The Impact Of Participation In Targeted Poverty Alleviation On Enterprise Innovation

Innovation investment is an important endogenous driving force for a country’s economic and social stability and sustained and rapid development.How to improve the environment of the innovation investment system plays an important role in maintaining stable economic development.However,due to the heterogeneity of high-risk,high-asset-specificity,and low-mortgageability,and the existence of factors such as the singularity of financing channels for Chinese enterprises,financing constraints have been a serious constraint on the development of innovation investment for Chinese enterprises.Innovation plays a very important role in maintaining a company’s competitive advantage and long-term development.However,the current effect of stimulating innovation is not ideal.How to promote innovation has become a problem that needs to be solved urgently,and easing financing constraints has become one of the most direct solution.China is in an important period of poverty alleviation.Participating in targeted poverty alleviation has become a popular way of fulfilling social responsibilities.By participating in targeted poverty alleviation,enterprises can fulfill their social responsibilities through public welfare,and they can also use their industriality to promote their healthy development.Participation in targeted poverty alleviation promotes R&D and innovation through direct effects and information transmission effects to alleviate financing constraints.Therefore,this paper examines the relationship between the two and explores its mechanism of action to provide an explanation for companies to actively participate in targeted poverty alleviation projects.This paper is based on the Opinions of the China Securities Regulatory Commission on the Strategy of Bringing the Capital Market to Serving National Poverty Alleviation Strategies issued by the China Securities Regulatory Commission in September 2016 as the starting point.With the implementation of precision poverty alleviation as the background,some Shenzhen and Shanghai mainboard A-share listed companies are sampled.Study the relationship between participation in precisionpoverty alleviation and corporate R&D innovation,and explore the impact mechanism of the relationship between the two.The main conclusions reached are as follows:(1)Only participating in targeted poverty alleviation will not affect the R&D and innovation of enterprises.The strength of targeted poverty alleviation has a positive relationship with the intensity of R&D investment,that is,the greater the strength of targeted poverty alleviation,the greater the strength of R&D investment.(2)Financing constraints play an intermediary role in the relationship between precision poverty alleviation efforts and R&D investment intensity.(3)The intermediary effect of financing constraints on the relationship between participation in precision poverty alleviation and corporate innovation is mainly reflected in private enterprises.The significance of the research lies in: firstly,This article has a new idea in the research content.Targeted poverty alleviation is relatively new in corporate research.The study of the relationship between the two has enriched the research on social responsibility.secondly,companies There are many factors influencing innovation.This article studies the relationship between precision poverty alleviation participation and corporate innovation,and links companies with macro factors,which has a unique perspective.Thirdly,it includes the two important national strategies of precision poverty alleviation and enterprise innovation.The system can have a more comprehensive understanding of the impact of macro policies on enterprises,and thus be more conducive to the use of macro forces to promote innovation and development of enterprises,which has certain practical significance.Aiming at the above results,this article puts forward the following suggestions from different angles:first,companies should actively fulfill their social responsibilities and pay attention to the information disclosure of targeted poverty alleviation,in order to fully enjoy the beneficial effects of social responsibility disclosure on companies.Next,Play the role of the market,and promote the healthy development of industries in poverty-stricken areas and poverty alleviation enterprises.Again,the financing problem is still an obstacle to corporate development,so we must improve the corporate financing environment and create a good environment for corporate development.finally,government departments play a traction role to improve precision Poverty alleviation performance efficiency,perfecting and strengthening the implementation of relevant incentives for targeted poverty alleviation and enhancing synergy.To sum up,this article hopes that by exploring the relationship between precision poverty alleviation participation and corporate R&D innovation and the intermediary role of financing constraints in it,it will provide a reference for better incentives for corporate innovation,and also better use the capital market.Inclusive financial functions and mechanisms provide empirical evidence for the comprehensive establishment of a well-off society and strong capital market support.