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精准扶贫对公司系统性极端尾部风险的影响:是“粉饰工具”还是“免疫工具”? 被引量:2

The impact of targeted poverty alleviation on systemic extreme tail risk:“Window Dressing”or“Immunity Tool”?
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摘要 在扶贫攻坚战全面打响和逐步深入的关键时期,许多公司响应政府号召积极参与精准扶贫.本文以2012-2020年我国A股上市公司为对象,讨论了精准扶贫对公司系统性极端尾部风险的影响.研究发现:1)公司参与精准扶贫能够显著地缓解其受市场尾部风险溢出的冲击影响,有效地降低公司系统性极端尾部风险;2)精准扶贫对降低公司系统性极端尾部风险的影响,在大规模公司、高机构持股占比和高杠杆率的公司表现尤为突出;3)机制分析表明,通过参与精准扶贫,公司向外界传递了履行社会责任的利好信号,具有降低融资约束和增加股票流动性等正外部效应,同时也具有提升公司内部治理能力和治理效率的正内部效应,所有这些是公司提高风险免疫力的重要原因.本文研究表明精准扶贫能够显著地提高公司对市场极端尾部风险溢出的免疫力,是公司风险的“免疫工具”,因而对公司如何防范市场极端尾部风险冲击具有重要意义,为公司积极参与精准扶贫等社会责任活动提供了价值参考. In the critical period when the poverty alleviation is gradually deepened and fully launched,many companies respond to the government’s call to actively participate in targeted poverty alleviation.This paper discusses empirically the impact of participating in targeted poverty alleviation on companies systemic extreme tail risk using A-share listed companies in China from 2012 to 2020.The empirical findings show that,1)participating in targeted poverty alleviation can significantly mitigate the companies’exposure to the extreme tail risk spillover of the market,and can reduce effectively firms’systemic extreme tail risk;2)the impact of targeted poverty alleviation on reducing the systemic extreme tail risk has the larger sensibility in the companies with the larger size, the higher institutional shareholding ratio and the higher leverageratio;3) the mechanism analysis shows that by participating in targeted poverty alleviation,companies delivery positive signals to the market about fulfilling social responsibility, which haspositive external effects such as reducing financing constraints and increasing stock liquidity,as well as positive internal effects such as improving internal corporate governance capacityand efficiency, and all these are important reasons why targeted poverty alleviation significantlyimproves the immunity of companies. This paper shows that participating to targeted povertyalleviation can significantly improve the immunity to the extreme tail risk spillover of the market,and is the “immunity tool” in the risk management of firm, and therefore has the importantimplications to how to prevent the extreme tail risk shock of the market and can provide thevaluable reference to for companies to actively participate in social responsibility activities suchas targeted poverty alleviation.
作者 凌爱凡 游欣 李龙琦 LING Aifan;YOU Xin;LI Longqi(School of Economics and Finance,Shanghai International Studies University,Shanghai 201620,China;School of Finance,Jiangxi University of Finance&Economics,Nanchang 330013,China)
出处 《系统工程理论与实践》 EI CSSCI CSCD 北大核心 2023年第11期3145-3166,共22页 Systems Engineering-Theory & Practice
基金 国家自然科学基金(72071098,71771107) 中央高校基本科研业务费专项。
关键词 精准扶贫 系统性尾部极端风险 公司社会责任 融资约束 管理者情绪 targeted poverty alleviation systemic extreme tail risk corporate social responsibility financing constraints manager’s sentiment
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