The Impact Of Listed Companies’ Participation In Poverty Governance On Total Factor Productivity Of Enterprises

In 2020,China has completely eliminated absolute poverty and made great contributions to the cause of human poverty reduction from both theoretical and practical levels.However,the victory of this fight against poverty does not mean that China’s anti-poverty work is completely over.How to achieve sustained income growth and how to continuously consolidate the effectiveness of poverty alleviation have become the core tasks of promoting poverty governance in the post-poverty era.At the same time,rural revitalization is a major strategic deployment to solve the " three rural issues " in the new era of China,which is in line with the policy of solving rural poverty and development.Therefore,comprehensively promoting rural revitalization and achieving common prosperity requires us to ’ look back ’,with the government as the core,the society as the support,the market as the auxiliary,and mobilize all social forces to participate.The participation of listed companies in poverty governance is an important manifestation of corporate social responsibility.With the encouragement and call of the party and government policies,more and more listed companies carry the social responsibility of poverty governance on their shoulders.Through industrial assistance,transfer of employment,education funding and other ways,capital,technology,talents and other factors of production are effectively introduced into poor areas,and gradually become an important force in poverty governance.In recent years,with the increasingly significant effect of listed companies ’ participation in poverty governance,the academic community has begun to pay attention to the motivation and economic results of listed companies ’ participation in poverty governance.From the perspectives of resource dependence theory,social exchange theory and stakeholder theory,it has been found that participation in poverty governance helps to improve the relationship between government and enterprises,obtain government resource support,alleviate financing constraints,improve enterprise performance,stimulate enterprise innovation ability and reduce enterprise risk.However,what impact will participation in poverty governance have on the total factor productivity of enterprises? What is its mechanism of action? The answer to this question will help enterprises to deeply understand the impact of responding to national policy calls and actively fulfilling social responsibilities on their own high-quality development.It also provides policy implications for consolidating and expanding the achievements of poverty alleviation,alleviating relative poverty and realizing rural revitalization in the post-poverty era.Based on this,this thesis takes the 2016-2020 Shanghai and Shenzhen A-share listed companies as the research sample,based on the theory of corporate social responsibility,resource dependence theory,stakeholder theory and other related theories,from the three perspectives of economic motivation,political motivation and external governance,this thesis analyzes the impact of participation in poverty governance on the total factor productivity of enterprises,and analyzes the intermediary path of financing constraints,corporate reputation and external supervision between participation in poverty governance and total factor productivity of enterprises.At the same time,this thesis also examines the differences in the impact of participation in poverty governance on the total factor productivity of enterprises from the perspective of property rights and regional heterogeneity.The following conclusions are drawn:(1)Participation in poverty governance significantly improves the total factor productivity of enterprises.The greater the investment of listed companies in poverty governance,the more obvious the improvement of total factor productivity.This conclusion is still valid after a series of robustness tests such as changing variable measurement methods,using manufacturing data for subsample tests,controlling urban effects,and using instrumental variable methods and placebo tests to control endogeneity.(2)Further mechanism research finds that financing constraints,corporate reputation and external supervision are important paths for participating in poverty governance to affect the total factor productivity of enterprises.Listed companies alleviate financing constraints by participating in poverty governance,improve corporate social reputation and strengthen external supervision to promote total factor productivity.(3)Based on the heterogeneity test of property rights and regions,it is found that compared with nonstate-owned enterprises and enterprises located in the eastern region,the promotion effect of listed companies ’ participation in poverty governance on total factor productivity is more obvious in state-owned enterprises and the central and western regions.Based on the above empirical results,this thesis proposes the following policy recommendations:(1)Strengthen policy guidance and consolidate governance results;(2)Improve the market mechanism and expand social influence;(3)Fulfill social responsibility and achieve win-win effect;(4)Play a targeted role and optimize the policy environment.