Research On The Impact Of Enterprise Poverty Alleviation On Financing Constraints

In the growth process of enterprises,financing constraints have a significant impact on their investment decisions and overall development.China is in an important period of poverty alleviation.Enterprise's participation in poverty alleviation is at the top of the pyramid of social responsibility.Enterprise's participation in poverty alleviation can affect the reputation mechanism and financing ability.Therefore,this paper investigates the relationship between them to provide a new explanation for enterprises' active participation in poverty alleviation,which is also the starting point of this paper.Based on information asymmetry and signaling theory,principalagent theory and resource dependence theory,this paper demonstrates and analyses the relationship between poverty alleviation and financing constraints of enterprises from the perspective of property rights and institutional environment,and puts forward the following assumptions: first,poverty alleviation of enterprises can alleviate financing constraints,equity financing constraints and debt financing constraints;secondly,compared with state-owned enterprises,this is true.The mitigation effect is more evident in non-state-owned enterprises;finally,the mitigation effect is more evident in areas with poor institutional environment.This paper takes the listed enterprises from 2016 to 2017 as the sample for empirical test.The results show that: firstly,the higher the level of poverty alleviation,the lower the financing constraints faced by enterprises,that is,there is a significant negative correlation between them.In addition,the higher the level of poverty alleviation,the lower the equity financing constraints and debt financing constraints.Secondly,compared with stateowned enterprises,non-state-owned enterprises reduce their financing constraints,equity financing constraints and debt financing constraints through high-quality poverty alleviation level.Finally,the problem of information asymmetry is more prominent in areas with poor institutional environment,and the poverty alleviation information transmitted by enterprises has great economic value for the suppliers of funds.In regions with poor institutional environment,the alleviation of financing constraints,equity financing constraints and debt financing constraints by enterprises' poverty alleviation activities is more obvious.The main innovations and contributions of this paper are as follows: Firstly,considering the impact of financing constraints on enterprises' participation in poverty alleviation,this paper provides guidance for their development from the perspective of enterprises by empirical research.Secondly,from the perspective of financing constraints,the financing constraints are further subdivided into equity financing constraints and debt financing constraints,to study the impact of poverty alleviation on financing constraints,and to provide a new perspective for the study of corporate financial performance.Thirdly,based on the special background of economic transformation in today's society,this paper introduces property rights and institutional environment variables in the research process,which can better show the specific ways that local governments play a role in the process of enterprise financing,and also provide ideas for the government to formulate differentiated Poverty Alleviation Policies according to the property rights and institutional environment.