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Academic Journal of Business & Management, 2022, 4(19); doi: 10.25236/AJBM.2022.041913.

Research and Analysis of Charitable Donations and Financial Performance of Private Listed Companies


Tianyang Du

Corresponding Author:
Tianyang Du

East China University of Political Science and Law, Shanghai, China


Charitable donation is an important dimension of corporate social responsibility. Private enterprises are becoming more and more aware of social responsibility in the course of practical development, and more and more enterprises are investing in the main force of domestic large-scale charitable donations. Will charitable donations improve the financial performance of private enterprises and will financial performance in turn affect the charitable donations of private enterprises? Scholars at home and abroad have not reached a unified conclusion on the discussion of the causal relationship between the two. With the optimization of the industrial structure and the continuous rise of the tertiary industry economy, private enterprises have gradually become an irreplaceable role in my country's economic development. Therefore, research on the relationship between charitable giving and financial performance is necessary. Select privately-owned listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2017 as the research object, use Guotai’an CSMAR private enterprise social responsibility database; Hexun Finance, CSR-CHINA and other websites download private enterprise CSR development reports; Sina Finance, Dongfang Finance, Phoenix Caijing, Sohu Finance and other websites obtained charitable donation data that were not released through official channels, and obtained charitable donation data from 315 listed companies from 2011 to 2017. Using the combination of normative research and empirical research, quantitative analysis and qualitative analysis to analyze the above problems, the main conclusions are as follows: charitable donations and financial performance are mutually causal. This relationship helps researchers understand and explain the charitable donation behavior of private enterprises.


charitable donation; financial performance; private enterprises

Cite This Paper

Tianyang Du. Research and Analysis of Charitable Donations and Financial Performance of Private Listed Companies. Academic Journal of Business & Management (2022) Vol. 4, Issue 19: 102-111. https://doi.org/10.25236/AJBM.2022.041913.


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