摘要
广泛动员以企业为代表的社会力量参与精准扶贫是新形势下我国脱贫攻坚战略的重要特色。本文以2016~2017年我国A股上市公司在年报与社会责任报告中公开披露的精准扶贫信息为研究对象,分析精准扶贫对企业投资效率的影响。研究发现,精准扶贫可以显著增加扶贫企业的投资机会与信贷资源,但是在脱贫压力较小、政府干预程度较低的地区,投资机会的增加会引发过度投资,进而降低地方国有企业的投资效率。不过,精准扶贫并不会显著降低企业的会计业绩,对扶贫企业的市场价值反而有促进作用。本文从微观视角探讨了企业如何服务于公共利益,以及该活动对企业投资效率的影响,研究结论有助于总结现阶段企业扶贫经验,为进一步推进企业可持续扶贫提供有力借鉴。
Based on the hand-collected information from the annual reports and CSR reports disclosed by A-share companies from 2016 to 2017,we exam howthe targeted poverty alleviation impacts the corporate investment efficiency using a PSM-DID design,we find that the enterprises participated in the targeted poverty alleviation experience a decrease in investment efficiency,which is mainly driven by the increase in investment opportunities and loan resources,especially for the regions with less pressure to alleviate poverty or lesslevel government intervention.In addition,we find that the targeted poverty alleviation has positive impacts on corporate value,which implies that targeted poverty alleviation do not at the expense of shareholders.This paper analyzes how enterprises serve the public interest and how it will impact corporate investment.The results shed lights on the experience of poverty eradication and provide insights into the sustainability of poverty relief.
作者
黄宇
黄晓蓓
宋云玲
吕佳宁
Yu Huang;Xiaobei Huang;Yunling Song;Jianing Lv
出处
《会计论坛》
2021年第2期115-141,共27页
Accounting Forum
基金
国家自然科学基金项目(71602004)
北京市社会科学基金项目(19GLC059)
关键词
精准扶贫
投资效率
政企互惠
政府干预
Targeted Poverty Alleviation
Investment Efficiency
Reciprocity between Governments and Enterprises
Government Intervention
作者简介
黄宇,男,东北财经大学会计系博士研究生;通讯作者:黄晓蓓,女,北方工业大学会计系副教授,hberyl@163.com;宋云玲,女,内蒙古大学会计系副教授;吕佳宁,女,首都经济贸易大学会计系博士研究生。
