国家产业政策、产权性质与公司业绩

摘要

通过采用双重差分估计法，文章实证检验了国家产业政策对微观企业经营业绩的影响及其传导机制。研究发现，长期性产业政策鼓励发展的企业拥有更好的投资机会和更强的融资能力，其经营业绩也得到明显增长；进一步产权性质分组的结果表明，长期性产业政策的正激励效应在民营企业表现得更为显著。与长期产业政策不同，短期产业调控政策对支持发展企业的经营业绩具有显著负效应，并且这种负面影响主要体现在国有企业。%Using DID estimation method, we examine the macro industrial policy’s impact on corporate business performance and the mechanism. The study finds that in general enterprises supported by industrial policy have better investment opportunities and stronger financing ability, and business performance has also been obvious growth. Further analysis based on the ownership type shows that this positive incentive effect of national industrial policy performance in private enterprises is more significant. Different from long-term industrial policy, short-term macroeconomic stimulus policies and corporate performance is significantly negative correlation, and the negative effect mainly displays in the state-owned enterprises.