企业参与产业精准扶贫投入绩效转化效果及机制分析——来自中国A股市场的经验证据

An Analysis of the Effect and Mechanism of Enterprise's Participation in Industrial Targeted Poverty Alleviation Input Performance Conversion: Empirical Evidence from China's A-share Market

产业精准扶贫是打赢脱贫攻坚战的关键武器,从企业的视角出发,参与产业精准扶贫不仅履行了社会责任,也获得了提升企业绩效的机会。基于资源依赖理论,以2016-2017年参与产业精准扶贫的A股上市公司为样本进行的实证研究表明:企业加大产业精准扶贫投入能够提高财务绩效,在排除了内生性问题后这一作用效果仍然显著;并且,在市场化程度较低的地区,产业精准扶贫投入对企业绩效的影响效果更好;同时,国有和非国有企业之间参与产业精准扶贫的财务绩效并没有表现出明显的差异,但较高的管理层权力集中度不利于企业通过产业精准扶贫提升财务绩效;进一步研究发现,产业精准扶贫投入水平和企业价值之间也同样呈现出类似的关系。以上结论丰富了精准扶贫领域的研究成果,对企业参与产业精准扶贫的决策具有借鉴意义。

Targeted poverty alleviation in industry is the key weapon to win the battle against poverty. From the perspective of enterprises, participating in targeted poverty alleviation not only fulfills social responsibility, but also obtains the opportunity to improve the performance of enterprises.Based on the theory of resource dependence, an empirical study of A-share listed companies participating in targeted poverty alleviation in industry from 2016 to 2017 shows that: increasing investment in industrial targeted poverty alleviation can improve financial performance, which is still significant after eliminating endogenous problems;moreover, in areas with low degree of marketization, the impact of industrial targeted poverty alleviation investment on corporate performance is better;at the same time, there is no significant difference between the financial performance of state-owned and non-state-owned enterprises participating in industrial targeted poverty alleviation,however, the higher concentration of management power is not conducive to the improvement of financial performance through industry targeted poverty alleviation;further research found that there is a similar relationship between investment level of industry targeted poverty alleviation and enterprise value. The above conclusions enrich the research results in the field of targeted poverty alleviation, and have reference significance for enterprises to participate in industrial targeted poverty alleviation decision-making.