本文调查研究了制度对公司慈善与财务绩效的影响,通过对比中国与美国的案例,我们发现美国公司中的CP-CFP关系更明显。在两个样本研究中,不道德股票和广告强度对于CP-CFP关系的调节结果显示,涉众的感知度和信息的可利用度是支撑CP-CFP关系的关键机制,因此CP-CFP关系受制于制度差异。 This paper investigates the impact of institutions on corporate philanthropy and financial performance. By comparing the cases of China and the United States, we find that the CP-CFP relationship among U.S. companies is more obvious. In the two sample studies, the adjustment of CP-CFP by immoral stocks and advertising intensity shows that the perceived extent of stakeholders and the availability of information are the key mechanisms supporting the CP-CFP relationship, so CP-CFP relationship is subject to Differences in the system.