关键词: 企业捐赠 , 经济动机 , 社会责任 , 市场认知

Abstract: Corporate donation might come out from the charity motivation of social responsibility or the motivation of strategic performance improvement This study found that in China´s capital market nowadays,donation had not been approved by market and given negative evaluation, because shareholders would consider that donation reduced the resources and profits available for distribution and damaged the interests of shareholders If corporate donation with more motivation to improve the strategic performance, market would give an active and positive evaluation and it could reveal more information of profit The possible reason was that markets and investors were more concerned about short-term profit

Key words:  corporate donation , economic motives , social responsibility , market cognition