Abstract
This article selects all A-share listed companies from 2012 to 2020 as samples and systematically analyzes the impact mechanism and effect of corporate philanthropy on corporate innovation. Research has found that corporate philanthropy can promote corporate innovation; The degree of marketization, legal level, and government governance level can have a positive impact on corporate innovation through corporate philanthropy; Whether state-owned or non-state-owned enterprises, corporate philanthropy has a significant positive impact on corporate innovation. However, compared to state-owned enterprises, the moderating effect of marketization process, legal level, and government governance level on the relationship between corporate philanthropy and corporate innovation in non-state-owned enterprises is not significant; External investors play a partial mediating role in the relationship between corporate philanthropy and corporate innovation.
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