参与精准扶贫的公司更值得投资吗?——基于扶贫对公司风险影响的视角

Do Companies Involved in Targeted Poverty Alleviation Have the Higher Investment Value?——Impact of TPA on Firm's Risks

许多公司积极参与精准扶贫,为中国摆脱绝对贫困、打赢扶贫攻坚战发挥了重要的作用.文章从公司资产的波动率和尾部风险视角,讨论了参与精准扶贫公司的投资价值问题.文章首先建立了一个包含扶贫项目在内的单周期公司投资决策模型,从理论上探讨了参与扶贫对公司资产波动率和尾部风险的影响.然后,以2016-2020年A股上市公司数据为研究对象,对精准扶贫与公司股票风险的理论关系进行了检验.研究发现,与理论预期完全一致,参与精准扶贫的行为能够显著降低公司股票的波动率、特质波动率和尾部风险.扶贫对公司资产风险的影响在非国有公司、投资者信心高和扶贫成效好的公司中尤为明显.机制分析发现,精准扶贫能通过提高公司经营绩效和公司信息披露质量渠道降低公司股票波动率和尾部风险.文章的研究为公司积极履行社会责任提供了有力的理论与实证支持,无论是从风险管理的角度,还是价值投资的角度,参与扶贫的公司均具有相对高的投资价值.

Many companies get actively involved in targeted poverty alleviation,which plays an important role in ridding of absolute poverty and winning the battle against poverty alleviation in our country.This paper discusses whether companies participating in targeted poverty alleviation have the higher investment value from the perspective of volatility and tail risk of corporate assets.This paper establishes a single-cycle company investment decision model including poverty alleviation projects,and obtains in theory relationship between participating in poverty alleviation and company asset volatility and tail risk.Then,using the data of A-share listed companies from 2016 to 2020,this paper examines the impact of involvement in targeted poverty alleviation on the company's stock risk.The empirical results show that,being consistent with theoretical expectations,involvement in targeted poverty alleviation can significantly reduce volatility,idiosyncratic volatility and tail risk of the company's stock.And the impact of poverty alleviation on company asset risk is particularly significant in non-state-owned companies,companies with high investor confidence and those with good poverty alleviation effects.The mechanism analysis shows that involvement in targeted poverty alleviation can reduce the risk of company stock through improving the company's operating performance and the quality of company information disclosure.The research of this paper provides strong theoretical and empirical support for companies to actively fulfill their social responsibilities,and believes that companies participating in targeted poverty alleviation have relatively high investment value both from the perspective of risk management and value investment.