企业精准扶贫影响企业价值吗?

Does Targeted Poverty Alleviation Affect Enterprise Value?

本文基于2016-2018年A股上市公司数据,研究了企业参与精准扶贫对企业价值的影响,发现:企业精准扶贫力度越大,企业价值越高。并且,无论是国有企业还是非国有企业,其精准扶贫力度均与企业价值呈正相关关系;地区分组检验表明,东部和西部地区企业参与精准扶贫对企业价值有显著正向影响;机制分析发现,企业参与精准扶贫通过提高企业声誉和董事会勤勉性,进而提高了企业价值;企业精准扶贫行为显著提高了企业长期绩效。本文为企业持续参与扶贫提供了决策依据,并且为巩固拓展脱贫攻坚成果提供了新的治理思路。

Based on the data of A-share listed companies from 2016 to 2018, this paper studies the impact of enterprises’ investment in targeted poverty alleviation on enterprise value. The research found that: the greater the enterprise’s investment in targeted poverty alleviation, the higher the enterprise value. Heterogeneity analysis shows that the positive correlation between targeted poverty alleviation and enterprise value exists significantly in state-owned enterprises, non-state-owned enterprises, enterprises in eastern and western regions, but is not statistically significant in the central region. The mechanism analysis shows that targeted poverty alleviation improves corporate value by improving corporate reputation and the diligence of the board of directors. At the same time, the targeted poverty alleviation has significantly improved the long-term financial performance of enterprises, rather than the short-term financial performance, indicating that the impact of the targeted poverty alleviation on the enterprise value has longterm sustainability. This paper provides decision-making basis for enterprises to continuously participate in targeted poverty alleviation. It also provides a new governance idea for consolidating and expanding the achievements of poverty alleviation.