中国上市公司精准扶贫行为研究：动机与经济后果

In the new situation of poverty alleviation, listed companies are not only the main force of the economic and social development, but also an important force for the development of poverty alleviation. The CSRC, Shanghai Stock Exchange and Shenzhen Stock Exchange issued news to encourage listed companies to serve national poverty alleviation strategies, and actively disclose relevant information on targeted poverty-alleviation, which provided a precious opportunity for academics to study the targeted poverty-alleviation issues of enterprises. In China, poverty alleviation is the essential requirement of socialism, and also is the political responsibility and historical mission that enterprises must undertake, which is essentially different from the voluntary poverty alleviation behavior of western enterprises; Chinese traditional culture has always been advocating the concept of helping the poor, returning to the benefactors and serving their homeland, which also has a huge difference from the value of individualism and liberalism that the western culture advocated. With the opportunity of listed companies disclosing the information of targeted poverty-alleviation, based on Chinese unique institutional background and cultural tradition, this study analyzes the heterogeneity characteristics of targeted poverty-alleviation, summarizes the behavioral motivation of targeted poverty alleviation, and examines the economic consequences of targeted poverty- alleviation on social level, industry level and enterprise level. This topic expands the theoretical extension of corporate social responsibility research, meanwhile, it contributes to build a indigenous theoretical system of corporate social responsibility based on institutional background and cultural traditional characteristics, and provides theoretical support and policy recommendations for government departments to formulate targeted poverty-alleviation policies for enterprises.

在扶贫攻坚的新局面中，上市公司不仅是经济发展的主力军，也是扶贫开发的重要力量。证监会、沪深交易所相继发文鼓励上市公司服务国家脱贫攻坚战略，积极披露精准扶贫信息，这为学术界研究企业精准扶贫议题提供了难得的契机。在中国扶贫是社会主义的本质要求，也是企业必须承担政治责任和历史使命，这与西方企业自愿性的扶贫行为有着本质区别；中华民族传统文化历来崇尚扶危济贫、知恩图报和报效桑梓的理念，这与西方文化推崇的个人主义、自由主义价值观有着巨大差异。借助上市公司披露精准扶贫信息这个机遇，本课题立足于中国特有的制度背景和文化传统，在分析企业精准扶贫异质性特征的基础上，归纳企业精准扶贫的行为动机，并从社会层面、行业层面和企业层面检验企业精准扶贫的经济后果。本课题拓展了企业社会责任研究的理论外延，有助于构建基于中国制度背景和文化传统的“本土化”社会责任理论体系，为政府部门制定企业精准扶贫政策提供理论支撑和政策建议。

在中国消除贫困是社会主义的本质要求，也是供给侧结构改革补短板的重要内容。本课题抓住中国扶贫战略重大转变的契机，围绕精准扶贫这一研究主题，对我国上市公司精准扶贫的异质性特征进行分析，从政治动机、经济动机和利他动机等维度考察企业精准扶贫的行为动机，进一步从行业层面和企业层面检验企业精准扶贫的经济后果。主要的研究结论包括：国有企业、产品与消费者直接接触的企业在精准扶贫事业中投入的资金较多；国有企业高管进行精准扶贫是出于职务晋升的考虑，而民营企业是为了建立良好的政企关系；沪港通会导致企业精准扶贫水平下降，这是因为境外投资者更加在意经济利益，而忽略了企业社会责任；民营企业高管的贫困经历有助于提升企业教育扶贫的程度，特别是那些受过高等教育的高管；企业精准扶贫投入越多，其资本市场表现越好，但是会对环境保护等其他社会责任行为产生挤出效应。总体而言，本课题完成了预定的研究内容和研究目标。本课题成果拓展企业社会责任理论的研究视野，推动“本土化”企业社会责任理论体系的建设，为政府部门制定企业精准扶贫政策提供决策依据，为推动我国扶贫事业发展提供经验证据。