Enterprises’ Participation In Targeted Poverty Alleviation And Innovation

Targeted poverty alleviation is not only a manifestation of corporate social responsibility,but also an important way for enterprises to obtain local resources and expand their reputation and influence.Innovation is the endogenous power to lead development and drive economy,and the vitality of enterprises.It plays a vital role in all stages of enterprise development.Both targeted poverty alleviation and enterprise innovation are of great significance in the operation process of enterprises.To explore the relationship between the two,this paper takes the capital market as an example for empirical research.This paper first combs the existing research literature at home and abroad.The concept of targeted poverty alleviation has been put forward for a short time.Foreign scholars usually take a broader perspective of social responsibility as the starting point,and there is little research on it;Domestic scholars have done a lot of research on targeted poverty alleviation,exploring the economic consequences of enterprises’ participation in targeted poverty alleviation from different perspectives.Exploring the influencing factors of enterprise innovation is one of the important topics in the field of corporate finance.Scholars at home and abroad have different research perspectives on innovation.The research of this paper theoretically broadens the research perspective of social responsibility on enterprise innovation,also provides strong support for the development and improvement of relevant theories.This study also provides a research basis for enterprises to make investment and poverty alleviation decisions,provides academic support for speeding up the improvement of the information disclosure system and the subsequent introduction of targeted poverty alleviation policies,and provides reference factors for investors to consider the investment value of enterprises.Information asymmetry theory,signal transmission theory and agency theory are the theoretical basis of this paper.Using the research contents and methods of domestic and foreign scholars for reference,this paper collects the information disclosed in the annual reports of Chinese A-share listed companies from 2016 to 2020,establishes a model,and verifies the assumptions of this paper.The regression results of the benchmark model show that enterprises’ participation in targeted poverty alleviation can help improve the innovation output of enterprises.After replacing the explanatory variables of the benchmark model with innovation efficiency,R&D investment and the number of R&D personnel,it is found that targeted poverty alleviation does not improve the innovation efficiency of enterprises;On the input side of innovation,the targeted poverty alleviation behavior of enterprises has improved the R&D investment of enterprises,but has not significantly improved the R&D staffing of enterprises,that is,it cannot improve the core driving force of enterprise innovation,which shows that targeted poverty alleviation promotes the innovation output of enterprises by easing financing constraints.Therefore,in the part of transmission mechanism,regulatory effect and heterogeneity test,this paper further verifies the impact of financing constraints.In this paper,SA index is used to represent the degree of financing constraints of enterprises,government subsidies and total loans obtained are used as specific ways to alleviate financing constraints,and asset investment in the new growth period is used as the adjustment variable for the cost extrusion of enterprise innovation,which further verifies that financing constraints play a bridge role in the process of enterprises’ precise poverty alleviation and innovation.This paper also tests the heterogeneity by grouping the business environment and the nature of the enterprise in the region where the enterprise is located.In the part of robustness test and endogeneity test,through changing variables,Heckman model and PSM model,it is proved that the conclusions obtained in this paper are robust.After solving the endogeneity problem of sample self-selection,the results are still valid.Finally,based on the empirical results,the paper puts forward corresponding policy recommendations.