A Study On Company Precision Poverty Alleviation,Media Attention And Financial Constraints

Since 2013,based on the previous national poverty alleviation experience and incentive policy documents for enterprises' precision poverty alleviation.Enterprises' participation has not only been regarded as an implicit moral pursuit,but also a long-term strategic choice to establish a brand image and convey the information of its stable performance.As an important way to fulfill their social responsibilities,precision poverty alleviation can help enterprises obtain the resources needed for and realize the consistent development of enterprise performance and social welfare.However,in the process of enterprises participating in precision poverty alleviation,there are problems of low efficiency due to enterprises' own limitations in poor areas or external uncertain factors.The lack of authenticity and comparability of precision poverty alleviation information will also affect the feedback of stakeholders.Can enterprises reduce financing constraints by implementing precision poverty alleviation?Exploring the impact of precision poverty alleviation on financing constraints has become a hot issue in academic research.This paper focuses on corporate financing constraints,combined with classical theories and China's unique precision poverty alleviation practice.Selecting A-share non-financial listed enterprises from 2016 to 2019 as a sample to empirically test the impact of enterprises' participation in precision poverty alleviation on financing constraints.The empirical results show that: firstly,the precision poverty alleviation behavior can significantly reduce the financing constraints of enterprises.The behavior of the enterprise meets the expectations of stakeholders,and the enterprise's participation in precision poverty alleviation can send a signal to stakeholders that the enterprise has sufficient funds at the present and win the trust of creditors and shareholders.At the same time,the government will encourage the precision poverty alleviation behavior of the enterprise by reducing taxes and interest rates,helping enterprises obtain the resources needed;Secondly,media attention plays a negative regulatory role between enterprises' precision poverty alleviation behavior and financing constraints,the higher the media attention,the more effectively enterprises' precision poverty alleviation behavior can restrain enterprises' financing constraints.Based on stakeholder theory,this paper takes "precision poverty alleviation strategy of enterprises-information transmission effect of media attention-corporate financing constraints" as the main line to study: first,as a beneficial practice with Chinese characteristics,clearly define the form of precision poverty alleviation;Second,make statistics on the characteristics of sample enterprises and study the impact of precision poverty alleviation on financing constraints;Third,under the influence of single or multiple heterogeneous conditions,whether there are differences in the impact of enterprises' precision poverty alleviation behavior on financing constraints.Based on the analysis above,the following suggestions are put forward for enterprises,stakeholders and follow-up policy formulation: enterprises should actively fulfill their responsibilities to stakeholders and establish a positive reputation by participating in precision poverty alleviation;Second,relevant policies should be promulgated to strengthen the requirements for the form and content of precision poverty alleviation reports and improve the comparability of reports;At the same time,stakeholders need to pay attention to the precision poverty alleviation behavior of enterprises and improve their ability to obtain and distinguish information;Finally,we need to strengthen the media attention of enterprises' precision poverty alleviation behavior and reduce the asymmetry of information.