Social responsibility fulfillment helps modern enterprises achieve sustainable development. Based on empirical data on China's A-share listed companies in 2013-2016, this paper examines the impact of corporate social responsibility performance on a company's financing costs from the perspective of targeted poverty alleviation. Specifically, we find that enterprises' engagement in poverty alleviation social responsibility helps to reduce the cost of equity capital. The result is robust to using alternative indicators of the cost of equity capital, propensity score matching method, change model and sample removed financial sector. Furthermore, we find that the negative relationship between enterprises' engagement in poverty relief and the cost of equity capital is mainly concentrated in private enterprises and in the central and eastern regions of China. Moreover, the negative relationship mainly exists after China's listed companies were forced to disclose information on poverty alleviation. This paper also finds that institutional investors' shareholding plays a partial mediating role in this reduction effect and that enterprises' poverty alleviation efforts help companies improve their financial performance and firm value. This study enriches the relevant literature on corporate social responsibility and the cost of equity capital and has reference value for corporate sustainable development. It also provides a theoretical basis for corporate poverty alleviation work in developing countries and the economic results of CSR. OPEN ACCESS Citation: Yi Y, Xie B, Zhou L, Wei Y (2020) Does CSR affect the cost of equity capital: Empirical evidence from the targeted poverty alleviation of listed companies in China. PLoS ONE 15(2): e0227952. https://doi.org/10.
There is considerable room to develop an appropriate pricing mechanism for the forest rights transactions in China. In order to solve collective forest rights transactions, this study evaluated the pricing strategy of a forest rights exchange center. Based on the two-sided market theory, the pricing model of a forest rights exchange center was constructed and the price structure that maximizes profit and social welfare was discussed. In addition, the rationality of the theoretical derivation was verified through numerical simulation. The results show that several factors affected the pricing strategy of a forest rights exchange center in a two-sided market, including service level, as well as intragroup externality and cross-network externality. First, according to the different externalities of the cross-network between the two parties, a forest rights exchange center can introduce price preference and subsidy mechanisms to maximize the benefits of the supply and demand. Second, the government should encourage the establishment of trading alliances among village communities to reduce the scale of supply and demand and competition among them. Third, several measures should be made to improve the service level of a forest rights exchange center. Furthermore, it is very important to establish and perfect the two-sided market for forest rights transactions under the current policy conditions. Forest rights exchange centers should formulate differentiated pricing strategies to standardize the management of the forest rights exchange market.
Marine ecological aquaculture is considered a robust scientific farming model, but it has not been widely promoted in China. Although some studies have examined stakeholders’ interests in ecological transformation, few studies to date have analyzed the interaction mechanism of the stakeholders in ecological transformation. Therefore, drawing on evolutionary game theory, this study analyzed the different behavioral strategies and evolutionary mechanisms of the government, marine aquaculture farmers, and aquatic enterprises engaged in marine farming processes. Furthermore, a numerical simulation was conducted to evaluate the rationality of the theoretical model. The results show that several factors affected the ecological transformation of mariculture. Government subsidies reduced farmers’ and aquatic enterprises’ costs of adopting ecological farming. The government’s increasing fines for aquaculture pollution slowed down the speed of the system to a stable point. The cost of adopting ecological farming by farmers and aquatic enterprises will affect their decision to adopt or invest in it. The increase in the market price of eco-aquatic products helped accelerate the ecological transformation of mariculture. The brand effect obtained by aquatic enterprises by investing in ecological farming helped increase participation to further improve this practice. In terms of policy implications, we recommend the promotion and guidance of marine aquaculture technology, government support and investment, environmental control of the aquaculture industry, and brand building of eco-aquatic products to transform and upgrade marine aquaculture farming.
As an important market-based emission reduction tool, the carbon market plays an important role in China's ability to meet its "30•60" goal 1 . Deeply analyzing the evaluation system of the carbon market in Fujian province is of great reference value for other regions when formulating carbon exchange policies. This paper aims to analyze the evaluation index system of the carbon market based on the analytic hierarchy process (AHP)-fuzzy comprehensive evaluation model and the development level of each factor in the environmental energy exchange platform in Fujian province. The results are as follows: (1) the evaluation results of the exchange platform are at an average level. There are significant differences in the level of internal indicators in the carbon market. Therefore, multi-dimensional efforts should be made to promote the operational effect of the carbon market.(2) The evaluation results of some indicators are at a poor level of excellence, such as the exchange rules, measurement work, and professional management personnel, which are important factors affecting the operation effect of the carbon market. Based on the above findings, this paper proposes several suggestions in terms of enhancing the influence of platform, setting convenient exchange 1 The "30.60" target refers to China's response to climate change by promoting the reduction of greenhouse gases, especially carbon dioxide. China has proposed that its carbon dioxide emissions should peak by 2030 and that it should become carbon neutral by 2060.
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