ABSTRACT

This study analyses the market response of listed companies’ Targeted poverty alleviation information disclosure on the basis of equity financing cost. Results show investors’ positive feedback to such disclosure and reduced equity financing cost. Moreover, mediation effect tests show that the decrease of information asymmetry between investors and companies plays a part of the mediating role. These findings indicate that Targeted poverty alleviation has a policy spillover effect, and listed companies’ participation can balance social welfare and self-interest. This study enriches research on corporate Targeted poverty alleviation’s economic consequences and provides new evidence for corporate social responsibility information disclosure–equity financing cost relationship.

摘要

本研究基于股权融资成本分析上市公司精准扶贫信息披露的市场反应。结果显示投资者对此类披露的积极反馈和降低的股权融资成本。此外，中介效应检验表明，投资者与公司之间信息不对称的减少起到了部分中介作用。这些发现表明，精准扶贫具有政策溢出效应，上市公司的参与可以平衡社会福利和自身利益。本研究丰富了企业精准扶贫经济后果的研究，为企业社会责任信息披露-股权融资成本关系提供了新的证据。