Participation In Poverty Governance,New Political And Business Relationships And Financing Facilities

In recent years,corporate social responsibility has been transformed from traditional forms such as charitable donation to innovative and sustainable forms such as participation in poverty management.On the one hand,it depends on the support of national policy guidance and economic environment,and on the other hand,it cannot be separated from the active practice of market entities.Listed companies play a mainstay role in the process of national poverty governance,and the inherent contradiction between their own financing dilemma and continuous capital investment is the key to determine whether the participation of listed companies in poverty governance has continuity and long-term effect.It is extremely necessary to seek financing facilities to meet the needs of enterprises’ own survival and sustainable development.Meanwhile,the relationship between enterprises’ participation in poverty governance and financing facilities is also worth further research and development.Furthermore,the "close" and "clean" new government-business relationship plays a vital role in the survival and development of enterprises,especially in the financing facilitation,value enhancement and increase of enterprise innovation output.Then what is the effect of enterprises’ participation in poverty governance?Can enterprises’ access to funds be facilitated?In addition,can the new government-business relationship play a financing facilitation role in the process of enterprises’ participation in external social governance,thus contributing to the positive interaction and long-term cooperation between power and capital?This paper deeply analyzes the mechanism and effect of enterprises’ participation in poverty governance on financing facilitation,and further discusses the moderating effect of the macro-institutional environment of new government-business relationship on the relationship between enterprises’ participation in poverty governance and financing facilitation.Based on the existing literature,this paper first clarifies the logical relationship between corporate poverty governance participation and access to financing facilities,then tests and analyzes the influence mechanism of the new government-business relationship on the relationship between corporate poverty governance participation and access to financing facilities,and then puts forward the research hypothesis of this paper.In this paper,nonfinancial listed companies in the A-share markets of Shanghai and Shenzhen from 2017 to 2021 are taken as samples,focusing on the financing facilitation effect of listed companies’participation in poverty governance in the targeted poverty alleviation stage,and the moderating effect of new government-business relationship on the relationship between enterprises’ participation in poverty governance and financing facilitation.Furthermore,the impact of enterprises’ participation in poverty governance on financing facilitation under different characteristics is further refined.The findings are as follows:(1)The higher the level of participation in poverty governance and poverty governance,the lower the degree of financing restriction and the more obvious the financing facilitation effect;(2)The new relationship between government and business can improve the external environment of enterprises,and has a significant positive moderating effect on the relationship between enterprises’ participation in poverty governance and financing facilitation.Further,from the two dimensions of the new government-business relationship "close" and "clean",it is found that the "close" dimension can significantly magnify the financing facilitation effect of poverty governance participation.(3)There are significant differences in the impact of poverty governance participation on financing convenience under different internal characteristics,such as information disclosure quality,ownership concentration and profitability;(4)Further analysis of economic consequences of enterprises shows that enterprises’ participation in poverty governance can significantly restrain the stock market risks of enterprises and significantly promote the high-quality development of enterprises.The above conclusions have enriched relevant studies on the participation of enterprises in poverty governance in the context of China and the new type of "friendly" and "clean"government-business relationship,provided alternative solutions for enterprises to obtain financing facilities,and provided new thinking and empirical evidence for the play of corporate governance functions in the process of poverty governance in the new era and the promotion of the sustainable and healthy development of the new type of government-business relationship.We will encourage more enterprises to take an active part in poverty alleviation and respond to the call of the rural revitalization strategy.