董事长早期贫困经历与企业精准扶贫——基于中国A股上市企业的实证研究

Early Poverty Experience of Board Chair and Targeted Poverty Alleviation: Empirical Evidence from Chinese A-Share Listed Companies

以2016~2019年中国沪深两市A股上市企业为对象,探究董事长早期贫困经历对企业精准扶贫的影响,同时探究货币薪酬激励与两职合一的调节作用。实证结果表明,董事长早期贫困经历对企业精准扶贫具有显著正向影响。货币薪酬激励会增强董事长早期贫困经历对精准扶贫的促进作用,董事长兼任CEO则会削弱早期贫困经历对精准扶贫的促进作用。进一步分组检验发现,在产业发展脱贫、教育扶贫、健康扶贫等多个精准扶贫领域,董事长早期贫困经历均具有显著正向影响。董事长早期贫困经历对精准扶贫的促进作用在外部市场化程度以及现金持有水平更高的企业中更为显著。本文的研究结论拓宽了高管早期经历及社会责任相关研究视角,也为促进企业积极承担精准扶贫责任提供了经验证据。

Based on the data of Chinese A-share listed companies from 2016 to 2019, this paper explores the impact of the early poverty experience of the board chair on targeted poverty alleviation of companies, and the moderating effects of both monetary compensation and CEO duality. The empirical results show that the early poverty experience of the board chair has a significant positive impact on targeted poverty alleviation. Monetary compensation enhances the positive effect of the early poverty experience of the board chair on targeted poverty alleviation, while CEO duality weakens the positive effect. The grouping analysis shows that the early poverty experience of the board chair has a significant positive impact on different kinds of targeted poverty alleviation, including industrial targeted poverty alleviation, education poverty alleviation, health poverty alleviation, etc. The positive effect of the early poverty experience of the board chair on targeted poverty alleviation is more significant in companies with more cash holdings and facing higher marketization. The results expend the research perspective of the early experience of the manager and the social responsibility of the company, and provide empirical evidence for promoting companies to better implement targeted poverty alleviation.