Poverty Alleviation Donation,Corporate Goodwill And Financing Constraints

With the continuous development of my country’s economy,listed companies,as an important part of my country’s market economy,have made great contributions to promoting economic growth,realizing technological innovation,and serving the society and people’s livelihood.In recent years,my country has paid more and more attention to the coordination and balance of economic development.After the comprehensive victory in poverty alleviation,the party and the state have repeatedly emphasized the need to achieve effective connection between poverty alleviation and rural revitalization,and to realize the common prosperity of the whole nation at an early date.In recent years,more and more listed companies have devoted themselves to targeted poverty alleviation,actively assumed social responsibilities,performed corporate responsibilities,and established a responsible and responsible corporate image.From the perspective of economics,listed companies are market entities pursuing economic interests.The starting point of their behavior is to maximize economic profits.As a social charity,donations for poverty alleviation cannot help enterprises directly realize economic interests.There is a contradiction between poverty alleviation and economic goals.In fact,the participation of listed companies in targeted poverty alleviation is closely related to the economic goals of enterprises.This article will start from the behavior of listed companies participating in targeted poverty alleviation,explore the motivation and impact of listed companies in poverty alleviation,and discuss in depth from the perspective of corporate goodwill.,to analyze the mechanism of action of poverty alleviation behaviors on financing constraints,to provide supplements to improve the business philosophy and corporate governance of listed companies,and to provide theoretical basis for giving full play to the economic power and social functions of listed companies.This paper focuses on the targeted poverty alleviation behavior of listed companies,and firstly analyzes the relationship and impact of listed companies’participation in poverty alleviation donations,corporate goodwill and financing constraints from a theoretical level.Secondly,this paper builds an empirical model,measures the level of corporate financing constraints by calculating the KZ index,and uses a panel data regression model to explore the relationship between listed companies’ participation in targeted poverty alleviation and financing constraints.Then,the variable of corporate goodwill is introduced to test the mechanism that the donation behavior of listed companies affects financing constraints through corporate goodwill through a regression model with interactive terms.The effect of reputation on financing constraints.Through research,it is found that there is a significant negative correlation between the targeted poverty alleviation behavior of listed companies and financing constraints,indicating that listed companies’ participation in targeted poverty alleviation can help companies ease financing constraints.At the same time,the participation of listed companies in targeted poverty alleviation can improve the level of corporate goodwill.Corporate goodwill is an important factor in reducing financing costs.Therefore,listed companies can improve corporate goodwill through targeted poverty alleviation,thereby reducing financing costs and easing financing.constraint.By dividing the nature of equity and the degree of market competition,it is found that the targeted poverty alleviation behavior of listed companies has different effects on financing constraints.From the perspective of the nature of equity,the financing constraints of state-owned enterprises are more sensitive to corporate goodwill,so they can be more effective.The large reduction in the financing cost of state-owned enterprises shows that state-owned enterprises can obtain more economic benefits from participating in targeted poverty alleviation;from the perspective of market competition,listed companies with a higher degree of competition are more sensitive to financing constraints on corporate goodwill,poverty alleviation donations can more significantly alleviate the financing constraints of highly competitive enterprises,thereby bringing economic profits.Based on this,the participation of listed companies in targeted poverty alleviation can improve corporate reputation,expand corporate influence,ease financing constraints,and increase corporate economic returns.For enterprises with state-owned nature and high level of competition,participating in targeted poverty alleviation has a more obvious effect on alleviating financing constraints.Therefore,by participating in targeted poverty alleviation and social welfare,listed companies can enhance their corporate reputation,bring closer government-enterprise relationships,and improve their competitiveness,thereby easing financing constraints and achieving overall enterprise development.