精准扶贫背景下上市公司的投资效率与绩效研究——基于民营企业的样本

Research on Investment Efficiency and Performance of Listed Companies under the Background of Precision Poverty Alleviation--Based on Samples of Private Enterprises

民营企业会实施扶贫活动吗?实施扶贫活动会提升民营企业投资效率吗?为了回答这些精准扶贫过程中需要厘清的问题,本文利用民营企业样本,以2016-2018年A股上市公司披露的扶贫相关数据为样本进行检验。结果表明,民营企业扶贫的驱动力是获得政府补贴、减少融资约束、享受税收优惠。同时,民营企业扶贫行为能够提升投资效率,进而促进了企业绩效增加。进一步从微观角度的截面异质性检验发现,具有政企关系的民营企业或者融资约束程度高的民营企业,实施扶贫活动更能够提升投资效率;从宏观角度的截面异质性检验发现,民营企业参加地方政府干预程度较低地区或市场化程度较低地区的扶贫活动,更能够提升投资效率。

Will private enterprises implement poverty alleviation activities? Will the implementation of poverty alleviation activities improve the efficiency of corporate investment? In order to answer these questions that need to be clarified in the process of targeted poverty alleviation, this paper uses samples of private enterprises to test the data related to poverty alleviation disclosed by a-share listed companies from 2016 to 2018. The results show that the driving force of private enterprises in poverty alleviation is to obtain government subsidies, reduce financing constraints and enjoy tax preferences. At the same time, the poverty alleviation behavior of private enterprises can improve the investment efficiency, thus promoting the increase of enterprise performance. Further cross-sectional heterogeneity test from the micro point of view found that private enterprises with government-enterprise relations or private enterprises with high degree of financing constraints can improve the investment efficiency by implementing poverty alleviation activities. The cross-sectional heterogeneity test from a macro perspective shows that private enterprises can improve investment efficiency by participating in poverty alleviation activities in areas with low degree of local government intervention or low degree of marketization.