参与PPP项目对上市公司创新的影响——基于PSM-DID方法的实证分析  

The Impact of Participating in PPP Projects on the Innovation of Listed Companies:An Empirical Analysis Based on PSM-DID Method

作　　者：张曾莲[1] 原亚男 ZHANG Zeng-lian;YUAN Ya-nan(Donlinks School of Economics and Management,University of Science and Technology,Beijing 100083,China;School of Business,Beijing Wuzi University,Beijing 101149,China)

机构地区：[1]北京科技大学东凌经济管理学院,北京100083 [2]北京物资学院商学院,北京101149

出　　处：《华东经济管理》2020年第5期42-50,共9页East China Economic Management

基　　金：北京市自然科学基金项目“北京市自科基金资助管理绩效的评价、动因及对区域创新的贡献研究”(9182011)。

摘　　要：文章以2013-2018年沪深两市上市公司参与PPP(政府与社会资本合作,Private-Public-Partnership)进行基础设施建设项目的企业为样本,通过PSM-DID检验发现,参与PPP项目在一定程度上降低了上市公司的创新;同时,参与PPP项目的数量越多,降低上市公司创新的幅度越大;较之民营企业,国有企业创新挤出效应更明显。因此,既要鼓励民营企业积极参与PPP项目,也要激发参与PPP项目的国有企业的创新水平。This paper takes the listed companies in Shanghai and Shenzhen that participated in PPP(Government-Social Capital Cooperation,Private-Public-Partnership)infrastructure construction projects from 2013 to 2018 as samples.Through PSM-DID test,it is found that participation in PPP projects can reduce the innovation of listed companies to a certain extent;at the same time,the more the number of PPP projects,the greater the extent of reducing the innovation of listed companies;compared with private enterprises,the innovation crowding-out effect of state-owned enterprises is more obvious.Therefore,we should not only encourage private enterprises to participate in PPP projects,but also stimu late the innovation level of state-owned enterprises participating in PPP projects.

关 键 词：PPP项目 创新 股权性质 PSM-DID 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济]