Research On The Impact Of Enterprise Participation In Targeted Poverty Alleviation On Inefficient Investment

Investment is not only related to the survival and development of enterprises,but also affects the growth of the country’s macro economy.However,ineffective investment in the capital market can be seen everywhere,and it is manifested by over-investment and under-investment,which severely restricts the high-quality development of enterprises and slows down the steady progress of social economy.At the same time,after the comprehensive victory in poverty alleviation,China has issued a series of policies to encourage and support enterprises to continue to help,making more and more enterprises realize the importance of participating in targeted poverty alleviation for their future development.By summarizing the existing literature,it is found that scholars have different views on CORPORATE social responsibility and inefficient investment.Targeted poverty alleviation,as a new way for enterprises to assume social responsibility,may be a new perspective of integrated and charitable nature of poverty alleviation,and the impact mechanism of targeted poverty alleviation on inefficient investment still needs to be refined and expanded.In view of this,using the data of Chinese A-share listed companies from 2016 to 2020,this paper discusses the impact of enterprises’ participation in targeted poverty alleviation on inefficient investment.Research shows that participating in targeted poverty alleviation can effectively reduce the inefficient investment of enterprises.Integrated poverty alleviation effectively inhibits excessive investment of enterprises;Charitable poverty alleviation not only reduces over-investment,but also solves part of under-investment.Furthermore,government subsidy,media attention and agency cost play a mediating role in the relationship between the two.The analysis of property rights and industry background shows that state-owned enterprises restrain excessive investment mainly through integrated poverty alleviation,while private enterprises’ participation in charitable poverty alleviation affects both types of inefficient investment,thus reducing inefficient investment of enterprises.Compared with agriculture-related enterprises,non-agriculture-related enterprises’ participation in targeted poverty alleviation has a stronger inhibition on inefficient investment.This paper further reveals the impact of targeted poverty alleviation on inefficient investment,focusing on the difference between integrated poverty alleviation and charitable poverty alleviation.Further examines the government subsidies,media attention,agency costs,property rights and industry background in enterprise intermediary effect between precision and the efficiency of investment for poverty alleviation and situational differences,reducing the enterprise more clearly accurate poverty reduction process on the efficiency of investment,for China’s rural development under the background of enterprise participation,media supervision,and the government supervision and support all have certain guiding value.