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

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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

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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

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