参与精准扶贫与企业创新——基于外部融资视角的分析

为实现消除农村贫困和区域贫困的目标,在党和国家的号召下,越来越多的上市公司参与到精准扶贫战略中,然而学术界对企业参与精准扶贫经济后果影响的相关研究还有待进一步丰富和拓展。以2016-2018年沪深A股上市公司为样本,文章实证检验了企业参与精准扶贫工作对其创新绩效的影响。研究结果表明,参与精准扶贫显著提高了企业的创新产出和创新效率。在改变变量度量方法、更换模型以及使用安慰剂检验和PSM模型控制内生性问题等一系列稳健性检验后,结论仍然成立。进一步探讨其中的作用机制发现,企业参与精准扶贫通过缓解融资约束进而提升了创新绩效,而资源效应（降低债务融资成本和提高税收优惠）和声誉效应（增加媒体正面报道数量）是参与精准扶贫所发挥的外部融资作用。最后,基于宏观社会层面、中观市场层面以及微观企业层面的异质性分析表明,参与精准扶贫对企业创新的正向影响主要存在于地方扶贫压力较大、资本市场信息环境较差的企业以及非国有企业中。通过理论分析和实证检验,本文不仅丰富了参与精准扶贫和企业创新领域的相关研究,也对充分发挥资本市场在服务国家脱贫攻坚战略中的作用以及深入实施创新驱动发展战略、发挥企业在技术创新中的主体作用具有重要的启示意义。

Targeted Poverty Alleviation and Corporate Innovation Analysis Based on the External Financing

The "Thirteenth Five-Year Plan" pointed out that in order to build a well-off society in an all-round way, China needs to complete the task of eliminating rural poverty and regional poverty. Under this background, President Xi Jinping further proposed a targeted poverty alleviation strategy. Targeted poverty alleviation is that using scientific and effective procedures to implement a poverty alleviation model of targeted identification, targeted assistance, and targeted management for different poor farmers and different poor areas. In recent years, the Chinese government has urged all levels and departments to actively participate in targeted poverty alleviation. Among them, in order to give full play to the role of the capital market and win the battle against poverty, in September 2016, the China Securities Regulatory Commission put forward the "Opinions of the China Securities Regulatory Commission on Giving Full Play to the Role of the Capital Market to Serve the National Poverty Alleviation Strategy", which aims to make full use of capital market resources to support and encourage listed companies to fulfill their social responsibilities and serve the country's poverty alleviation strategy. At the end of 2016, the Shanghai and Shenzhen Stock Exchanges fully refined the information disclosure requirements for listed companies' participation in targeted poverty alleviation, and required listed companies to report their participation in poverty alleviation in the form of a designated list in the annual report. With the government's emphasis on poverty alleviation, the number of A-share listed companies participating in targeted poverty alleviation in China and their total investment have gradually increased. According to statistics in this paper, the total number of A-share listed companies participating in targeted poverty alleviation (total investment) has increased from 566 (13.81 billion yuan) in 2016 to 1,126 (288 billion yuan) in 2019. Why are companies participating in targeted poverty alleviation and what are the economic consequences? The academic community has begun to pay attention to these issues. Taking 2016-2018 Shanghai and Shenzhen A-share listed companies as asample, this paper empirically tests the impact of companies' participation in targeted poverty alleviation on their innovation performance. The research results show that participation in targeted poverty alleviation has significantly improved the innovation output and innovation efficiency. After a series of robustness tests such as changing the variable measurement method, changing the model, using the placebo test and the PSM model to control endogenous problems, the conclusion still holds. Further mechanism test shows that participating in targeted poverty alleviation improves innovation performance by alleviating financing constraints, while resource effects (reducing debt financing costs and increasing tax incentives) and reputation effects (increasing the number of positive media reports) are external financing effects for participating in targeted poverty alleviation. Finally, based on the analysis of heterogeneity at the macro-social level, the meso-market level, and the micro-firm level, the positive impact of participating in targeted poverty alleviation on corporate innovation mainly exists in firms with high local poverty alleviation pressure and poor capital market information environment and in non-state-owned enterprises. Through theoretical analysis and empirical testing, this paper not only enriches the relevant research in the field of targeted poverty alleviation and corporate innovation, but also has important enlightening significance in giving full play to the role of the capital market in serving the country's poverty alleviation strategy, as well as the in-depth implementation of innovation-driven development strategies and giving full play to the main role of firms in technological innovation.