基于PSM-DID模型的政策对试点企业经营绩效的影响评价研究——以“供应链创新与应用试点”政策为例  

Research on the Impact of Policies on the Operating Performance of Pilot Enterprises Based on PSM-DID Model--Taking the“Pilot Supply Chain Innovation and Application”Policy as an Example

作　　者：刘伟华[1] 孙嘉琦 陈之璇 刘馨允 Liu Weihua;Sun Jiaqi;Chen Zhixuan;Liu Xinyun(College of Management and Economics,Tianjin University,Tianjin 300072,China)

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《工业技术经济》2022年第1期104-112,共9页Journal of Industrial Technological Economics

基　　金：国家社会科学基金重大项目“智慧供应链创新与应用研究”(项目编号:18ZDA060)。

摘　　要：近年来,我国政府积极推进供应链领域政策的制定与发布,如何更好地评估既有政策带来的绩效成为政府进一步完善供应链相关政策的关键。本文选取商务部“供应链创新与应用试点”政策(商建函[2018]142号)作为研究对象,并构建双重差分倾向得分匹配(PSM-DID)模型,将试点企业经营绩效中的盈利能力指标ROA作为被解释变量,利用Stata15.0对2015~2019年5年间覆盖3494家样本企业的面板数据,共15278个样本进行处理计算,以此对该政策实施对试点企业经营绩效的影响效果进行评价。结果表明:2018年开始实施的供应链创新与应用试点政策,对试点企业的经营绩效ROA有着显著的正向促进作用。此外,企业规模、企业的资产负债率、托宾Q值和企业固定资产投资比率都对ROA有显著影响。其中企业规模和托宾Q值对ROA有正向影响,资产负债率和固定资产投资比率对ROA有负向影响。In recent years,the Chinese government actively promotes the formulation and release of supply chain policies.How to evaluate the performance of existing policies better has become the key for the government to further improve the supply chain related policies.In this thesis,the Ministry of Commerce's“Pilot Supply Chain Innovation and Application”policy(Shang Jianxin[2018]No􀆰142)is selected as the research object,and the difference in difference propensity score Matching(PSM-DID)model is constructed.The profitability index ROA in the pilot enterprise's business performance is taken as the explained variable.Stata15􀆰0 is used to process and calculate the panel data of 15278 samples covering 3494 sample enterprises during the five years from 2015 to 2019,so as to evaluate the impact of the implementation of this policy on the business performance of pilot enterprises.The results show that the pilot policies of supply chain innovation and application implemented in 2018 have a significant positive effect on the operational performance of the pilot enterprises ROA,and the results have a certain reference effect on the formulation and improvement of supply chain related policies.In addition,enterprise size,enterprise's asset-liability ratio,Tobin's Q value and enterprise's fixed asset investment ratio all have significant influence on ROA.Among them,enterprise size and Tobin Q value have positive influence on ROA,while asset-liability ratio and fixed asset investment ratio have negative influence on ROA.

关 键 词：供应链 双重差分模型 倾向得分匹配方法 政策评价 盈利能力 经营绩效 

分 类 号：F270.3[经济管理—企业管理] F274[经济管理—国民经济]