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本文以2008—2011年我国沪深A股上市公司中有慈善捐赠记录的企业为研究对象,构造平衡面板数据进行研究。利用门槛面板模型划分企业负债程度的范围以控制负债程度不同的影响。得出以下结论 :(1)企业产品市场竞争程度对企业慈善捐赠的影响存在企业负债水平的门槛效应,不同的负债水平下,企业产品市场竞争程度对其慈善捐赠的影响会产生方向上的巨大差异;(2)对于负债水平较低的企业,产品市场竞争程度与企业慈善捐赠水平正相关,而对于负债水平较高的企业,产品市场竞争程度与企业慈善捐赠水平负相关。
This article takes the enterprises with charitable donation records in the listed companies of Shanghai and Shenzhen Stock Exchange in China from 2008 to 2011 as the research object and constructs the balance panel data to carry on the research. The threshold panel model is used to divide the extent of corporate indebtedness to control the impact of different degrees of indebtedness. The following conclusions are drawn: (1) The degree of enterprise product market competition has the threshold effect on the corporate charitable donations. Under different debt levels, the impact of enterprise product market competition on the charitable donations will have a tremendous direction (2) For enterprises with lower debt level, the degree of competition in the product market is positively correlated with the level of corporate charitable giving, while for companies with higher debt levels, the degree of competition in the product market is negatively related to the level of corporate charitable giving.