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中文摘要：
本文选择2008-2014年沪深A股上市公司作为研究样本，检验了公益性捐赠与企业债务资本成本的关系，结果显示，公益性捐赠额与企业债务资本成本呈倒“U”形关系。这意味着在企业捐赠额较少时，股价的“消极”影响使得债务资本成本随企业公益性捐赠的增加而增加，当捐赠额累积达到某一程度时，企业声誉资本的作用显现，此时公益性捐赠额的增加能够显著降低企业债务资本成本。考虑到国有企业捐赠更多的是履行政府“摊派”的社会责任，而非国有企业主要是期望通过社会责任的履行获取声誉资本及战略资源，本文进一步考察了产权性质对上述关系的影响，通过区分国有企业及非国有企业样本，运用似不相关回归进行chow检验，结果表明，公益性捐赠与企业债务资本成本的倒“U”形关系在非国有企业较为显著，在国有企业则较弱。本文的贡献在于：第一，发现了公益性捐赠与企业债务资本成本的倒“U”形关系，丰富了现有公益性捐赠经济后果的研究文献。第二，从企业产权角度阐明了公益性捐赠影响企业债务资本成本的作用机理并给出了相应的经验证据，为引导企业捐赠行为和提升企业价值提供了有益参考。第三，引入声誉机制探讨了声誉资本影响公益性捐赠与债务资本成本两者关系的机理所在，拓宽了从外部环境及企业治理研究企业债务资本成本的传统视角。
英文摘要：
This paper chooses the Chinese A-share companies listed in Shanghai and Shenzhen Stock Exchange from 2008 to 2014 as the research sample to test the relationship between the charitable donation and the cost of debt capital. The results show that the chari- table donation and corporate debt capital cost presented an inverted ＂U＂ shaped relationship. This means that when the corporate donation level is low, the negative influence of the share price makes the debt capital cost increase with the increase of the charitable donation. When donations accumulate to a certain extent, the corporate＇s reputation capital become obvious, then the increase of the charitable donation can significantly reduce the cost of debt capital. Considering that state-owned enterprises＇ donate is usually to fulfill the social responsibility of the government ＂assignments＂ while the non-state-owned enterprises are mainly expected to accept reputation capital and strategic resources by carrying out social responsibility, this pa- per investigates the influence of ownership type, and divides the whole samples into state- owned enterprises and non-state-owned enterprises based on the chow test, the results show that the inverted ＂U＂ shaped relationship is obvious in the non state-owned enterprises sam- ples and is weak in the state-owned enterprises samples. The contributions of this paper are as follows： ① Find the inverted ＂U＂ shaped relationship between the charitahle donation and the cost of debt capital,and enrich the existing literature about the economic consequences of the charitable donation. ② Clarify the mechanism of how the charitable donation influence the cost of debt capital and give the corresponding empirical evidence from the perspective of own- ership type, provide some useful reference to guide the enterprise donation behavior and pro- mote the enterprise value. ③ Based on reputation mechanism to test the influence of reputa- tion capital on the relationship between the charitable donation and the
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