参与精准扶贫会提高公司资本成本吗?

Will Participation in Targeted Poverty AlleviationRaise the Cost of Capital?

企业是脱贫攻坚的重要力量,参与精准扶贫对其资本成本具有重要影响。本文利用精准扶贫实施这一外生政策冲击,以2014—2020年沪深A股上市公司为样本,通过实证方法检验了参与精准扶贫对公司资本成本的影响。研究发现:企业参与精准扶贫会增加经营风险,提高加权平均资本成本,具体表现为提高了权益资本成本、降低了债务资本成本。进一步研究发现,参与精准扶贫对加权平均资本成本的提升作用在非国有企业、社会责任敏感型行业企业、东部企业和地方政府干预程度小的企业中更加明显。本文丰富了精准扶贫的微观经济后果和资本成本的影响因素研究。

As a major force in poverty alleviation,enterprises′participation in targeted poverty alleviation has a significant impact on their cost of capital.Based on the exogenous impact of the implementation of targeted poverty alleviation policy,this paper empirically tests the impact of participating in targeted poverty alleviation on the capital cost by taking Chinese A-share listed companies from 2014 to 2020 as samples.The research found that public companies′participation in targeted poverty alleviation has increased the weighted average cost of capital by increasing operating risks,which is specifically manifested by reducing the debt financing cost and increasing the cost of equity capital.Further analysis shows that the targeted poverty alleviation′s role in improving the WACC of participating companies is only pronounced in non-state-owned enterprises,industries sensitive to social responsibility,eastern companies and areas with low degree of local government intervention.Meanwhile,the paper enriches the research on the economic consequences of targeted poverty alleviation and expands the analysis of the influencing factors of capital cost.