Variable definitions in donation.

By developing an intertemporal decision-making model, this paper investigates the impact of the acquisition of overseas residency by a firm’s beneficial owner on the firm’s intertemporal decision-making. By incorporating a discount rate in the model, the paper finds that obtaining foreign residency alters the temporal distributional characteristics of the utility of the beneficial owner, weakening its preference for intertemporal investment behaviors such as R&D and donations. We then conduct an empirical analysis using the propensity score matching method for Chinese listed firms. The results show that firms with overseas residency have significantly lower R&D investment and an increase in philanthropic donation intensity than other firms. This study provides some practical benefit and relevance to government public policymaking: for developing countries such as China, public policies that take into account incentive compatibility will be more conducive to R&D investments and charitable donations by companies that obtain overseas residency rights, thus enhancing their brand value and social well-being.

本文通过构建跨期决策模型，考察企业受益所有人取得海外居留身份对企业跨期决策的影响。本文在模型中引入贴现率后发现，取得海外居留身份会改变受益所有人效用的跨期分布特征，削弱其对研发（R&D）、捐赠等跨期投资行为的偏好。随后，本文以中国上市公司为样本，采用倾向得分匹配法（propensity score matching method）开展实证分析。实证结果表明，拥有海外居留身份的企业，其研发投入显著低于其他企业，而慈善捐赠强度则有所提升。本研究对政府公共政策制定具有实际借鉴意义：对于中国等发展中国家而言，兼顾激励相容性的公共政策，将更有助于取得海外居留权的企业开展研发投入与慈善捐赠，进而提升企业品牌价值与社会福祉。