资本市场扶贫新政促进了贫困地区企业价值创造吗——基于新三板挂牌企业的实证

Does the New Policy of Financial Poverty Alleviation in the Capital Market Promote Value Creation of Enterprises in Poverty-Stricken Areas?——Based on the Empirical Evidence of the New Third Board Companies

2016年我国资本市场响应国家精准扶贫战略,发布系列金融扶贫政策,旨在将资本市场资源引入贫困地区优质企业,提升企业价值创造能力,进而带动所在地区经济发展。以2016-2018年通过扶贫新政挂牌新三板的企业为样本,运用PSM和DID方法检验资本市场扶贫新政对企业价值创造的影响。结果显示:扶贫新政能促进贫困地区上市企业的价值创造,且对市场化程度越低地区的企业价值创造影响更为显著;进一步的影响路径分析发现,扶贫新政主要通过提高企业生产效率促进企业价值创造。本文将微观企业价值创造的研究空间拓展到宏观金融政策领域,丰富了金融扶贫经济后果的研究文献,研究结论为优化资本市场扶贫政策,提升贫困地区挂牌企业价值创造能力提供了借鉴。

Chinese capital market responded to the national targeted poverty alleviation strategy and released a series of financial poverty alleviation policies aimed at introducing capital market resources to high-quality enterprises in poor areas in 2016,enhancing corporate value-created capabilities,and driving economic development in the poverty-stricken areas.Whether the enterprises in the poor areas will use the funds for economic activities that enhance their value-created ability after listing and financing is the key to the effect of the new poverty alleviation system in the capital market.Based on the sample of listed companies on the“New Third Board”in 2016-2018 in poor areas,the PSM and DID were used to empirically test the effect of the poverty alleviation policy of the capital market on the value creation capacity of enterprises.The results show that this policy can effectively enhance the value creation capabilities of listed companies in poverty-stricken areas,and has a more significant impact on the value creation of enterprises in areas with lower marketization.Further analysis of the impact path shows that the new poverty alleviation policy can promote the enhancement of corporate value creation ability by improving the production efficiency of enterprises.