两业融合政策对企业经营绩效影响——基于PSM-DID模型的实证研究  

The Impact of Implementation Policy for Deep Integration and Innovative Development of Manufacturing and Logistics Industries on Enterprise Operational Performance——An Empirical Study Based on PSM-DID Model

作　　者：刘伟华[1] 邱靖程 袁超伦 刘婷婷[1] 刘羽菲 曹悦男 Liu Weihua;Qiu Jingcheng;Yuan Chaolun;Liu Tingting;Liu Yufei;Cao Yuenan(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》2023年第11期97-107,共11页Journal of Industrial Technological Economics

基　　金：国家社会科学基金重大项目“物流业制造业深度融合创新发展的政策与路径研究”(项目编号;22&ZD139)。

摘　　要：在全球价值链重构和逆全球化发展日益加深的背景下,我国高度重视物流业和制造业深度融合发展(即“两业融合”),国内外学者也积极针对两业融合政策展开了相关研究,但既有研究缺乏对企业绩效影响的深入探索。因此,本文以国家发改委等出台的《推动物流业制造业深度融合创新发展实施方案》政策为研究对象,选取中国2018~2022年的614家A股上市的物流企业和制造企业,通过构建倾向得分匹配-双重差分(PSM-DID)模型对该政策的作用效果进行评估。本文得到3个方面结论:(1)“两业融合”政策对我国物流企业和制造企业的绩效起到了正向促进作用;(2)由于组织惯性等原因,“两业融合”政策的促进作用存在滞后性;(3)在影响的异质性上,尽管有组织惯性作用,但“两业融合”政策对规模较大企业的促进作用更好,对规模较小企业的促进作用反而不明显。在所属行业上,“两业融合”政策对制造企业的促进作用比物流企业更大。在地区差异上,“两业融合”政策对经济发达地区的企业的促进作用更强,显示出经济发达地区的先发优势。基于上述结论,本文从政府和企业两个层面提出了促进“两业融合”的有关建议。With global value chain reconstruction and deepening anti-globalization development,China pays more attention to the deep integration and development of logistics manufacturing industry(that is“integration of the two industries”).Many scholars have carried out relevant studies on the integration policy of the two industries,but the existing studies lack of in-depth exploration on the impact of enterprise performance.Therefore,this study focuses on the policy document“Implementation Plan for Promoting the Deep Integration and Innovative Development of the Logistics Industry and Manufacturing Industry”,issued by the National Development and Reform Commission.It selects 614 logistics and manufacturing companies listed on the A-share market in China between 2018 and 2022.By constructing a Propensity Score Matching-Double Difference(PSM-DID)model,this study evaluates the effects of the policy.The conclusions of this study can be summarized in three aspects:first,it verifies that the policy has a positive effect on the performance of the logistics industry and manufacturing enterprises in China.Second,due to organizational inertia and other reasons,there is a lag in the promotion effect of the“integration of industries”policy.Third,regarding the heterogeneity of the impact,the promotion effect of the“integration of industries”policy is better for larger enterprises,while it is less significant for smaller enterprises.In terms of industry classification,contrary to our assumption that the“integration of industries”policy would have a greater impact on logistics enterprises,it actually has a better promotion effect on manufacturing enterprises.In terms of regional differences,the“integration of industries”policy has a stronger promotion effect on enterprises in economically developed regions,demonstrating the advantages of these regions.Based on the above conclusions,this paper puts forward relevant suggestions for enterprises and governments to promote the integration of the two industries.

关 键 词：两业融合 倾向得分匹配 双重差分 企业绩效 政策影响 异质性分析 

分 类 号：F272[经济管理—企业管理] F427[经济管理—国民经济]