上市公司参与精准扶贫能获得政府资源支持吗?

Can Listed Firms that Participate in Targeted Poverty Alleviation Obtain More Government Resources?

本文以2016-2018年中国A股上市公司为研究样本,研究上市公司实施精准扶贫行为如何影响其获得的政府资源支持。研究发现:上市公司积极实施精准扶贫行为对其获得的政府补贴等政府资源支持具有显著提升作用;当上市公司缺乏政治关联或者处于政府干预程度较高、市场化水平较低的地区时,精准扶贫投入能够为其带来更多的政府资源支持;上市公司积极实施精准扶贫行为对当年的经营绩效具有提升作用,但对次年经营绩效不具有显著影响,同时精准扶贫行为可以显著提升上市公司的市场价值。本文不仅丰富了关于精准扶贫经济后果的学术文献,而且为决策高层更好地筹划精准扶贫工作提供了一定的政策参考价值。

In this paper,we use the sample of listed firms from 2016 to 2018 to study how the listed firms can get government resource supports by conducting targeted poverty alleviation.We find that listed firms can get significant government resource support such as government subsidies after active targeted poverty alleviation investment,and this positive relationship is more salient in firms with less political connections or in firms located in areas with low degree of marketization.Furthermore,the firms that are active in targeted poverty alleviation can improve their performance in the current year but there are no significant effects in the next year.However,the implementation of targeted poverty alleviation investment can significantly enhance the market value of listed firms.The paper contributes to the study of the economic consequences of targeted poverty alleviation and provides some policy suggestions for better planning the targeted poverty alleviation.