摘要
本文基于手工收集的2016-2018年中国A股上市公司精准扶贫信息,深入研究企业参与脱贫攻坚对投资效率的影响及作用机制.研究发现:企业参与脱贫攻坚力度越大,投资效率越高;随着媒体关注度的提高,企业参与脱贫攻坚对投资效率的正效应增强;与国有企业相比,非国有企业参与脱贫攻坚更能够提高企业投资效率.中介效应检验发现,企业参与脱贫攻坚能够通过降低信息不对称和代理成本、缓解融资约束以及提高企业声誉等路径提高企业投资效率.本文丰富了脱贫攻坚的相关研究,有利于企业管理者更深层次理解将企业理想融入国家战略对企业经营尤其是长远发展的重要意义,同时为相关政府部门引导企业参与乡村振兴战略,提高企业发展质量以及扎实推动共同富裕提供了新的治理思路.
This paper uses manually collected information on targeted poverty alleviation of Chinese A-share listed companies from 2016 to 2018 to deeply study the impact and mechanism of enterprises’ participation in poverty alleviation on investment efficiency.The study found that the enterprises participating in poverty alleviation can significantly improve corporate investment efficiency.Specifically,we find that companies participating in poverty alleviation can improve corporate investment efficiency by alleviating information asymmetry,reducing agency costs,alleviating financing constraints,and improving corporate reputation.Additionally,we demonstrate that the positive effect of companies participating in poverty alleviation is more pronounced for firms which have a higher media coverage and in the subsample of non-state-owned companies.This paper enriches the relevant research on poverty alleviation,which is conducive to corporate managers to have a deeper understanding of the importance of integrating corporate ideals into national strategies for business operations,especially for long-term development.At the same time,it provides new governance ideas for relevant government departments to guide enterprises to participate in rural revitalization strategies,improve the quality of enterprise development,and solidly promote common prosperity.
作者
甄红线
郭东
王三法
ZHEN Hongxian;GUO Dong;WANG Sanfa(School of Accounting/China Internal Control Research Center,Dongbei University of Finance and Economics,Dalian 116025,China)
出处
《系统工程理论与实践》
EI
CSSCI
CSCD
北大核心
2022年第5期1197-1213,共17页
Systems Engineering-Theory & Practice
基金
国家自然科学基金(72172029,71971046.71702025,71731003)
国家社会科学基金重大项目(19ZDA094)
辽宁省教育厅项目(LJKR0462)
辽宁特聘教授滚动支持计划(辽教函[2018] 35号)。
关键词
脱贫攻坚
投资效率
媒体关注
共同富裕
poverty alleviation
investment efficiency
media attention
common prosperity
