Can Targeted Poverty Alleviation Policies Ease the Financing Constraints of Chinese Enterprises? Based on a Policy-oriented Corporate Social Responsibility Perspective

doi:10.15936/j.cnki.1008-3758.2021.06.005

Abstract

Abstract: Taking Chinese listed companies that carried out targeted poverty alleviation in 2016—2019 as the sample， and using ACW model， Heckman two-step method and two-stage least square method for reference， this paper studies the relationship between the intensity of corporate targeted poverty alleviation and corporate financing constraints， and further examines the impact of the nature of property right， the scale of debt， and the degree of marketization on it. The results show that enterprises carrying out targeted poverty alleviation policy can alleviate financing constraints， and the more the intensity of poverty alleviation， the stronger the degree of alleviation. Targeted poverty alleviation has a more obvious effect on alleviating financing constraints for non-state-owned enterprises with high asset liability ratio in developed regions. Listed companies should actively respond to the call of our country to participate in poverty alleviation and rural revitalization， and fulfill their social responsibilities， establish a reward and punishment mechanism for targeted poverty alleviation and a disclosure mechanism for corporate poverty alleviation.

Key words: targeted poverty alleviation; corporate financing constraints; listed companies; corporate social responsibility

CLC Number:

F275
F323.8

YIN Zhong， SUN Mengchen， WU Yibo. Can Targeted Poverty Alleviation Policies Ease the Financing Constraints of Chinese Enterprises? Based on a Policy-oriented Corporate Social Responsibility Perspective[J]. Journal of Northeastern University(Social Science), 2021, 23(6): 32-39.

References

[1]杜世风，石恒贵，张依群. 中国上市公司精准扶贫行为的影响因素研究——基于社会责任的视角［J］. 财政研究， 2019(2):104-115.
[2]黄承伟，邹英，刘杰. 产业精准扶贫: 实践困境和深化路径——兼论产业精准扶贫的印江经验［J］. 贵州社会科学， 2017(9):125-131.
[3]林万龙，华中昱，徐娜. 产业扶贫的主要模式、实践困境与解决对策——基于河南、湖南、湖北、广西四省区若干贫困县的调研总结［J］. 经济纵横， 2018(7):102-108.
[4]Fazzari S M，Hubbard R G，Petersen B C，et al. Financing Constraints and Corporate Investment［J］. Brookings Papers on Economic Activity， 1988，19(1):141-206.
[5]唐建新，陈冬. 金融发展与融资约束——来自中小企业板的证据［J］. 财贸经济， 2009(5):5-11.
[6]谢军，黄志忠. 宏观货币政策和区域金融发展程度对企业投资及其融资约束的影响［J］. 金融研究， 2014(11):64-78.
[7]杜传文，黄节根. 货币政策、融资约束与企业投资［J］. 财经科学， 2018(4):15-28.
[8]Porter M E，Kramer M R. The Competitive Advantage of Corporate Philanthropy［J］. Harvard Business Review， 2002，80(12):56.
[9]李正. 企业社会责任与企业价值的相关性研究——来自沪市上市公司的经验证据［J］. 中国工业经济， 2006(2):77-83.
[10]邓可斌. 银行关联如何缓解融资约束: 直接机制还是间接机制［J］. 当代财经， 2017(5):44-56.
[11]张敏，马黎珺，张雯. 企业慈善捐赠的政企纽带效应——基于我国上市公司的经验证据［J］. 管理世界， 2013(7):163-171.
[12]吴莉昀. 政府补助与中小企业融资约束——异质性作用结果与机制研究［J］. 商业研究， 2019(8):14-24.
[13]Fombrun C，Shanley M. What's in a Name? Reputation Building and Corporate Strategy［J］. Academy of Management Journal， 1990，33(2):233-258.
[14]Koschate-Fischer N，Stefan I V，Hoyer W D. Willingness to Pay for Cause-related Marketing: the Impact of Donation Amount and Moderating Effects［J］. Journal of Marketing Research， 2012，49(6):910-927.
[15]Lin-Hi N，Blumberg I. The Link Between (not) Practicing CSR and Corporate Reputation: Psychological Foundations and Managerial Implications［J］. Journal of Business Ethics， 2018，150(1):1-14.
[16]姚海鑫，王轶英，王书林. 无形资产自愿信息披露、融资约束与投资不足——基于中国高新技术上市公司数据的实证分析［J］. 东北大学学报(社会科学版)， 2018，20(3):239-246.
[17]Almeida H，Campello M，Weisbach M S. The Cash Flow Sensitivity of Cash［J］. Journal of Finance， 2004，59(4):1777-1804.
[18]王小鲁，樊纲，余静文. 中国分省份市场化指数报告(2016)［M］. 北京: 社会科学文献出版社， 2017.
[19]刘建生，陈鑫，曹佳慧. 产业精准扶贫作用机制研究［J］. 中国人口·资源与环境， 2017，27(6):127-135.
[20]郭玥. 政府创新补助的信号传递机制与企业创新［J］. 中国工业经济， 2018(9):98-116.