精准扶贫政策能否缓解中国企业的融资约束?——基于政策导向的企业社会责任视角  

Can Targeted Poverty Alleviation Policies Ease the Financing Constraints of Chinese Enterprises?Based on a Policy-oriented Corporate Social Responsibility Perspective

作　　者：印重[1,2] 孙萌晨 吴艺博 YIN Zhong;SUN Mengchen;WU Yibo(Center for Quantitative Economics, Jilin University, Changchun 130012, China;Business School, Jilin University, Changchun 130012, China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学院,吉林长春130012

出　　处：《东北大学学报（社会科学版）》2021年第6期32-39,共8页Journal of Northeastern University(Social Science)

基　　金：教育部人文社会科学重点研究基地重大资助项目(16JJD790014);吉林大学廉政建设专项研究课题资助项目(2020LZY005)。

摘　　要：以我国2016—2019年度开展精准扶贫的上市公司为样本,借鉴ACW模型、Heckman两步法、两阶段最小二乘法,研究企业精准扶贫力度与企业融资约束之间的关系,并进一步检验产权性质、债务规模、市场化程度对其产生的影响。研究发现:企业开展精准扶贫能够缓解融资约束,而且扶贫力度越大,缓解程度越高,尤其对于非国有、资产负债率高、发达地区的企业,精准扶贫对融资约束的缓解作用更明显。上市公司应积极响应国家号召参与扶贫脱贫与乡村振兴工作,履行社会责任,建立精准扶贫奖惩机制和企业扶贫披露机制。Taking Chinese listed companies that carried out targeted poverty alleviation in 2016—2019 as the sample,and using ACW model,Heckman two-step method and two-stage least square method for reference,this paper studies the relationship between the intensity of corporate targeted poverty alleviation and corporate financing constraints,and further examines the impact of the nature of property right,the scale of debt,and the degree of marketization on it.The results show that enterprises carrying out targeted poverty alleviation policy can alleviate financing constraints,and the more the intensity of poverty alleviation,the stronger the degree of alleviation.Targeted poverty alleviation has a more obvious effect on alleviating financing constraints for non-state-owned enterprises with high asset liability ratio in developed regions.Listed companies should actively respond to the call of our country to participate in poverty alleviation and rural revitalization,and fulfill their social responsibilities,establish a reward and punishment mechanism for targeted poverty alleviation and a disclosure mechanism for corporate poverty alleviation.

关 键 词：精准扶贫 企业融资约束 上市公司 企业社会责任 

分 类 号：F275[经济管理—企业管理] F323.8[经济管理—国民经济]