Public Welfare Donations and Commercial Credit Financing of Chinese Manufacturing Listed Companies: Towards the Development of An Enhanced Policy Guidelines

This study selects data from Chinese manufacturing A-share listed companies between 2014 and 2023 as research samples, uses empirical methods to test the relationship between corporate donation behavior and commercial credit financing, and further analyzes the impact of the number and property rights of state-owned and non-state-owned enterprises on the relationship between corporate donation behavior and commercial credit financing. The research results found that corporate donation behavior has a certain positive promoting effect on commercial credit financing; The number of state-owned and non-state-owned enterprises has no impact on the relationship between corporate donations and commercial credit financing; Due to the implicit guarantee from the government, state-owned enterprises are better able to gain the trust of suppliers, so the commercial credit effect of donations from state-owned enterprises is not as significant as the impact of donations from non-state-owned enterprises on commercial credit financing; In view of the above research results and the current shortcomings of the government's policies on public welfare donations and commercial credit financing, this study proposes measures to strengthen policy guidelines, such as increasing the upper limit of tax incentives and expanding the scale of credit guarantee funds, in order to achieve a win-win situation of economic and social benefits.