机构投资者、企业内部治理与慈善捐赠关系研究

通过对中国A股上市公司2004-2013年慈善捐赠数据的实证分析，发现企业内部治理与慈善捐赠呈现负相关关系，即内部治理良好的公司并不会倾向于多捐赠；而外部机构投资者持股比例与企业慈善捐赠呈现正相关关系，即机构投资者持股比例越高，企业慈善捐赠支出水平越高；并且外部机构投资者持股能在一定程度上参与公司内部治理，从而对企业慈善捐赠产生修正作用，即机构投资者持股比例越大，越能改善内部治理差的公司多捐赠的现象，而对内部治理较好公司的捐赠影响不大。

Research on the Relationship between Institutional Investors, the Influence of Corporate Internal Governance and Corporate Philanthropy

The negative correlation between corporate internal governance and philanthropy is revealed based on China''s A share listed companies charity data from 2004 to 2013, which means that the corporates that have good internal governance do not tend to donate more; however, there is a positive correlation between shareholding percentage of external institutional investors and corporate philanthropy, in other words, the higher shareholding percentage of institutional investors, the more expenditure of corporate philanthropy will be; furthermore, shareholding of external institutional investors can participate in company internal governance to some extent, which have certain effect on corporate philanthropy, that is to say, higher shareholding percentage of institutional investors can discourage corporates which have poor internal governance, to denote more; whereas, this has little effect for corporates which have good internal governance.