企业参与国家战略的区域同群效应:来自精准扶贫的经验证据  

Regional Peer Effect of Enterprises'Participation in National Strategies:Evidence from Targeted Poverty Alleviation

作　　者：徐枫[1] 田建强 XU Feng;TIAN Jianqiang(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing 100710,China;Business School,Henan University,Kaifeng 475004,China)

机构地区：[1]中国社会科学院金融研究所 [2]河南大学商学院

出　　处：《金融评论》2024年第2期97-113,157,共18页Chinese Review of Financial Studies

基　　金：国家社科基金一般项目《银行竞争、卖空机制与企业融资约束研究》(项目批准号:21BGL084)的资助。

摘　　要：国家战略的实施需要企业的配合,企业参与国家战略也有其自身的动机和利益考量。基于2016~2019年中国上市公司披露的精准扶贫信息,本文借助同群空间矩阵方法考察企业参与精准扶贫行为是否存在区域同群效应。研究发现,上市公司参与精准扶贫具有区域同群效应,表现为精准扶贫支出会受到本区域其他企业精准扶贫支出的影响,这一结果在一系列稳健性检验后依然成立。异质性分析发现,区域同群效应在区域领先企业和国有企业群体中表现得更为突出。机制检验表明,社会学习和地区扶贫压力是国有企业产生精准扶贫区域同群行为的重要原因,社会学习和产业竞争是非国有企业产生精准扶贫区域同群行为的重要原因。进一步研究发现,企业参与精准扶贫能够增加税收返还和改善长期贷款便利,这一效果尤其体现在区域领先企业和国有企业之中。本文研究结论对于理解企业参与国家战略背后的动机、积极引导企业参与国家战略具有重要政策启示。In the new stage of development,enterprises emerge as pivotal agents in realizing national strategies.Leveraging data on Targeted Poverty Alleviation initiatives disclosed by listed companies spanning 2016 to 2019,this study employs spatial matrix methodologies to investigate the presence of regional peer effects in enterprise participation in poverty alleviation efforts.Our research unveils a significant influence of regional peer effects on enterprises'Targeted Poverty Alleviation expenditures,a conclusion robust across various sensitivity analyses.Heterogeneity analysis further reveals that regional leading enterprises and state-owned entities are particularly susceptible to these effects.Mechanism testing delineates social learning and regional poverty alleviation pressure as primary drivers shaping the regional peer effect of Targeted Poverty Alleviation expenditures among state-owned enterprises.Conversely,for non-state-owned enterprises,social learning and industrial competition emerge as key mechanisms.Furthermore,our findings indicate that enterprise engagement in the regional peer effect of Targeted Poverty Alleviation translates into increased tax returns and enhanced accessibility to long-term loans,with these benefits more pronounced among regional leaders and state-owned enterprises.These research insights bear substantial implications for guiding enterprises in effectively participating in national strategies,underscoring the importance of understanding and leveraging regional peer effects in fostering collaborative efforts toward poverty alleviation and broader national objectives.

关 键 词：同群效应 精准扶贫 国家战略 

分 类 号：F323[经济管理—产业经济]