Research On The Impact Of Participation In Targeted Poverty Alleviation On The Financing Constraints Of Listed Companies

At present,China has won the battle of poverty alleviation and eliminated absolute poverty.However,there are still problems such as relative poverty and the effective connection between the consolidation and expansion of poverty alleviation achievements and rural revitalization that need to be solved urgently in the future.As a magic weapon to win the tough battle against poverty,targeted poverty alleviation will also be an important measure to solve relative poverty and ultimately achieve common prosperity.Companies,especially listed companies,connect the capital market and meet the needs of poverty alleviation at the same time.They are an important force that cannot be ignored in targeted poverty alleviation.At the end of2016,the China Securities Regulatory Commission issued the "Opinions on Giving Full Play to the Role of Capital Markets and Serving the National Poverty Alleviation Strategy" to support and encourage listed companies to fulfill their social responsibilities and serve the national poverty alleviation strategy.In the same period,the Shanghai and Shenzhen Stock Exchanges also respectively issued relevant documents to encourage poverty alleviation,requiring listed companies to disclose information related to poverty alleviation in a timely manner.The Poverty Alleviation Office of the State Council has also organized the compilation of the "Research Report on Poverty Alleviation by Chinese Enterprises" every year since 2016 to guide and promote listed companies to better participate in poverty alleviation and development.However,enterprises are generally faced with the problem of financing difficulties.Why should they spend resources to participate in charitable activities such as poverty alleviation? The reasons for this are worth exploring.Based on the 2017-2020 data of Shanghai and Shenzhen A-share listed companies as the research sample,the Graded Response Model(GRM)is used to construct the poverty alleviation investment evaluation index of listed companies,select the poverty alleviation investment index,estimate the poverty alleviation investment index,and then investigate the different characteristics of poverty alleviation investment of listed companies in different regions and different industries.GRM model estimates show that social poverty alleviation,ecological protection poverty alleviation,and health alleviation are suitable for distinguishing companies with relatively high levels of poverty alleviation investment,and industrial development poverty alleviation,transfer of employment poverty alleviation,protection from the bottom line,other projects and education poverty alleviation are suitable for distinguishing companies with relatively low levels of poverty alleviation investment;and the threshold for participating in education poverty alleviation,industrial development poverty alleviation,social poverty alleviation and other projects is relatively low,while the threshold for participating in security,transfer of employment,poverty alleviation through health,and poverty alleviation through ecological protection is relatively high.In terms of regions,in the central and western regions,where the demand for poverty alleviation is higher,the company’s investment in poverty alleviation is stronger than that of enterprises in the eastern region,while the companies in the eastern region mainly help poor areas in the west,and there is a problem of low investment in poverty alleviation.In terms of industries,mining,construction,and electric power industries that are sensitive to social responsibility have higher investment in poverty alleviation,while industries that are not sensitive to social responsibility have lower investment in poverty alleviation.Secondly,it explores the motivations of listed companies to participate in targeted poverty alleviation,and verifies that the three major motivations for listed companies to participate in targeted poverty alleviation are political motivation,economic motivation,and resource motivation.And further from the perspective of resource motivation,using policy resources as an intermediary variable,in-depth investigation of the impact of precision poverty alleviation investment on financing constraints,revealing the mechanism and consequences of listed companies’ participation in precision poverty alleviation.The study found that the participation of listed companies in targeted poverty alleviation can significantly alleviate financing constraints,and policy resources play an intermediary role in it.For enterprises with different property rights,the mediating role of policy resources is different.In state-owned enterprises,policy resources have a relatively small intermediary effect between poverty alleviation inputs and financing constraints,while in non-state-owned enterprises,government subsidies play a significant intermediary role,and tax incentives play a small intermediary role.Finally,according to the research conclusions,policy recommendations are made for companies,governments,and all sectors of society.Listed companies should actively fulfill their social responsibilities for poverty alleviation and disclose precise poverty alleviation information;the government should optimize policy tools to guide and encourage listed companies to better and more actively participate in targeted poverty alleviation;all sectors of society should continue to pay attention to the participation of listed companies in the governance of relative poverty and common prosperity.