|
Abstract This study takes the quasi-natural experiment of the central enterprise donation management regulations (Referred to as CEDMR) as the breakthrough point and examines its implementation effect. During the examination, the dual difference method, fixed effects model and the panel data of China’s share listed companies have been used. The study shows that the CEDMR can relieve the dilemma of the central enterprise’s donation. Specifically, the CEDMR can expand the donation range of the central enterprise and enhance its discretion by weakening the erosion of the agency cost to the donation and the coercing effect of the market rights on the donation. Extensive research also shows that the value effect of central enterprises’ donation significantly increased with the help of the CEDMR.
|
|
Received: 27 November 2018
|
|
|
|
