Abstract: If the amount of charitable donation of an enterprise is lower than expected (i.e., if there is a donation expectation shortfall), the reputation and legitimacy of the enterprise will be reduced. How the enterprise should respond to the shortfall is an important theoretical and practical problem. Based on the data of Chinese listed companies from 2008 to 2018, this paper discusses how enterprises can reduce the negative impact of the donation expectation shortfall by adjusting their subsequent social responsibility behavior. The results show that the greater the historical and social donation expectation shortfall, the more likely enterprises are to increase donations to eliminate negative effects. In addition, the donation expectation shortfall has no significant impact on the increase of other social responsibility behaviors, which indicates that enterprises do not tend to increase other social responsibility behaviors to reduce the negative impact of donation expectation shortfall. Moreover, different types of donation expectation shortfalls have different impact intensities on enterprise behavior. Compared with the historical donation expectation shortfall, the  social donation expectation shortfall has a stronger impact on the increase of donation. However, there is no significant difference between the two on the increase of other social responsibility behaviors. Furthermore, the higher the proportion of cash flow right of the actual controller, the more sensitive it is to the increased cost of donation, and the weaker the impact of the historical and social donation expectation shortfallon the increase in donation. This above conclusions extend the performance feedback theory from financial performance to social performance, which not only enriches the performance feedback and donation literature, but also has practical implications for enterprises to deal with the donation expectation shortfall.

Key words: shortfall of aspiration, charitable donation, social performance, threat of legitimacy, cash flow rights

摘要： 企业慈善捐赠金额低于预期（即捐赠期望落差）会降低企业合法性，企业如何应对是一个重要的理论和实践问题。基于中国上市公司2008~2018年的数据，探讨企业如何通过调整后续的企业社会责任行为来降低捐赠期望落差的负面影响。研究表明：捐赠历史和社会期望落差越大，企业越可能增加捐赠以消除负面影响；捐赠历史和社会期望落差对企业其他社会责任行为增加的影响不显著，说明企业不倾向于采用增加其他社会责任行为来降低捐赠期望落差带来的负面影响；不同类型捐赠期望落差对企业行为的影响强度不同：与捐赠历史期望落差相比，捐赠社会期望落差对捐赠增加的影响更强，但两者对于其他社会责任行为增加的影响没有显著差异；实际控制人的现金流权比例越高，对捐赠增加的成本越敏感，捐赠历史和社会期望落差对捐赠增加的影响越弱。上述结论将绩效反馈从财务绩效拓展到社会绩效，不仅丰富了绩效反馈和慈善捐增文献，而且对企业应对捐赠期望落差有重要启示。

关键词: 期望落差, 慈善捐赠, 社会绩效, 合法性威胁, 现金流权