Research On The Influence Of Enterprise Participation In Targeted Poverty Alleviation On Financing Constraints

At present,China has initially formed a multi-level capital market,and the reform of the capital market continues to advance in depth,and is developing steadily and healthily.However,there will always be bottlenecks on the road of healthy economic development.For enterprises,problems such as information asymmetry and agency cost are the problems encountered in the process of sustainable development,and the financing problem still puzzles the development of enterprises.The existing literature research conclusion shows that one of the effective ways for enterprises to alleviate financing constraints is to fulfill their social responsibility.There are various ways to fulfill social responsibility.Among them,enterprises’ participation in targeted poverty alleviation is an effective and novel form.It refers to that enterprises carry out poverty alleviation work and help them reduce pressure and relieve difficulties for a variety of reasons(including subjective and objective),such as improving the good reputation of enterprises,establishing a positive image of enterprises,expanding their own benign development space,etc.in response to the call of the state and government departments.In 2020,China won a decisive victory in the decisive battle to get rid of poverty.More than 100 million poor people in rural areas have been lifted out of poverty,and 832 poverty-stricken counties in China have taken off their hats.China has entered a post targeted poverty alleviation era based on relative poverty(Tang Renwu et al.,2020).At present,in response to the No.1 central document of the Central Committee in 2022,it has become a major social trend to consolidate the achievements made in poverty alleviation,comprehensively promote rural revitalization and increase the income of people who have been lifted out of poverty.Based on this,it is still very important to encourage enterprises to actively participate in poverty alleviation activities and fulfill their social responsibilities.The specific research context of this paper is to implement the relevant concepts clearly,based on the research of many Chinese and foreign documents related to enterprise financing constraints and targeted poverty alleviation,take the relevant theories such as information asymmetry and principal-agent as the support,use the double differential propensity score matching model and fixed effect regression model,and take Changjiang Electric Power Co.,Ltd.as a case study,This paper tries to analyze how enterprises’ participation in targeted poverty alleviation and investment in targeted poverty alleviation affect their own financing constraints,group them according to the nature of property rights,and study the relationship between the two by taking the agency cost as an intermediary variable.The research conclusion can show whether this kind of social responsibility can be recognized by the capital market,so as to better guide the allocation of social and economic resources.The innovation and contribution of this paper are as follows: first,from the perspective of targeted poverty alleviation as an extension of social responsibility,this paper refines the research on enterprises undertaking their own social responsibility.Second,it enriches the content of enterprise financing constraints,and can provide theoretical support in understanding the motivation and economic consequences of Chinese enterprises participating in targeted poverty alleviation.Third,in the relevant fields of this research topic,this paper adds the agency cost as an intermediary variable for the first time,which is conducive to a deeper understanding of the mechanism of enterprise targeted poverty alleviation on financing constraints from different aspects.