As one of the main forces in the battle against poverty, manufacturing enterprises are also an important part of the effort to sustainably consolidate the results of poverty eradication and tackle the problem of relative poverty after a period marked by the battle against poverty. Therefore, the government needs to continue to support and guide manufacturing enterprises to participate in targeted poverty alleviation and enhance their willingness to participate in targeted poverty alleviation. To this end, using listed firms in the manufacturing industry from 2009 to 2020 as the sample, this paper intends to study whether there is a spatial spillover effect in the targeted poverty alleviation behaviors of listed companies. This study finds that, first, when enterprises in a region participate in targeted poverty alleviation, other nonparticipating enterprises are more inclined to not engage in targeted poverty alleviation activities (free-riding); when more companies in the same city participate in poverty alleviation, other companies are less likely to engage in poverty alleviation activities, suggesting that companies not involved in targeted poverty alleviation in the region opportunistically share the reputation of regional social responsibility, while targeted poverty alleviation pioneers may fulfill their social responsibilities for reasons of moralism and to improve social welfare, and this sense of social responsibility is a product of the social norm of collective activity in response to national policy. Second, the impact of companies undertaking targeted poverty alleviation on nonparticipation is more significant for firms located in a province with a higher degree of market development, firms without political connections, and nonstate-owned enterprises. Further analysis shows that the spatial spillover effects of targeted poverty alleviation are present in industrial and education poverty alleviation.