二十大报告对公益慈善作出重要表态，强调“要引导、支持有意愿、有能力的企业、社会组织和个人积极参与公益慈善事业”，传递出国家高度重视慈善事业并鼓励发展的积极信号。根据最新《中国慈善捐赠发展报告》，企业捐赠占社会捐赠额的比重达到70%以上，企业成为社会捐赠的主体力量。但是当前，在全球经济形势下行以及我国经济发展步入新常态的背景下，实体企业投资回报率走低，企业生产力提质增效、转型升级迫在眉睫，盲目跟风式的慈善捐赠已无法维持企业可持续发展，如何合理规划慈善捐赠，实现企业经济利益与社会公共利益的双赢，是企业必须考虑的问题。本文基于此，对企业慈善捐赠行为进行研究，目的是探究其背后的价值效应，以期引导企业理性参与慈善捐赠，助力企业慈善事业可持续发展。
本文选用案例分析法，以资源密集型企业恒瑞医药为例，重点研究恒瑞医药慈善捐赠的行为特征、不同动机下慈善捐赠的资源效应及经济后果。首先，通过对恒瑞医药慈善捐赠额及重大捐赠事件进行梳理，得出恒瑞医药慈善捐赠具有领域集中化、形式多样化以及渠道多元化的特征。其次，基于社会交换理论和资源依赖理论，分析企业基于不同捐赠动机获得的政治资源、声誉资源和人力资源，厘清了恒瑞医药慈善捐赠的资源效应。最后，基于慈善捐赠的资源效应，本文从市场反应、财务绩效和非财务绩效分析企业慈善捐赠带来的经济后果。市场反应分为短期市场反应和长期市场反应，短期市场反应采用事件研究法进行分析，长期市场反应通过长期股价走势图以及托宾Q值进行分析，财务绩效选取财务指标法进行分析，非财务绩效从声誉保险、科技创新、市场开拓方面展开。
基于恒瑞医药的案例分析，主要得出以下研究结论：（1）恒瑞医药慈善捐赠行为具有一定战略性。（2）基于不同动机的慈善捐赠行为帮助企业交换获得发展资源。恒瑞医药的慈善捐赠促进了政治资源、声誉资源及人力资源的正向提升。（3）恒瑞医药慈善捐赠经济后果分析表明：从市场反应看，企业慈善捐赠正向促进了企业短期和长期市场反应，提升了企业股价。从财务绩效看，企业的慈善捐赠为其带来了政治资源、声誉资源和人力资源，总体上对企业财务绩效具有正向促进作用。从非财务绩效看，企业慈善捐赠交换获得的资源会进一步为企业带来声誉保险、技术创新、海外市场开拓等影响。因此，本文提出以下建议：一是企业要合理配置捐赠资金，完善捐赠披露制度，形成具有企业自身特色的战略慈善捐赠体系；二是政府部门要完善慈善捐赠相关的法律法规，增加捐赠税收优惠力度，鼓励引导企业积极投身于慈善事业中；三是慈善组织要完善组织内部监督机制，提升慈善组织公信力，从而提高慈善捐赠的效率；四是投资者加强企业社会责任的投资理念，提高企业社会责任信息的鉴别能力，从而督促企业慈善捐赠健康发展。
本文有利于企业从资源交换视角明晰不同捐赠动机获取的资源差异，进而促进企业价值正向提升，引导企业积极参与到慈善捐赠中，促进企业慈善捐赠的健康可持续发展。

The report of the 20th National Congress of the Communist Party of China made an important statement on public welfare and charity, emphasizing that "we should guide and support enterprises, social organizations and individuals with the will and ability to actively participate in public welfare and charity", sending a positive signal that the State attaches great importance to charity and encourages its development. According to China Charitable Donation Development Report 2021, the proportion of corporate donations in social donations has reached more than 70%, and corporations have become the main force of social donations. However, at present, in the global economic situation downturn and China's economic development into the new normal background, the entity enterprise return on investment is low, the enterprise productivity quality and efficiency, transformation and upgrading of the imminent, blindly follow the wind type of charitable donations has been unable to maintain the sustainable development of enterprises, how to rationally plan charitable donations, to achieve the win-win situation of the enterprise's economic interests and the social interests of the public is the enterprise must consider the problem. This paper is based on this, the study of corporate charitable giving behavior, the purpose is to explore the value effect behind it, in order to guide enterprises to rationally participate in charitable donations, and help the sustainable development of corporate philanthropy.
This paper chooses the case study method, taking Hengrui Pharmaceutical as an example, focusing on the behavioral characteristics of Hengrui Pharmaceutical's charitable donations, the resource effect and economic consequences of charitable donations under different motives. Firstly, by combing the amount of Hengrui Pharmaceutical's charitable donations and major donation events, it comes to the conclusion that Hengrui Pharmaceutical's charitable donations have the characteristics of field concentration, form diversification and channel diversification. Secondly, based on social exchange theory and resource dependence theory, we analyze the political resources, reputation resources and human resources obtained by enterprises based on different donation motives, and clarify the resource effects of Hengrui Pharmaceutical's charitable donations. Finally, based on the resource effects of charitable donations, this paper analyzes the economic consequences of corporate charitable donations in terms of market reaction, financial performance and non-financial performance. Market reaction is divided into short-term market reaction and long-term market reaction, short-term market reaction is analyzed by event research method, long-term market reaction is analyzed by long-term stock price chart and Tobin's Q value, financial performance is analyzed by financial index method, and non-financial performance is analyzed by reputation insurance, scientific and technological innovation, and market development.
Based on the case study of Hengrui Pharmaceutical, the following research conclusions are mainly drawn: (1) Hengrui Pharmaceutical's charitable giving behavior is strategic. (2) The charitable donations based on different motives help enterprises to exchange and obtain development resources. Its charitable donations promote the positive enhancement of political resources, reputation resources and human resources. (3) The analysis of the economic consequences of Hengrui Pharmaceutical's charitable donations shows that, from the perspective of market reaction, corporate charitable donations positively promote the short-term and long-term market reaction of the enterprise, and enhance the share price of the enterprise. From the view of financial performance, corporate charitable donations bring political resources, reputation resources and human resources, and generally have a positive promotion effect on corporate financial performance. From the perspective of non-financial performance, the resources gained from the exchange of corporate charitable donations will further bring the impact of reputation insurance, technological innovation, and overseas market development for the enterprise. Therefore, this paper puts forward the following suggestions: First, enterprises should rationally allocate donation funds, improve the donation disclosure system, and form a strategic charitable donation system with their own characteristics; second, government departments should improve the laws and regulations related to charitable donations, increase tax incentives, and encourage and guide enterprises to actively participate in the charitable cause; third, charitable organizations should improve the internal supervisory mechanism of the organization to enhance the credibility of the charitable organization, so as to improve the efficiency of charitable donations. So as to improve the efficiency of charitable donations.
This paper is conducive to enterprises from the perspective of resource exchange to clarify the resource differences between different donation motives to obtain, which in turn promotes the positive enhancement of enterprise value, guides enterprises to actively participate in charitable donations, and promotes the healthy and sustainable development of corporate charitable donations.