Mixed-ownership Reform:Private Firms’Role in Targeted Poverty Alleviation-A Perspective on Resource Complementarity and Check&Balance  

作　　者：Ding Hui He Dongxin Jiang Fuwei Zhang Zhining 

机构地区：[1]School of Finance,the Central University of Finance and Economics(CUFE),Beijing,China [2]School of Economics,Xiamen University,Xiamen,China [3]Wang Yanan Institute for Studies in Economics(WISE),Xiamen University

出　　处：《China Economist》2024年第5期25-47,共23页中国经济学人（英文版）

基　　金：the National Social Science Fund of China(NSSFC),“Study on the Policy Effect Evaluation and Optimization of Dual-Pillar Regulation under Triple Pressures”(Grant No.22&ZD063);General Project of the National Natural Science Foundation of China(NSFC),“Financial Fundamentals Information and Financial Risk Forecast:Machine Learning and Economic Theories”(Grant No.72072193);General Project of the National Natural Science Foundation of China(NSFC),“Investment Q Theory,Investor Sentiment and Capital Market Asset Pricing:A Big Data Perspective”(Grant No.71872195).

摘　　要：Targeted poverty alleviation(TPA)serves as a winning formula for fighting poverty and has generated valuable experiences for achieving common prosperity.The mixed-ownership reform has enhanced corporate economic performance.However,further testing is required to assess whether enterprises contribute to the improvement of distribution by participating in TPA.Taking A-share-listed private enterprises between 2016 and 2021 as research samples,we conducted an investigation into the extent and manner in which the mixed-ownership reform contributes to TPA.Our research reveals that a higher proportion of state capital equity participation is correlated with a greater level of private enterprises’contribution to TPA.This indicates that the mixed-ownership reform is beneficial for prompting private enterprises to shoulder responsibilities for building a society of common prosperity.As shown by the mechanism test,state capital equity participation encourages private enterprises to contribute to TPA primarily by alleviating corporate financing constraints through the resource complementarity effect.In contrast,the check&balance effect of promoting corporate poverty alleviation by mitigating the principal-agent problem has not yet been significantly demonstrated.Regarding the poverty alleviation model,state capital equity participation prompts private enterprises to contribute to TPA through industrial development,educational investment,and environmental protection,emphasizing a combination of providing external assistance and cultivating endogenous development capacity.In terms of TPA regions,state capital equity participation plays a significant role in supporting economically less-developed regions,regions with high unemployment rates,and central and western regions.This paper provides new empirical evidence for deepening mixed-ownership reforms and advancing common prosperity.

关 键 词：Mixed ownership TPA state capital resource complementarity check&balance 

分 类 号：F276.5[经济管理—企业管理] F271[经济管理—国民经济] F126