企业慈善基金会行为机理、利益输送路径挖掘及多元治理研究

企业慈善通过企业慈善基金会实现已成主流，抑制慈善基金会捐赠、投资中利益输送行为，关系着企业慈善文化的持续发展。为脱下企业慈善基金会理性捐赠的外衣，以战略理论、委托代理、终极控制权理论、利益相关者理论为基础，融入资源依赖、边界组织与演化博弈理论，分析企业慈善基金会产生与发展的逻辑原理，界定企业慈善基金会为“影子组织”，提出“一致行动人”概念以揭示其理性与非理性的行为机理模型，总结非理性捐赠利益输送的表现形式并加以分类。重点挖掘基金会隐性利益输送的路径：引入资金池概念，解析基金会慈善资金的金额差、时间差效应与企业盈余操纵的内在联系并实证检验；引入金字塔结构概念，对基金会终极控股股东掏空基金会的行为进行理论分析与实证检验；基于经济保险理论，理论推演基金会对企业与企业家声誉的保险功效与实证解析。对企业慈善基金会行为机理、利益输送路径挖掘的研究能帮助治理者甄别、判断企业与企业家慈善行为的真伪边界。

It has become the mainstream that corporate achieve its charitable act through the charitable foundation, and the suppression of tunneling through corporate foundation’s donation and investment is related to the sustainable development of corporate philanthropy culture. To lift the veil on the economic rational donation of corporate charitable foundation, based on strategy theory, principal agent theory ultimate control rights theory and stakeholder theory, the project combines resource dependence theory, boundary organization theory with evolutionary game theory, analyzing the logic of the establishment and development of corporate charitable foundation, defining the corporate charitable foundation as “shadow organization”, proposing “persons acting in concert” to reveal the mechanism of rational and irrational behaviors, summarizing and classifying forms of tunneling through irrational donation behaviors. The project focuses on digging the tunneling path: introducing the concept of pool, analyzing and empirically testing the inherent relation between difference of donation amounts, the time lag effect and earnings manipulation; introducing the concept of pyramid structure to analyze and empirically test tunneling by controlling stakeholders; and the project analyze and test the corporate foundation’s insurance on entrepreneurs reputation based on the insurance theory. Researching on corporate charitable foundation’s behavior mechanism and the channel of tunneling can help governors to screen and judge whether the corporate philanthropy is true or not.