Abstract: 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.

Key words: continuous enterprise donation, corporate value, time compression diseconomy, dynamic capability