Study On The Influence Of Political Association On Corporate Investment In Elderly Care

Under the national strategy of "actively responding to the aging population",listed companies,as an important force in the development of the country,have the responsibility to make investment for the aged in order to achieve the dual goals of economic and social benefits.Whether listed companies are willing to make investment in elderly care has a direct bearing on whether the supply of elderly care services is sufficient,whether the diversified needs of Chinese elderly can be met and whether the national active aging strategy can be steadily advanced.However,since the elderly care service profit is low,the elderly care investment return cycle is long,from the perspective of enterprise economic benefits,enterprise elderly care investment is obviously a "thankless" job.So,what is the internal mechanism of each enterprise to participate in elderly care investment?Based on the theory of corporate social responsibility,this thesis focuses on the elderly care responsibility of listed companies in China.Through the data of listed companies in China from 2019 to 2021,this thesis discusses the influence of political relevance on enterprises’ elderly care investment and fulfilling their elderly care social responsibility,as well as the moderating effect of media attention and property right nature.The heterogeneity analysis is carried out in different regions and industries.The results show that:(1)Compared with enterprises without political connections,enterprises with political connections are more inclined to make investments in elderly care.(2)Media attention inhibits the elderly care investment intention of politically affiliated enterprises.(3)Compared with non-state-owned enterprises,the political connection of state-owned enterprises has a greater impact on enterprise elderly care investment.(4)The analysis of regional heterogeneity found that political correlation had a significant positive effect on enterprise elderly care investment in central and eastern regions,while had no significant effect on enterprise elderly care investment intention in western regions.The media attention in the western and eastern regions has a significant impact on the elderly care investment of politically affiliated enterprises,and both have a negative effect.In the middle of the country,media attention has effectively encouraged politically connected companies to invest in retirement.(5)The industry heterogeneity analysis found that the influence of political correlation on elderly care investment of enterprises in the real estate industry was significantly positive;The media attention of the real estate industry has a significant impact on the elderly care investment of politically connected enterprises,which has a negative effect.In manufacturing,financial and other industries,the regression coefficients of the influence of political association on the investment of enterprises for the elderly are all positive,and the cross-multiplication terms of political association and media attention are both negative,consistent with the direction of the main regression effect,but not statistically significant.This study can not only help enterprises expand investment channels,but also has practical significance for alleviating the social pressure brought by aging and improving the performance level of enterprises’ social responsibility for old-age care.Based on the empirical conclusions,this thesis puts forward the following policy recommendations:(1)The government should strengthen the legislative guarantee and give sufficient policy support and incentives to enterprises;(2)The media should strengthen the positive guidance to dispel the concerns of corporate reputation protection;(3)Encourage state-owned enterprises to give full play to their industry-leading role to lay a solid foundation for elderly care services;(4)Innovating enterprise elderly care investment evaluation mechanism and enterprise social responsibility evaluation system.