参与精准扶贫对企业绩效的影响  

The Impact of Participation in Targeted Poverty Alleviation on Corporate Performance

作　　者：胡浩志[1,2] 张秀萍 HU Hao-zhi;ZHANG Xiu-ping

机构地区：[1]《中南财经政法大学学报》编辑部 [2]中南财经政法大学经济学院

出　　处：《改革》2020年第8期117-131,共15页Reform

基　　金：国家社会科学基金青年项目“高管权力约束情景下国有企业党委治理功能实现路径与保障机制研究”(18CGL016)。

摘　　要：本文以精准扶贫政策的实施为研究背景,将精准扶贫导入企业社会责任的理论框架中,选取我国沪深A股主板上市公司中2016—2018年持续参与扶贫的公司为样本,研究上市公司参与精准扶贫对企业绩效的影响及其作用机制。研究发现,上市公司参与精准扶贫的规模越大,对企业绩效的提升作用越显著,其作用机制在于:上市公司通过参与精准扶贫获取了更多的市场资源,缓解了企业的融资约束,同时也直接获取了政府补贴等政治资源,从而促进了企业绩效增长。进一步研究发现,参与精准扶贫对企业绩效的作用还受制于不同制度环境与产权属性的影响,在市场化程度低的地区、没有政治关联的企业以及民营企业,参与精准扶贫对企业绩效的提升作用更为显著。相较于教育扶贫,企业增加产业精准扶贫投入能够显著促进企业绩效的提升。Based on the implementation of the targeted poverty alleviation policy as the research background,by integrating the targeted poverty alleviation into the theoretical framework of social responsibility and selecting the companies listed on the A-share main board of Shanghai and Shenzhen that have sustainably participated in poverty alleviation from 2016 to 2018 as the research sample,this paper studies the impact of the listed companies’participation in the targeted poverty alleviation on enterprise performance and its mechanism.It is found that the larger the scale of listed companies’participation in targeted poverty alleviation,the more significant the improvement in corporate performance.The mechanism of listed companies’participation in targeted poverty alleviation affects corporate performance is that listed companies obtain more market resources by participating in targeted poverty alleviation,thereby easing the financing constraints and directly obtaining political resources such as government subsidies,thus promoting the growth of corporate performance.Further research found that the effect of participation in targeted poverty alleviation on corporate performance is also subject to different institutional environments and property rights attributes.As enterprises of low degree of marketization,few political relevance or private property rights,the role of participation in targeted poverty alleviation on corporate performance is more significant.Compared with education poverty alleviation,the increase of investment in industry targeted poverty alleviation can significantly improve the corporate performance.

关 键 词：精准扶贫 企业绩效 融资约束 政府补贴 制度环境 

分 类 号：F323.8[经济管理—产业经济]