中文摘要：

以2003—2012年沪深两市上市企业为样本,从债务融资的角度,探索企业慈善捐赠的经济价值。研究发现：相比于无慈善捐赠的公司,进行慈善捐赠的公司债务规模更大,债务的期限结构更长;同时,慈善捐赠的金额越多,其对企业融资约束的缓解作用就越强。进一步分析表明,慈善捐赠的作用会受制度环境和政企关系的影响。在制度环境越差的地区,慈善捐赠改善企业融资能力的作用越强;而在具有政治关系的企业中,慈善捐赠的改善作用则显著减弱。

英文摘要：

This paper explores the economic value of corporate charitable donations from the perspective of debt financing using data of Shanghai and Shenzhen listed companies during 2003- 2012. The study finds out that companies with charitable donations have larger scale of debt and longer maturity structure of the debt when compared to companies without charitable donations,and the more donations the companies give,the more effective of the influence of donation on corporate financing. The effect of charitable donations will be affected by institutional environment and relationship between government and enterprises. The weaker the institutional environment of the area is,the stronger the influence of donation on corporate financing is. The effect of donation on corporate financing is weaker than other companies among the enterprises with political connections.