机构投资者实地调研能否提升企业精准扶贫投入度?——基于政策导向的企业社会责任视角

Can the Field Research of Institutional Investors Improve the Investment of Enterprises in Targeted Poverty Alleviation?——Based on the Perspective of Policy-oriented Corporate Social Responsibility

基于2016-2020年中国A股上市公司的研究样本,研究机构投资者实地调研对以精准扶贫为代表的企业社会责任的影响。研究发现:机构投资者通过实地调研,显著提高了企业在精准扶贫项目上的投入。机制检验显示,机构投资者通过实地调研,可以提高企业的信息透明度,进而影响目标企业精准扶贫的参与度。异质性分析表明,相比于没有政策压力的非国有企业和外部监督较高的被高质量审计的企业,机构投资者实地调研对企业精准扶贫的影响在国有企业和外部审计质量较低的企业中更为显著。

Based on the research sample of A-share listed companies in China from 2016 to 2020,this paper will study the impact of institutional investors field research on corporate social responsibility represented by targeted poverty alleviation.The study found that institutional investors significantly increased the investment of enterprises in targeted poverty alleviation projects through field research.The mechanism test shows that institutional investors can improve the information transparency of enterprises through field research,which in turn affects the participation of the enterprises in targeted poverty alleviation.The heterogeneity analysis shows that compared with non-state-owned enterprises which are free from policy pressure and enterprises with high-quality audits and high external supervision,the impact of institutional investors field research on targeted poverty alleviation of enterprises is more significant in state-owned enterprises and enterprises with low external supervision.