中文摘要：

从中国的制度环境出发,以2008-2012年沪深两市A股市场446家民营上市公司为研究样本,检验了慈善捐赠与财务绩效之间是否存在互为因果的关系,以及该种关系如何受到政治关联性与市场化程度双重调节效应的影响。研究发现：慈善捐赠与财务绩效之间存在互为因果的关系,但该种关系的成立还取决于企业的政治关联性及所属地区的市场化程度;在市场化程度低的地区,民营企业的政治关联性对其慈善捐赠的可能性、金额及绩效回报均没有显著影响,而在市场化程度高的地区,有政治关联性的民营企业进行慈善捐赠的可能性及金额更大,获得的绩效回报也更多。

英文摘要：

The paper takes 446 private listed companies of Shanghai and Shenzhen in 2008-2012 as the sample, and tests whether there is a reciprocal causation relationship between philanthropy and financial performance, and how the relationship is affected by the political relation and market-oriented dual regulation effect. Conclusions are summarized as follows. In less developed markets,we find that political connections of private enterprises will have no significant effects on the possibility,amount and rewards of philanthropy. However,in developed markets,we find that private enterprises with political connections will be more likely to invest in philanthropy than private enterprises without political connections,and the positive relationship between philanthropy and financial performance would be stronger for private enterprises with political connections than for those without political connections.