上市公司精准扶贫财富效应研究——基于资本市场协同视角  

Wealth Effects of Enterprises’ Targeted Poverty Alleviation

作　　者：王玉涛 徐瑞遥 段梦然 Wang Yutao

机构地区：[1]中国人民大学商学院,100872 [2]首都经济贸易大学会计学院,100070 [3]北京工商大学商学院,100048

出　　处：《会计研究》2024年第10期51-68,共18页Accounting Research

基　　金：国家自然科学基金项目(71962029);国家自然科学基金项目(71972179);国家自然科学基金项目(72302009)的资助。

摘　　要：构建政府、社会、市场协同推进的大扶贫格局对巩固和拓展脱贫攻坚成果、推动和实现乡村振兴具有重要意义。本文基于资本市场协同视角,以2017—2021年上市公司的扶贫公告为研究样本,考察企业开展精准扶贫对其市场价值的影响及其作用机制。本研究发现,上市公司开展精准扶贫工作有助于企业短期和长期市场价值的提升。当上市公司参与帮扶期间投入金额越多、产业扶贫投入程度越大、因扶贫而获奖时,上述价值提升作用更加明显。作用机制检验表明,外部形象提升和政府补贴获得是企业参与帮扶工作提升其市场价值的两个重要渠道。此外,本文在进一步分析中发现,企业参与帮扶可以推进被帮扶地区的乡村振兴和共同富裕水平。本文的研究不仅揭示了上市公司参与精准扶贫工作、扎实推进乡村全面振兴的内生动力,而且对政府如何完善优惠政策以支持“万企兴万村”行动提供了一定的启示。The construction of a large poverty alleviation pattern synergistically promoted by the government, society and market is of great significance in consolidating and expanding the results of poverty alleviation, finally helps promoting and realizing rural revitalization. Based on the perspective of capital market synergy, this paper takes the poverty alleviation announcements of listed companies from January 1, 2017 to December 31, 2021 as a research sample, and examine whether and how the listed companies carrying out targeted poverty alleviation influence the market value. This study finds that listed companies carrying out targeted poverty alleviation can contribute to the enhance of short-term and long-term market value. The above effects are more pronounced when the listed company invests more amount of money during the period of participation in helping the poor, more engagement in industrial poverty alleviation, receives awards from poverty alleviation, and helps more poor people to get rid of poverty. The mechanism analysis indicates that external reputation enhancement and government subsidy acquisition are two important channels for enterprises to promote their market value via poverty alleviation. In addition, this paper finds that the participation of enterprises in helping the poor can promote the level of rural revitalization and common wealth in the poverty-alleviated areas. The research in this paper not only reveals the endogenous motivation of listed companies to participate in poverty alleviation work and promote the rural revitalization, but also sheds light on the government's efforts to improve relevant preferential policies to help the“Ten Thousand Enterprises to Promote Ten Thousand Villages” action in the long run.

关 键 词：乡村振兴 精准扶贫 企业扶贫特征 市场价值 

分 类 号：F32[经济管理—产业经济]