Value Feedback Effect of County-level Assistance:A Study Based on the Participation of Listed Companies in Former National Poverty-stricken Counties Assistance
Enterprise participation in aiding the economic development of underdeveloped county areas is a crucial driver for promoting comprehensive rural revitalization and regional coordinated development.This article regards enterprise participation in aiding underdeveloped county areas as a form of inter-regional investment characterized by collaborative assistance to the region.It introduces the concept of the"value feedback effect",interpreting it as enterprises not only contrib-uting to poverty alleviation and revitalization in underdeveloped counties but also benefiting from subsidies,business expansion,and other economic returns,and based on these returns,expanding their assistance to the county.We use manually collected data from Shanghai and Shenzhen listed companies participating in poverty alleviation in former national poverty-stricken counties to empiri-cally test the value feedback effect of county-level assistance.The findings show that the participation of listed companies in aiding underdeveloped county areas generates a value feedback effect.In other words,listed companies participating in the assistance to former national poverty-stricken counties can obtain value returns related to the assistance,such as subsidies or business ex-pansion,and based on these returns,expand their assistance to the county.This conclusion holds true after a series of stability tests.The above value feedback effect is to some extent achieved through industrial assistance.Listed companies from areas with lower levels of marketization,in the growth and maturity stage,belonging to labor-intensive and technology-intensive industries,exhibit a more significant value feedback effect when participating in county-level assistance.Based on this,listed companies should attach importance to the economic value of participating in county-level assistance and its sustainable realization;key counties for national rural revitalization assistance should shift from passive recipients to collaborative assistance,improve the business en-vironment,and ensure the effective implementation and continuous operation of industrial assistance cooperation projects.
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