基于倾向评分匹配的国家双创示范基地内上市公司财务绩效分析

doi:10.16381/j.cnki.issn1003-207x.2021.0433

Abstract

Abstract:

The construction of mass entrepreneurship and innovation bases implemented in China since 2016 is an innovation incentive policy with Chinese characteristics. Taking the listed companies in the mass entrepreneurship and innovation bases as the research object， the economic benefits after the establishment of the national mass entrepreneurship and innovation bases from a unique perspective are revealed and evaluated. Based on China Stock Market & Accounting Research （CSMAR） database and RESSET database， 417 listed companies related to the mass entrepreneurship and innovation bases were collected from Shanghai and Shenzhen Stock Exchange to investigate whether their overall financial performance has improved after the establishment of the mass entrepreneurship and innovation bases. Based on the measurement and internal comparison of the overall financial performance of the listed companies in the Mass Entrepreneurship and Innovation Base， the method of propensity score matching （PSM） combined with difference in difference （DID） is adopted to match the control samples for the listed companies in the Mass Entrepreneurship and Innovation Base in each year， and then the difference analysis is carried out to remove the influence of external factors， so as to get the net growth. The conclusions are as follows：（1） On the whole， since the establishment of the Mass Entrepreneurship and Innovation Base in 2016， although the overall financial performance of the listed companies in the Mass Entrepreneurship and Innovation Base has gradually declined， it has significantly improved compared with the control group；（2） Structurally， the financial performance of the listed companies in the enterprise Mass Entrepreneurship and Innovation Base and the regional Mass Entrepreneurship and Innovation Base has significantly improved compared with the control group， but the financial performance of the Mass Entrepreneurship and Innovation Base in universities and scientific research institutes has not significantly improved Compared with the control group， the effect is decreased；（3） The establishment of the Mass Entrepreneurship and Innovation Base significantly promoted the financial performance of the listed companies in the Mass Entrepreneurship and Innovation Base， and its net interest rate and the deduct non-net interest rate increased by 3.2% and 3.3% respectively. The research shows that the listed companies in the Mass Entrepreneurship and Innovation Base can still maintain relative growth comparing to similarly companies under the condition of great economic downward pressure， which has a certain degree of driving effect on economic development. So it means that the construction of demonstration bases has been fruitful since 2016. This study has significant meaning to promote the theoretical research of innovation incentive policy， and provides empirical evidence for the evaluation of innovation incentive policy.

Key words: mass entrepreneurship and innovation base, listed company, financial performance, R&D investment, propensity score matching

CLC Number:

F230

Yu ZHAO,Bing-bing HUANG,Yuan-hui DENG. Analyzing the Financial Performance of Listed Companies in National Mass Entrepreneurship and Innovation Demonstration Base Based on Propensity Score Matching[J]. Chinese Journal of Management Science, 2023, 31(10): 136-145.

Figures/Tables 8

References 32

1	贾康. 以“双创双化双减”化解“滞胀式”威胁［J］. 经济研究参考， 2013（18）： 12-13.
	Jia Kang. Resolve the threat of stagflation with ‘double innovation， double industrialization and double reduction’［J］. Review of Economic Research， 2013（18）： 12-13.
2	王昌林. 大众创业万众创新的理论和现实意义［J］. 科技创业月刊， 2016，29（2）： 56-57.
	Wang Changlin. Theoretical and practical significance of mass entrepreneurship and mass innovation［J］. Pioneering with Science & Technology Monothly， 2016，29（2）： 56-57.
3	刘刚. 构建以“双创”为导向的新经济——基于国家级“双创”示范基地的调查［J］. 经济纵横， 2017（9）： 49-55.
	Liu Gang. To build a new economy with mass entrepreneurship and innovation as orientation［J］. Economic Review Journal， 2017（9）： 49-55.
4	林念修. 分三步走推进“双创”示范基地建设［J］. 中国经贸导刊， 2016（13）： 15-17.
	Lin Nianxiu. Three steps to promote the construction of “mass entrepreneurship and innovation” demonstration base［J］. China Economic & Trade Herald， 2016（13）： 15-17.
5	杨涛. 基于四链融合的煤炭企业双创基地建设模式研究［J］. 煤炭经济研究， 2018，38（2）： 24-29.
	Yang Tao. Study on construction mode of double innovation base in coal enterprises based on four chain integration［J］. Coal Economic Research， 2018，38（2）： 24-29.
6	田文富. 创新创业协同发展及支撑体系建设研究——以郑洛新双创示范基地实践为例［J］. 学习论坛， 2018（7）： 48-53.
	Tian Wenfu. Research on the coordinated development of innovation and entrepreneurship and the construction of supporting system： take ZhengLuoXin innovation and entrepreneurship demonstration base as an example［J］. Tribune of Study， 2018（7）： 48-53.
7	李佳霖. 扶持双创基地应多点发力［N］. 经济日报，2017-02-27（5）.
	Li Jialin. More efforts should be made to support mass entrepreneurship and innovation bases［N］. Economic Daily， 2017-02-27（5）.
8	陈倩倩，陈锐. “双创”背景下科技型中小企业专利权质押融资模式研究［J］. 今日科苑， 2019（3）： 43-48.
	Chen Qianqian， Chen Rui. Research on patent pledge financing mode of science and technology middle and small-sized enterprises under the background of mass entrepreneurship and innovation［J］. Modern Science， 2019（3）： 43-48.
9	马理正. 双创示范基地的绩效评估研究［D］. 兰州：西北师范大学， 2018.
	Ma Lizheng. Research on performance evaluation of mass entrepreneurship and innovation bases—take Zhangye city as an example［D］. Lanzhou： Northwest Normal University， 2018.
10	郭俊华，邢涵冰，巩辉. 双创区域示范基地对区域创新能力影响的实证研究［J］. 管理学刊， 2020，33（3）： 14-26.
	Guo Junhua， Xing Hanbing， Gong Hui. An empirical study on the influence of the regional demonstration bases for innovation and entrepreneurship on regional innovation ability［J］. Journal of Management， 2020，33（3）： 14-26.
11	赵宇，邓元慧. 国家双创示范基地类型特征浅析［J］. 今日科苑， 2020（9）： 8-14.
	Zhao Yu， Deng Yuanhui. Analysis on the characteristcs of the types of national mass entrepreneurship and innovation demonstration bases［J］. Modern Science， 2020（9）： 8-14.
12	黎晓奇，赵宇，张丽，等. 中国科协创新战略研究院“双创”评估及相关工作的经验与启示［J］. 今日科苑， 2018（3）： 22-25.
	Li Xiaoqi， Zhao Yu， Zhang Li， et al. The experience and enlightenment of the entrepreneurship and Innovation evaluation and related works in National Academy of Innovation Strategy［J］. Modern Science， 2018（3）： 22-25.
13	辜胜阻，李睿. 大众创业万众创新要激发多元主体活力［J］. 求是， 2015（16）： 28-30.
	Gu Shengzu， Li Rui. Mass entrepreneurship and innovation should stimulate the vitality of multiple subject［J］. QiuShi， 2015（16）： 28-30.
14	王子龙，谭清美，许箫迪. 企业集群共生演化模型及实证研究［J］. 中国管理科学， 2006，14（2）： 141-148.
	Wang Zilong， Tan Qingmei， Xu Xiaodi. The evolution model and empirical studies of enterprises cluster symbiosis［J］. Chinese Journal of Management Science， 2006，14（2）： 141-148.
15	严成樑，龚六堂. 熊彼特增长理论：一个文献综述［J］. 经济学（季刊）， 2009，8（3）： 1163-1196.
	Yan Chengliang， Gong Liutang. The schumpeterian growth theory： a survey［J］. China Economic Quarterly， 2009，8（3）： 1163-1196.
16	熊彼特. 经济发展理论［M］. 郭武军，吕阳，译. 北京：华夏出版社， 2015.
	Schumpeter J A. Theory of economic development［M］. Guo Wujun， Lv Yang， Translator.Beijing： Huaxia Publishing House， 2015.
17	龚唯平. 关于国家干预理论的经济学思考［J］. 学术研究， 2001（11）： 46-49.
	Gong Weiping. Economic thoughts on the theory of state intervention［J］. Academic Research， 2001（11）： 46-49.
18	张杰，刘志彪，郑江淮. 中国制造业企业创新活动的关键影响因素研究——基于江苏省制造业企业问卷的分析［J］. 管理世界， 2007（6）： 64-74.
	Zhang Jie， Liu Zhibiao， Zheng Jianghuai. Research on the key factors influencing the innovation activities of Chinese manufacturing enterprises： ased on the questionnaire of manufacturing enterprises in Jiangsu Province［J］. Journal of Management World， 2007（6）： 64-74.
19	李春涛，宋敏. 中国制造业企业的创新活动：所有制和CEO激励的作用［J］. 经济研究， 2010，45（5）： 55-67.
	Li Chuntao， Song Min. Innovation activities in Chinese manufacturing firms： the roles of firm ownership and CEO incentives［J］. Economic Research， 2010，45（5）： 55-67.
20	安同良，周绍东，皮建才. R&D补贴对中国企业自主创新的激励效应［J］. 经济研究， 2009，44（10）： 87-98.
	An Tongliang， Zhou Shaodong， Pi Jiancai. The stimulating effects of R&D subsidies on independent innovation of Chinese enterprises［J］. Economic Research， 2009，44（10）： 87-98.
21	中国企业联合会，中国企业家协会. 中国500强企业发展报告［M］. 北京：企业管理出版社， 2020.
	China Enterprise Confederation， China Enterprise Directors Association. China's top 500 enterprises development report［M］. Beijing： Enterprise Management Publishing House， 2020.
22	Blundell R， Costa D M. Evaluation methods for non‐experimental data［J］. Fiscal Studies， 2000，21（4）： 427-468.
23	Becker S O， Ichino A. Estimation of average treatment effects based on propensity scores［J］. The Stata Journal， 2002，2（4）： 358-377.
24	Heyman F， Sjöholm F， Tingvall P G. Is there really a foreign ownership wage premium？ Evidence from matched employer–employee data［J］. Journal of International Economics， 2007，73（2）： 355-376.
25	刘晔，张训常，蓝晓燕. 国有企业混合所有制改革对全要素生产率的影响——基于PSM-DID方法的实证研究［J］. 财政研究， 2016（10）： 63-75.
	Liu Ye， Zhang Xunchang， Lan Xiaoyan. The influence of the mixed ownership reform on the total factor productivity of the state owned enterprises： an empirical study based on PSM-DID method［J］. Public Finance Research， 2016（10）： 63-75.
26	田利辉，王可第. 社会责任信息披露的“掩饰效应”和上市公司崩盘风险——来自中国股票市场的DID-PSM分析［J］. 管理世界， 2017（11）： 146-157.
	Tian Lihui， Wang Kedi. The cover-up effect of social responsibility information disclosure and the crash risk of listed companies： a DID-PSM analysis of Chinese stock market［J］. Journal of Management World， 2017（11）： 146-157.
27	Barton S L， Gordon P J. Corporate strategy and capital structure［J］. Strategic Management Journal， 1988，9（6）： 623-632.
28	Jose M L， Lancaster C， Stevens J L. Corporate returns and cash conversion cycles［J］. Journal of Economics and Finance， 1996，20（1）： 33-46.
29	孔宁宁，张新民，吕娟. 营运资本管理效率对公司盈利能力的影响——基于中国制造业上市公司的经验证据［J］. 南开管理评论， 2009，12（6）： 121-126.
	Kong Ningning， Zhang Xinmin， Lu Juan. Effect of working capital management on corporate profitability： evidence from Chinese listed manufacturing companies［J］. Nankai Business Review， 2009，12（6）： 121-126.
30	王文涛，付剑峰，朱义. 企业创新、价值链扩张与制造业盈利能力——以中国医药制造企业为例［J］. 中国工业经济， 2012（4）： 50-62.
	Wang Wentao， Fu Jianfeng， Zhu Yi. Innovation， value chains and profitability of manufacturing industry： basedon chinese pharmaceutical companies［J］. China Industrial Economics， 2012（4）： 50-62.
31	仇云杰，魏炜. 研发投入对企业绩效的影响——基于倾向得分匹配法的研究［J］. 当代财经， 2016（3）： 96-106.
	Qiu Yunjie， Wei Wei. The impact of R&D investment on firm performance： based on propensity score matching （PSM） method［J］. Contemporary Finance & Economics， 2016（3）： 96-106.
32	余琰，李怡宗. 高息委托借款与企业盈利能力研究——以盈余持续性和价值相关性为视角［J］. 审计与经济研究， 2016，31（4）： 80-88.
	Yu Yan， Li Yizong. High-interest loans and profitability of the firms： from the perspective of earnings persistence and earnings value relevance［J］. Audit & Economy Research， 2016，31（4）： 80-88.

年份	2016	2017	2018	2019	平均值
公司数（单位：家）	207	417	417	417	364
营业收入（单位：亿元）	34,387.66	54,860.13	60,995.48	67,893.71	54,534.25
净利润（单位：亿元）	2,023.63	3,386.74	3,616.87	3,757.49	3,196.18
扣非净利润（单位：亿元）	1,528.05	2,590.80	2,608.80	2,654.23	2,345.47
研发投入（单位：亿元）	631.96	1,319.05	1,605.07	1,945.43	1,375.38
员工数量（单位：亿元）	181.83	300.44	319.98	331.49	283.44
研发人员数量（单位：万人）	23.21	39.56	39.89	42.93	36.40
净利率(%)	5.88	6.17	5.93	5.53	5.88
扣非净利率(%)	4.44	4.72	4.28	3.91	4.34
研发投入强度(%)	1.84	2.40	2.63	2.87	2.43
研发人员占比(%)	12.76	13.17	12.47	12.95	12.84

类别	年份	净利率（%）	扣非净利率（%）	研发投入强度（%）	研发人员占比（%）
区域双创基地	2016	5.25	4.12	1.72	13.47
	2017	5.61	4.34	2.11	13.21
	2018	5.24	3.72	2.25	12.11
	2019	4.80	3.44	2.44	12.36
	平均值	5.20	3.86	2.18	12.72
高校院所双创基地	2016	11.04	2.58	6.28	10.18
	2017	6.12	2.96	6.16	11.64
	2018	1.82	-1.26	6.17	10.28
	2019	3.90	-0.08	6.79	11.01
	平均值	5.00	0.78	6.37	10.85
企业双创基地	2016	10.28	7.52	1.98	9.69
	2017	7.71	5.91	2.91	13.33
	2018	8.09	6.18	3.37	13.62
	2019	7.73	5.53	3.76	14.55
	平均值	8.02	5.98	3.28	13.51

变量	U 匹配前	均值		标准偏误（%）	误差消减（%）	t-test		V(T)/V(C)
变量	M 匹配后	处理组	对照组	标准偏误（%）	误差消减（%）	t	p>t	V(T)/V(C)
SIC	U	5.627	4.844	21.6		4.15	0.000	1.03
SIC	M	5.627	5.523	2.9	86.8	0.39	0.698	0.83
RDS	U	6.524	4.312	41.5		9.03	0.000	1.84
RDS	M	6.524	6.544	-0.4	99.1	-0.05	0.964	0.96
EMP	U	5.950	4.784	11.5		2.44	0.015	1.64
EMP	M	5.950	5.746	2.0	82.5	0.27	0.788	1.13
LEV	U	0.425	0.412	6.5		1.23	0.219	0.94
LEV	M	0.425	0.435	-5.3	18.6	-0.75	0.454	0.88

类别	年份	净利率（%）	扣非净利率（%）	研发投入强度（%）	研发人员占比（%）
区域双创基地	2016	-3.67	-2.65	-0.10	3.73
	2017	-1.82	-0.35	0.86	5.23
	2018	0.42	0.06	0.67	1.58
	2019	1.09	0.59	1.47	5.49
	平均值	0.43	0.34	0.98	4.30
高校院所双创基地	2016	6.18	-2.23	4.70	5.23
	2017	-11.62	-5.28	3.02	3.55
	2018	-1.28	-3.02	2.86	-0.94
	2019	-2.99	-5.33	2.77	2.06
	平均值	-4.25	-4.57	3.10	2.06
企业双创基地	2016	-0.32	-0.43	-0.37	4.27
	2017	3.75	3.41	1.45	5.94
	2018	1.27	0.94	1.04	5.53
	2019	4.02	3.29	2.04	7.87
	平均值	2.94	2.49	1.43	6.38
汇总	2016	-3.36	-2.57	-0.10	4.17
	2017	-0.32	0.67	1.05	5.38
	2018	0.76	0.34	0.90	2.52
	2019	1.81	1.13	1.78	6.08
	平均值	1.01	0.77	1.19	4.74

变量类型	变量名称	变量符号	计算方式
被解释变量	净利率	NET_P	净利润/营业收入
	扣非净利率	NET_KP	扣非净利润/营业收入
	净资产收益率	ROE	净利润/期末净资产
解释变量	政策虚拟变量	BATCH	对照组取0；处理组取1
解释变量	时间虚拟变量	TIME	2012-2015年取0；2016-2019年取1
控制变量	研发投入强度	RDS	研发投入/营业收入
	员工数量	LNEMP	期末员工数量的对数
	财务杠杆	LEV	期末负债/期末资产
	总资产	LNASSET	期末总资产的对数
	营业收入	LNREVE	营业收入的对数
	是否盈利	Net_D	净利润为负取0；否则取1

Analyzing the Financial Performance of Listed Companies in National Mass Entrepreneurship and Innovation Demonstration Base Based on Propensity Score Matching

RichHTML

PDF (PC)

Knowledge

Abstract

Cite this article

share this article

Figures/Tables 8

References 32

Related Articles 15

Metrics

Comments

Recommended 0

变量名称	变量符号	样本量	均值	最小值	最大值	标准差
净利率	Net_per	5724	0.082	-16.914	6.983	0.401
扣非净利率	Net_k_per	5724	0.045	-17.645	4.690	0.361
净资产收益率	ROE	5724	0.056	-6.138	0.471	0.191
研发投入强度	RDS	5724	5.836	0.000	23.810	6.079
员工数量	LNEMP	5724	4.135	0.000	60.439	9.965
财务杠杆	LEV	5724	0.414	0.022	0.988	0.210
总资产	LNASSET	5724	22.198	19.735	27.216	1.411
营业收入	LNREVE	5724	21.416	18.194	25.518	1.538
是否盈利	Net_D	5724	0.913	0.000	1.000	0.281

变量	Dep.=NET_P （净利率）		Dep.=NET_KP （扣非净利率）		Dep.=ROE （净资产收益率）
变量	(1)	(2)	(3)	(4)	(5)	(6)
TIME×BATCH	0.031^*	0.032^**	0.032^*	0.033^**	0.019^*	0.020^**
TIME×BATCH	(1.735)	(1.970)	(1.928)	(2.213)	(1.890)	(2.379)
TIME	-0.040^***	-0.044^***	-0.048^***	-0.049^***	-0.018^**	-0.025^***
TIME	(-3.113)	(-3.726)	(-4.079)	(-4.555)	(-2.482)	(-4.102)
BATCH	0.001	-0.019	0.007	-0.013	-0.001	-0.015^**
BATCH	(0.107)	(-1.533)	(0.530)	(-1.132)	(-0.126)	(-2.379)
RDS		-0.004^***		-0.005^***		0.001
RDS		(-4.578)		(-5.926)		(1.484)
LNEMP		-0.001		-0.001		-0.000
LNEMP		(-1.367)		(-1.162)		(-0.341)
LEV		-0.318^***		-0.409^***		-0.186^***
LEV		(-11.840)		(-16.849)		(-13.303)
LNASSET		0.040^***		-0.037^***		-0.016^***
LNASSET		(5.030)		(-5.154)		(-3.866)
LNREVE		-0.015^**		0.066^***		0.038^***
LNREVE		(-2.023)		(9.874)		(9.879)
Net_D		0.445^***		0.375^***		0.317^***
Net_D		(29.832)		(27.837)		(40.786)
常数项	0.069	-0.680^***	0.024	-0.618^***	0.043	-0.555^***
常数项	(1.310)	(-6.590)	(0.501)	(-6.627)	(1.435)	(-10.323)
行业	控制	控制	控制	控制	控制	控制
观测值	5724	5724	5724	5724	5724	5724
R²	0.031	0.211	0.013	0.225	0.002	0.304
F值	9.841	57.534	4.727	62.411	1.564	93.585

[1]	WANG Zhao-hua, LU Bin, WANG Bo. The Impact of Energy-saving Information Exposure on Green Consumption Behavior——An Empirical Study of Large-scale Text Data from E-commerce Data Platforms [J]. Chinese Journal of Management Science, 2022, 30(1): 241-251.
[2]	HU Chun-hua, ZHAO Hui, TONG Xiao-qin, REN Jian. Research on the Impact of Intelligent Recommendation System on Consumer Online Shopping [J]. Chinese Journal of Management Science, 2020, 28(6): 158-170.
[3]	WANG Jian-ling, LI Yue-ting, WU Xuan. Corporate Social Responsibilityas the Signal of Firm Future Performance: Evidence from Chinese Market [J]. Chinese Journal of Management Science, 2018, 26(8): 31-41.
[4]	WU Yong, LI Qian, ZHU Wei-dong. Directors' and Officers' Liability can Enhance the Corporate Value? Based on the Perspective of Corporate Governance [J]. Chinese Journal of Management Science, 2018, 26(4): 188-196.
[5]	GAO Yang-zhi, RAN Mao-sheng. The Impact of Private Enterprises Corruption on R & D Investment: An Empirical Analysis Based on Private Listed SMEs' Data [J]. Chinese Journal of Management Science, 2017, 25(3): 59-67.
[6]	YANG Wan-su, YANG Shan-lin. An Empirical Study on the Relationship between Corporate Social Responsibility and Financial Performance under the Chinese Context ——Based on the Contrastive Analysis of Large, Small and Medium-size Listed Companies [J]. Chinese Journal of Management Science, 2016, 24(1): 143-150.
[7]	RUAN Su-mei, YANG Shan-lin, ZHANG Li. An Empirical Study on Corporate Governance and Capital Structure's Comprehensive Influence on Ability of the Listed Company Value Creation [J]. Chinese Journal of Management Science, 2015, 23(5): 168-176.
[8]	CHEN You-hua, NIE Pu-yan, PENG Bi-yu. Advertising and R&D Innovation under Debt Constraint [J]. Chinese Journal of Management Science, 2015, 23(12): 142-149.
[9]	TAO Wen-jie, JIN Zhan-ming. The Relationship Between Corporate Social Responsibility Disclosure and Corporate Financial Performance under Media Exposure and its Implications：An Empirical Study Based on the CSR Report of Chinese Listed Firms [J]. Chinese Journal of Management Science, 2013, 21(4): 162-170.
[10]	ZHANG Chun-hui, CHEN Ji-xiang. Innovation Modes Selection Considering Endogenous Spillovers and R&D Investment [J]. Chinese Journal of Management Science, 2011, 19(3): 26-32.
[11]	CHEN Qi-an, FANG Cai-xia, XIAO Ying-hong. Study on Model of Dividend Payout Policy Based on Senior Manager’s Overconfidence in the Listed Company [J]. Chinese Journal of Management Science, 2010, 18(3): 174-184.
[12]	JIANG Yan-xia, XU Cheng-xing. Analysis of Classification Model of Companies’ Financial Performance Based on Integrated Support Vector Machine [J]. Chinese Journal of Management Science, 2009, 17(2): 42-51.
[13]	LI Wan-fu, YE A-zhong. Analysis of Macro Factors Affecting Financial Structure of Chinese Listed Companies [J]. Chinese Journal of Management Science, 2007, 15(6): 26-32.
[14]	WU Jian-zu, XUAN Hui-yu. A Study of Strategic R&D Investment Timing of Firms with Asymmetric Innovation Capability [J]. Chinese Journal of Management Science, 2006, (6): 135-139.
[15]	CHEN Lin, WANG Ping-xin. Study on the Influence Factors of Economic Value Added of China’s Listed Companies [J]. Chinese Journal of Management Science, 2005, (6): 11-17.