企业持续捐赠是否值得？在我国慈善事业尚处于起步发展期时，这是说服企业坚持做慈善亟应面对并着力澄清的问题。基于时间压缩不经济及动态能力理论，以中国A股上市公司捐赠的面板数据为依据，本文分析并检验了企业持续捐赠的价值效应。研究发现，虽然持续捐赠不能直接给企业带来价值增值，但以企业通过持续捐赠获取的各种无形及有形资源需要积极运作为推论，进一步的实证表明，当企业动态能力强时，企业持续捐赠的价值效应显著提升。另外，立足于前述推论的拓展性检验还发现，促成以上资源获取及能力发挥的情境因素越凸现，企业持续捐赠的价值回报亦越大。本文为针对性地探明企业持续捐赠的价值效应提供了新的理论和经验证据，有助于职能部门出台适宜的引导政策促进企业持续捐赠行为，同时也有利于企业探寻可行的对策提升持续捐赠的回报。

Is it worth to persist on donation? That's the kind of question we have to face and clarify to persuade companies into donating continuously when China's charity is still in the initial stage. Using China’s a-listed companies’ panel data,the paper analyses and makes an empirical test on the continuous donation’s influence on corporate value which is based on the enterprise theory of time compression diseconomies and dynamic capabilities. The results reveal that although continuous donation(CD) can’t add incremental value directly, further research suggests that the stronger the company’s dynamic capabilities,the greater the effect of CD on the corporate value while we assume that all kinds of intangible and tangible resources through CD needs to adequately integrate. Besides, added research on the basis of foregoing inference shows that the more prominent the situation factors which are conducive to resources access and ability enhancement,the more reward the CD brings about. The paper provides new theory and empirical evidences to further understande the value effect of CD. And it is of great enlightenments not only for decision-making sections to make appropriate policy to promote enterprises’ CD,but also for enterprises to set practical countermeasures to increase CD’s return.