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  

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

作　　者：赵宇[1] 黄冰冰 邓元慧[1] ZHAO Yu;HUANG Bing-bing;DENG Yuan-hui(National Academy of Innovation Strategy,Beijing 100863,China;Planning and Research Institute,China North Industries Group Corporation Limited,Beijing 100070,China)

机构地区：[1]中国科协创新战略研究院,北京100863 [2]中国兵器工业规划研究院,北京100070

出　　处：《中国管理科学》2023年第10期136-145,共10页Chinese Journal of Management Science

摘　　要：创新是企业家利润的一般来源,国家政策是企业创新的重要推手,因此评估双创基地政策的经济效益具有重要的现实意义。为客观评价国家双创基地批复后所产生的经济效益,基于120个双创基地内相关的417家上市公司数据,考察其整体财务绩效是否在双创基地设立之后有所提升。在对双创基地上市公司整体的财务绩效测算和分类比较的基础上,采用倾向评分匹配(PSM)并结合双重差分(DID)的方法分别为各年度双创基地上市公司匹配对照样本,再进行差额分析,以去除外部因素影响从而得出其净增长。研究结论为:(1)整体上,2016年双创基地设立以来,双创基地上市公司的财务绩效有所下降,但是比对照组则明显要高;(2)结构上,企业双创基地和区域双创基地上市公司的财务绩效相对于对照组显著提升,但高校院所双创基地的财务绩效相对于对照组有所下降;(3)双创基地设立显著促进了双创基地上市公司财务绩效的提升,其净利率和扣非净利率分别显著提高了3.2%和3.3%。总体而言,在经济下行压力较大,上市公司财务绩效下行的情况下,双创基地上市公司仍然能够保持相对增长,从而对经济发展起到一定引领带动作用,即2016年以来的双创基地建设是富有成效的。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 eff

关 键 词：双创基地 上市公司 财务绩效 研发投入 倾向评分匹配 

分 类 号：F230[经济管理—会计学]