摘要
借助我国2016年系列精准扶贫政策,并基于不完全信息动态模型,本文从理论与实证两方面考察了上市公司披露精准扶贫对基金投资的信号作用。研究发现:上市公司披露精准扶贫确实能够对基金投资产生积极的信号作用,且作用效果不因精准扶贫方式而改变;对于民营企业,这一信号作用更为显著;随着时间的推移,精准扶贫披露对基金投资的信号作用由于企业模仿现象的加剧而逐渐减弱甚至消失。本文对影响机制进一步剖析发现,公司披露精准扶贫向消费者传递了积极的信号,进而增加公司销售收入和利润,基金确实能够认识到这一信号传递机制并进行投资,并且投资于精准扶贫公司对基金的业绩和资金净流量均有显著的正面影响。本文证实企业披露精准扶贫传递了积极的信号,为深入挖掘企业精准扶贫的内在动机、解决信息不对称问题、汇聚企业力量扎实推进共同富裕提供了重要启示。
Eradicating poverty has long been a prominent challenge plaguing global development and governance and is a crucial aspect of realizing the Chinese dream of the great rejuvenation of the Chinese nation. The Targeted Poverty Alleviation Strategy(TPA) initiated by the Chinese government in 2013 has proven to be a critical tool in winning the battle against poverty. In 2021, China officially declares that we have achieved a complete victory in the fight against poverty, lifting 98.99 million rural poor people out of poverty and removing 832 poverty-stricken counties from the poverty list. Throughout this process, the Chinese government attached great importance to stimulating entrepreneurship, while Chinese companies actively participated in Targeted Poverty Alleviation and fulfilled their social responsibilities through capital investment and material assistance. With the enormous size of public funds in China's capital market, elaborating whether participation of listed companies in Targeted Poverty Alleviation can be considered a positive signal for public funds' investments, and how does it influence the investment decisions of public funds has important theoretical and practical significance.Against the above background, this study aims to clarify the signals sent by the disclosure of company's participation in Targeted Poverty Alleviation to public funds, and further explore its internal mechanism from the perspectives of fund performance and company performance. Since 2016, the Chinese government has implemented a series of new policies, encouraging listed companies to enthusiastically participate in Targeted Poverty Alleviation, while Shanghai Stock Exchange and Shenzhen Stock Exchange mandatorily required listed companies to fully disclose their involvement in Targeted Poverty Alleviation in their annual reports and standardize disclosure practices. Whether this change in information disclosure has an impact on the capital market and, in particular, whether it can be absorbed by institutional investors when
作者
张学勇
冯盼盼
魏旭
ZHANG Xueyong;FENG Panpan;WEI Xu(School of Finance,Central University of Finance and Economics)
出处
《经济研究》
CSSCI
北大核心
2023年第4期152-170,共19页
Economic Research Journal
基金
国家社科基金重大项目(19ZDA098)的阶段性成果。
关键词
精准扶贫
社会责任
信号
基金投资
Targeted Poverty Alleviation
Social Responsibility
Signaling
Fund Investment
