商业研究

商业研究 ›› 2013, Vol. 55 ›› Issue (6): 108-113.DOI: 1001-148X（2013）06-0108-06

• 经营管理 • 上一篇    下一篇

捐赠行为、政府干预与代理效率

梅波   

  1. （重庆三峡学院 会计系，重庆 404100）
  • 修回日期:2013-06-10 出版日期:2013-06-10

Donation Behavior，Government Intervention and Agency Efficiency

MEI Bo   

  1. (Department of Accounting, Chongqing Three Gorges University, Chongqing 404100, China)
  • Revised:2013-06-10 Online:2013-06-10

摘要： 本文分析了公司捐赠行为对代理效率的作用机理，发现捐赠支出越多越能缓解现金流用于管理者利己效用支出，代理效率越高、政府干预越少则市场化进程更高、代理效率越高；比较而言，政府干预少的地区企业捐赠支出更能提高代理效率，衰退期行业中同样的捐赠支出提升代理效率的功效有限；规模较小组中捐赠行为更容易被市场识别，规模较大组中捐赠行为更多地被视为一种社会责任。因此，捐赠支出有助于缓解自由现金流代理成本，有助于公司代理效率的改善；现实中捐赠减少现金流的同时提高了公司的代理效率和声誉，利于当前或未来公司价值的提升。

关键词: 捐赠行为, 政府干预, 行业周期, 代理效率

Abstract: This paper analyzes the mechanism of donation behavior on agency efficiency. #br#We find: donations can ease the cash flow for managers′ egoistic utility expenditures, the higher agency efficiency and the less government intervention,the higher marketization process and agency efficiency; compared with higher degree of government intervention, donations improving agency efficiency more is in lower degree of government intervention. #br#Compared with the growth and mature industry, recession industry does not improve agency efficiency with same donation behavior. #br#Donation behavior is identified more easily by market in small firms and is seen as a social responsibility in big firms. #br#Therefore,the donation expenditure helps alleviate agency costs of free cash flow,and improve agency efficiency of corporate;in reality,while lessening cash fow,donation improves also agency efficiency and reputation,benefiting the enhancement of the current or the future corporte value.

Key words: donation behavior, government intervention, industry cycle, agency efficiency