生负面影响.为若要避免公司的捐赠行为给公司股票价格产生负面影响,同时又想通过灾难捐赠缓解来自公众的压力,获得较高的战略收益,可采取的捐赠策略主要有:一是合理选择捐赠额与捐赠时间.对于较小额度的捐赠,应该及早发布公告,而对于较大额度的捐赠,应该迟些发布捐赠公告,这样可以平衡各个利益相关者对公司捐赠行为的期望.二是就灾难捐赠与股票投资者做好沟通协调.
Market reactions to disaster donations by 257 A-shared listed companies in Shanghai and Shenzhen stock markets were investigated based on the market reaction model. The results show that the corporate disaster donation behavior by the sample companies did not gain accreditation of stock investors. That is to say,the disaster donation behavior of listed companies brought negative effects to stock prices. To avoid this undesirable effect,the listed companies should control the amount of donations and postpone announcements of a major donation to a later time. On the other hand,listed companies should build a consummate system of decision and communication in disaster donations,trying to gain approval from investors by convincing them that donations for disasters can bring strategic benefits for the companies.
基金
教育部新世纪优秀人才支持计划(NCET-10-0920)资助
关键词
灾难捐赠
企业社会责任
股票价格
市场反应
disaster donations
corporate social responsibility
stock price
market reaction
