Research On The Impact Of Enterprise Precision Poverty Alleviation On Financing Constraints

In 2012,poverty alleviation was included in the national strategic layout as a key and difficult task in China’s reform and development.As an important approach to poverty alleviation,targeted poverty alleviation is not only an important way for enterprises to fulfill their social responsibilities and generate social benefits,but also a long-term strategic choice to establish a brand image and increase economic benefits for enterprises.For enterprises facing varying degrees of financing difficulties in the long term,this article explores the impact of enterprise participation in targeted poverty alleviation on financing constraints,and empirically tests the mediating mechanism of information asymmetry on the two.The research results of this article provide empirical evidence and policy recommendations for consolidating the achievements of poverty alleviation and assisting rural revitalization.Firstly,based on signal transmission theory and social responsibility theory,this article analyzes and proposes research hypotheses based on relevant literature at home and abroad,and empirically analyzes the impact of enterprise participation in precision poverty alleviation on financing constraints.Secondly,the sample was grouped and regressed based on the nature of property rights and industry,exploring the heterogeneity of the relationship between different types of enterprises.Finally,the degree of information asymmetry was introduced as a mediating variable to explore the mediating mechanism of the impact of information asymmetry on the financing constraint level of enterprises’ participation in targeted poverty alleviation.This research selects the data of A-share listed companies in China from 2016 to 2021 as the research sample,and uses basic regression analysis,PSM propensity score matching,grouping regression analysis,mesomeric effect regression and other methods to conduct empirical research.The research results show that:(1)The implementation of targeted poverty alleviation reduces the level of financing constraints of enterprises,At the same time,the greater the degree of targeted poverty alleviation,the more significant the inhibitory effect on the level of financing constraints.(2)Compared with state-owned enterprises,the participation of non-state-owned enterprises in targeted poverty alleviation has a more significant reducing effect on the level of financing constraints.(3)Compared with non social responsibility sensitive industries,the participation of enterprises in social responsibility sensitive industries in targeted poverty alleviation has a more significant reducing effect on the level of financing constraints.(4)Enterprise participation in targeted poverty alleviation reduces the degree of internal and external information asymmetry,thereby reducing the level of financing constraints for enterprises.The degree of information asymmetry plays a mediating role in the relationship between the two.Based on the empirical research results,this article proposes scientific countermeasures and suggestions for enterprises and relevant government departments.This mainly includes:enterprises should take the initiative to undertake poverty alleviation work,transform their profit perspective,establish a global perspective of social responsibility,and correctly understand the importance of poverty alleviation work and its strategic planning for themselves,as well as the importance of promoting the healthy development of enterprises,within their own conditions.Enterprises should actively disclose information related to their participation in targeted poverty alleviation,and improve the quality of information disclosure for targeted poverty alleviation.Government departments should fully fulfill their relevant functions,establish a more comprehensive supporting mechanism on the basis of existing preferential policies for targeted poverty alleviation,appropriately establish reward and punishment measures,mobilize the enthusiasm of enterprises and other parties to actively participate in poverty alleviation,so that charitable resources can be fully and effectively allocated,and comprehensively promote the effective connection between poverty alleviation and the "rural revitalization" strategy.