会计学院知识库

  现如今，民营企业已发展成为支撑我国市场经济快速发展的重要力量，因此党中央高度重视民营企业的健康发展和民营企业家的健康成长，将推动民营企业积极履行社会责任逐步纳入我国全面深化改革大局。慈善捐赠作为企业承担社会责任的重要表现形式，日益受到实务界的广泛关注。据中国慈善联合会每年发布的《中国慈善捐助报告》数据显示，民营企业捐赠已成为我国社会福利和慈善事业发展最重要的资金来源。然而，我国目前正处于经济转型期，受囿于金融、法律等制度体系的不完善，民营企业面临较为严峻的融资困境。而慈善捐赠是企业“真金白银”的流出，会直接减少企业现金流及利润，而且与国有企业相比，民营企业以追求经济利益为主要目的，其并不肩负过多的社会和政治责任。那么，“我国民营企业积极捐赠的背后究竟隐藏着何种动机？这一行为对民营企业的财务绩效造成何种程度的影响？”

  围绕上述两个研究问题，本文以企业公民理论、利益相关者理论、战略性慈善行为理论为依托，采取探索性案例研究法深入探讨民营企业复星医药慈善捐赠的动机及其对财务绩效的影响程度。案例分析过程分为以下几个部分：首先，从规模、主体、对象、渠道、时机五个维度对复星医药慈善捐赠现状进行详细分析；选取行业龙头恒瑞医药、行业平均值为参照对象，从偿债能力、盈利能力、营运能力以及成长能力四个方面对复星医药财务绩效现状进行对比分析；其次，在相关理论指导下从政治性、战略性和管理效用三个方面对复星医药慈善捐赠的动机进行详细剖析；再次，从直接和间接两个方面详细分析复星医药慈善捐赠影响其财务绩效的具体路径；第四，采用灰色关联分析法(GRA)探究2010年~2017年复星医药慈善捐赠规模、主体、对象和渠道四个维度对企业偿债能力、盈利能力、营运能力、成长能力的影响程度。最后，在“现状分析”、“动机分析”、“路径分析”、“影响程度分析”基础上得出结论，即复星医药的慈善捐赠行为对其财务绩效造成以下影响：(1)慈善捐赠规模逐年增大导致财务绩效变动顾此失彼；(2)慈善捐赠主体波动较大阻碍财务绩效达到预期；(3)慈善捐赠对象趋于稳定对财务绩效的贡献不明显；(4)慈善捐赠渠道选择随意忽视了其对财务绩效的影响。

  本文的研究成果一方面有利于案例企业进行慈善责任管理，遵循可持续发展的经营理念进行科学有效的捐赠行为，从而为推动案例企业社会责任的执行和优化案例企业财务绩效提供一定的借鉴和参考。

      Nowadays, private enterprises have developed into an important force supporting the rapid development of Chinese market economy. Therefore, the Party Central Committee attaches great importance to the healthy development of private enterprises and the healthy growth of private entrepreneurs, furthermore, promotes private enterprises to actively fulfill their social responsibilities and gradually incorporate them into Chinese comprehensive and deepening reforms.As an important manifestation of corporate social responsibility, charitable donations have received widespread attention from the practical community. According to the data from the "Chinese Charitable Donation Report" released annually by the China Charity Federation, donations from private enterprises have become the most important source of funds for the development of social welfare and charity in China. However, our country is currently in a period of economic transition. Due to the imperfections of financial and legal systems, private enterprises are facing severe financing difficulties. Charitable donations are the outflow of "real gold and silver" from enterprises, which will directly reduce the cash flow and profits of enterprises. Compared with state-owned enterprises, private enterprises pursue economic interests as their main purpose and do not shoulder excessive social and political responsibilities. . So, "What motives are behind the active donations of our private enterprises? To what extent does this behavior affect the financial performance of private enterprises?"

      Focusing on the above two research questions, this article relies on corporate citizenship theory, stakeholder theory, and strategic philanthropic behavior theory, and adopts an exploratory case study method to deeply explore the motives of private enterprise Fosun Pharma’s charitable donations and its impact on financial performance degree. The case analysis can be roughly divided into the following parts: First, a detailed analysis of the status quo of Fosun Pharma's charitable donations from the five dimensions of scale, subject, target, channel, and timing; industry leader Hengrui Pharmaceuticals and industry average datas are selected as reference objects to conduct a comparative analysis of the status quo of Fosun Pharma’s financial performance from the four aspects of solvency, profitability, operating capability, and growth capability; second, under the guidance of relevant theories, the financial performance of Fosun Pharma will be analyzed from three aspects: political, strategic and management utility;thirdly, it analyzes the specific path that Fosun Pharma's charitable donations affect its financial performance from both direct and indirect aspects in detail;fourth, grey relational analysis (GRA) is used to explore the four dimensions of Fosun Pharma’s charitable donations from 2010 to 2017 on the company’s solvency, profitability, operation and Growth.Finally, on the basis of “analysis of status quo,” “analysis of motivation”, and “analysis of degree of influence”, it is concluded that Fosun Pharma’s charitable donations have the following effects on its financial performance: (1) The scale of charitable donations increases year by year,changes in financial performance take care of the other; (2) The large fluctuation of the main body of charitable donations hinders the financial performance from reaching expectations; (3) The stability of charitable donation objects does not make obvious contribution to financial performance; (4) Charitable donation channels are choosed arbitrarily and Fosun Pharma ignores its significant impact on  performance.

       This article is conducive to the case company’s charity responsibility management and following the sustainable development business philosophy to conduct scientific and effective donation behaviors, so as to promote the implementation of the case corporate social responsibility and optimize the financial performance of the case company.