Research On The Impact Of Targeted Poverty Alleviation Of Listed Companies On Corporate Value

Targeted poverty alleviation is a crucial measure taken by our country to win the battle against poverty,and it is also a new form of corporate social responsibility for listed companies in our country.Since the introduction of the policy,more and more listed companies have joined the team of targeted poverty alleviation,investing a lot of money and materials to help the poor in rural areas get rid of poverty.This is not only conducive to improving the effectiveness of poverty alleviation,but may also has a positive impact on the development of listed companies and improves the corporate value.This paper selects China’s A-share listed companies from 2016 to 2020 as the research sample to explore the impact of targeted poverty alleviation investment of listed companies on corporate value,and makes an empirical analysis on the intermediary role of financial performance and financing constraints.Finally,it makes a heterogeneity analysis on the basic results from the differences of poverty alleviation methods,property right nature and marketization degree.The research conclusions show that: first,the investment in targeted poverty alleviation has a significant positive impact on corporate value;second,in the impact of investment in targeted poverty alleviation on corporate value,financial performance and financing constraints both play a partial intermediary role;third,listed companies’ industrial poverty alleviation and non-industrial poverty alleviation both can improve corporate value,but industrial poverty alleviation has a stronger positive impact on corporate value;fourth,whether a listed company is a state-owned or non-state-owned enterprise,the participation of targeted poverty alleviation can enhance corporate value,and there is no significant difference in this positive impact among enterprises with different property rights;fifth,regardless of the level of marketization in the region where the listed company is located,targeted poverty alleviation can enhance corporate value,and there is no significant difference in this impact in regions with different degrees of marketization.Based on the conclusions of empirical analysis,this paper presents corresponding policy advice: first,listed companies should actively undertake corporate social responsibilities and consolidate the achievements of poverty alleviation;second,listed companies should actively develop characteristic industries in rural areas,and promote the effective connection between poverty alleviation and rural revitalization;third,the state should continue to strengthen policy support and provide incentives for enterprises to undertake various social responsibilities.