The Impact of Corporate Philanthropic Donations on Stock Price Volatility

随着第三次分配制度深化与企业慈善捐赠规模扩大，解析捐赠行为的资本市场影响机制尤为重要。针对“捐赠投入与市场反馈分化”的实践悖论及现有研究在媒体阈值效应、声誉动态传导的不足，本文基于2009~2018年A股面板数据，整合捐赠、媒体报道与高频股价数据，构建“慈善捐赠→媒体关注→股价波动”中介模型。研究发现：慈善捐赠通过释放财务稳健信号与声誉资本显著降低股价波动，效应在特质风险主导时更强；媒体关注通过“信号解码–注意力配置–共识重构”路径发挥中介作用，但仅在企业可控的特质风险域内有效；国企因政府隐性担保削弱媒体治理效应，民企依赖媒体曝光获取声誉溢价。据此建议：企业差异化制定慈善战略，通过第三方认证与动态披露提升信号可信度，组合财务对冲与声誉工具；监管部门推动捐赠披露标准化，将媒体关注纳入ESG体系；学界深化高频舆情研究以支持精准社会责任实践。研究揭示了非财务行为的市场传导机理，为平抑波动与优化资源配置提供理论及实践依据。With the deepening of the third distribution system and the expansion of the scale of corporate charitable donations, it is particularly important to analyze the mechanism of the impact of donation behaviors on the capital market. Addressing the practical paradox of “divergence between donation input and market feedback” and the deficiencies of existing studies in terms of media threshold effects and dynamic reputation transmission, this paper constructs an intermediary model of “charitable donations → media attention → stock price volatility” based on A-share panel data from 2009 to 2018, integrating donation data, media coverage data, and high-frequency stock price data. The study finds that: Charitable donations significantly reduce stock price volatility by releasing signals of financial stability and reputation capital, and this effect is stronger when idiosyncratic risks dominate; Media attention plays an intermediary role through the path of “signal decoding - attention allocation - consensus reconstruction”, but it is only effective within the domain of idiosyncratic risks controllable by enterprises; State-owned enterprises weaken the media governance effect due to implicit government guarantees, while private enterprises rely on media exposure to obtain reputation premiums. Based on these findings, the following suggestions are put forward: Enterprises should formulate differentiated charity strategies, enhance the credibility of signals through third-party certification and dynamic disclosure, and combine financial hedging with reputation tools; Regulatory authorities should promote the standardization of donation disclosure and incorporate media attention into the ESG system; Academic circles should deepen high-frequency public opinion research to support precise social responsibility practices. This study reveals the market transmission mechanism of non-financial behaviors and provides theoretical and practical basis for stabilizing volatility and optimizing resource allocation.