近年来，我国正在为全国人民的共同富裕而矢志奋斗，精准扶贫政策应运而生。作为我国当前三大攻坚战之一，从2016年开始，随着证监会对上市公司进行了鼓励与引导参与精准扶贫，越来越多的上市公司响应精准扶贫政策，不同的企业响应政策的原因可能有所不同。精准扶贫政策本身就具有政策导向以及社会舆论集中性，是全国人民关心关注的话题。同时响应精准扶贫政策、实施精准扶贫体现了企业对社会的责任履行和自身的人文关怀。年报文本语气是上市企业对自身未来发展走向的预测和把握，体现了企业战略层面的自信与积极，古人言：达则兼济天下。因此本文关注企业的年报文本语气，也即其对自身的价值判断是否会影响对精准扶贫政策的响应。

本研究从政策响应、社会舆论关注以及社会责任三大视角看待精准扶贫这一概念，引入了动态能力与政治关联两个企业内部因素以及环境不确定性与公众关注度两个外部因素共四个调节变量对年报文本语气对企业的精准扶贫水平的影响机理进行更加系统的解释。

研究选取了1029家沪深A股上市公司样本，对2016-2018年的混合截面数据进行回归分析。研究结果表明，年报文本语气对企业的精准扶贫水平有显著的正向影响。这种关系受到企业内外四种因素：动态能力、政治关联、公众关注度以及环境不确定性的调节作用。动态能力、公众关注度、政治关联促进了年报文本语气对精准扶贫水平的正向影响。环境不确定性则阻碍了年报文本语气对企业的精准扶贫水平的正向影响。在回归分析的最后给出了采用Probit模型以及更换自变量测度方式的稳健性检验和基于广义倾向得分匹配的内生性检验。

最后，本文从研究结论出发给出了企业发展和政府精准扶贫工作的建议。

In recent years, China is striving for the common prosperity of the people of the whole country, and a targeted poverty alleviation policy has emerged. As one of the current three major battles in China, since 2016, as the CSRC has encouraged and guided listed companies to participate in targeted poverty alleviation, more and more listed companies have responded to targeted poverty alleviation policies.

The precise poverty alleviation policy itself has the concentration of public opinion and is a topic of concern to the people throughout the country. At the same time, the targeted poverty alleviation policy reflects the fulfillment of corporate social responsibility and its own humanistic care.

The tone of the text of the annual report is the prediction and grasp of the future development trend of the listed company, which reflects the self-confidence and positiveness of the company level. As the ancient Chinese saying goes: “In success, one tries to let others be benefited.” Therefore, this article focuses on the tone of the company's annual report text, that is, whether its own value judgment will affect its own response to targeted poverty alleviation.

This study introduces two internal factors, dynamic capability and political connection, as well as two external factors, environmental uncertainty and public attention, as four adjustment variables from three perspectives: policy response, social media attention, and corporate social responsibility.

The mechanism of the impact of the tone of the text of the annual report on the precise poverty alleviation level of enterprises is more systematically explained. The study selected a sample of 1029 Shanghai and Shenzhen A-share listed companies to perform regression analysis on the 2016-2018 Mixed section data. The results of the study show that, first of all, the tone of the text of the annual report has a significant positive effect on the company's level of targeted poverty alleviation.

This relationship is regulated by four factors inside and outside the company: dynamic capabilities, political relevance, public attention, and environmental uncertainty. Dynamic capabilities, public attention, and political relevance enhance the positive impact of annual report text tone on the level of targeted poverty alleviation. Environmental uncertainty hinders the positive impact of the tone of the text of the annual report on the level of targeted poverty alleviation of enterprises.

At the end of the regression analysis, this study gives the robustness test of the replacement method of Probit and the independent variable measurement method and the endogenous test based on the generalized propensity score matching technique.

The research system in the field of corporate social responsibility has been improved by this article. It provides a certain theoretical basis and policy recommendations for winning the poverty alleviation battle and achieving common prosperity in our country.