Mixed-Ownership Reform and Targeted Poverty Alleviation of Private Enterprises:From the Perspective of Resources Complementarity and Checks and Balances
Poverty alleviation is a significant initiative aimed at promoting shared prosperity among all people,with targeted poverty alleviation serving as the decisive weapon in winning the battle against poverty.In 2020,China achieved a comprehensive victory in its poverty alleviation campaign,completing the crucial task of eradicating absolute poverty.However,relative poverty is expected to persist long-term,necessitating continued efforts in poverty governance.Facing new tasks in the next stage,micro-enterprises should play an increasingly important role and exert more powerful influence.As emphasized by General Secretary Xi Jinping,both state-owned enterprises and private enterprises are important forces for promoting common prosperity and must shoulder the social responsibility of advancing common prosperity.Unlike state-owned enterprises,which are the cornerstone of our national economy,bearing economic,political,and social responsibilities,the motivation and capacity of private enterprises in poverty alleviation governance are still waiting to be unleashed.Mixed-ownership reform,through cross-shareholding of different ownership capitals and their integration,facilitates various ownership capitals to complement each other's strengths,promote each other,and develop together.Therefore,can reverse mixed ownership reform introduce the advantages and missions of state-owned capital into private enterprises,thereby driving private enterprises to assume the social responsibility of poverty alleviation?In view of this,this paper takes A-share private enterprises in China from 2016 to 2021 as the research sample to explore the impact of mixed-ownership reform on the level,mechanism,and mode of precise poverty alleviation investment.It is found that the higher the proportion of state-owned capital participation,the greater the level of targeted poverty alleviation investment by private enterprises,indicating that mixed-ownership reform helps promote private enterprises in assuming the social responsibility of promoting common prosperity.Economic mechanism tests further indicate that state-owned capital participation primarily alleviates financing constraints through resource complementarity,thereby promoting precise poverty alleviation by private enterprises.In contrast,the checks and balances effect in promoting poverty alleviation by addressing agency issues has not played a significant role.In terms of poverty alleviation mode,state-owned capital participation promotes private enterprises to adopt a combination of"blood transfusion"and"blood creation"to promote precise poverty alleviation through industrial development,investment in education resources,and ecological protection.Looking at poverty-stricken areas,state-owned capital participation has a more significant impact on achieving common prosperity in economically underdeveloped areas,high-unemployment regions,and the central and western regions.This paper contributes to three aspects.Firstly,it explores the broader social impact of mixed-ownership reform,providing an empirical reference for consolidating poverty alleviation achievements,promoting rural revitalization,and achieving common prosperity in the next stage.Secondly,it supplements the driving factors for private enterprises'participation in precision poverty alleviation,providing a new perspective for understanding the economic mechanisms of state-owned capital participation in influencing private enterprises.Thirdly,it delves into the heterogeneous performance of mixed-ownership reform in influencing private enterprises'poverty alleviation decisions.Through comprehensive analysis of poverty alleviation modes and areas,recommendations are provided for optimizing the allocation of state-owned capital in different regions and facilitating effective pathways for promoting common prosperity.
mixed-ownershiptargeted poverty alleviationstate-owned capitalresources complementaritiychecks and balances
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