文章摘要
Qin Fei,Shen Yan.Research on the Impact of Industrial Policy Correlation on Company Performance[J].The Journal of quantitative and technical economics,2021,(9):117-138
产业政策关联度对公司业绩影响研究
Research on the Impact of Industrial Policy Correlation on Company Performance
  
DOI:
中文关键词: 政策关联  企业绩效  文本大数据分析  自然语言处理
英文关键词: Policy Correlation  Corporate Performance  Text Data Analysis  Natural Language Processing
基金项目:本文获得国家自然科学基金面上项目“非线性动态因子模型和函数型时间序列的前沿理论及其应用”(71773078)、国家自然科学基金青年项目“处理效应模型的非参数估计方法及其拓展应用”(71803134)和上海市哲学社会科学规划青年项目“‘十四五’期间上海提升科技创新策源功能的路径与对策研究”(2020EJB003)的资助。
Author NameAffiliation
Qin Fei School of Mathematics and Statistics, Beijing Technology and Business University 
Shen Yan National School of Development, Peking University 
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中文摘要:
      研究目标:测算政府工作报告和企业年报的产业政策关联程度,并评估政策关联对企业业绩的影响以及内在机制。研究方法:基于2009~2018年的国务院政府工作报告和企业年报文本数据,利用文本大数据分析技术测算企业年报和政府工作报告文本的政策相似度,并使用面板回归模型评估政策效果以及机制分析。研究发现:第一,2012年以后企业经营活动与政策关联度显著上升;第二,政策关联度较高的企业往往为民营、中小型、东部地区、轻资产、财务杠杆率低、资金状况良好,并更敢于冒风险的企业;第三,高政策关联度的企业业绩水平高,这一点对民营企业、中小企业和东部地区企业更为明显;第四,就影响机制而言,本文发现政策关联程度高的企业融资约束更低,也获得了更多的政府补贴和税收优惠;第五,由于在扣除政府补贴和税收优惠后,政策关联度和企业业绩水平间仍存在正相关关系,这一点对民营企业尤为明显,表明企业业绩好并非仅仅通过获取政策相关优惠而采取策略性创新导致。研究创新:本文创造性地结合文本大数据分析技术,采用相似度算法测算年报和政府工作报告的政策关联程度,为量化政策提供了新的视角。研究价值:本文的方法为利用文本大数据分析技术研究经济学问题提供了借鉴,研究结论对政府优化政策实施手段,提高政策执行效率提供了建议。
英文摘要:
      Research Objectives: This research constructs an indicator to measure the degree of correlation between the corporate and government, and evaluates the impact of policy correlation on corporate performance and the internal mechanism. Research Methods:Based on text data from the Chinese government work reports and corporate annual reports from 2009 to 2018, this paper employs data text analysis technology to measure the policy correlation between the corporate annual report and the government work report text, and estimates the impact of policy correlation on corporate performance. Research Findings:First, the corporate‘s policy correlation has increased significantly after 2012. Second, companies with higher policy correlation are characterized with private, small or medium-sized, eastern located, light-asset, low financial leverage, good funding, and riskier. Third, higher policy correlation leads to the better performance of these enterprises, especially for the private, small or medium-sized and eastern enterprises. Fourth, high policy correlation enterprises are less financing constraints and more government-subsidized and tax incentives. Fifth, after deducting government subsidies and tax incentives, there is still a positive relationship between policy correlation and corporate performance, which means that strategic innovation for obtaining policy-related benefits is not the only way for policies to be effective. Research Innovations:This paper creatively combines text data analysis technology, and uses a similarity algorithm to measure the degree of policy correlation between annual reports and government work reports and provides a new perspective for quantitative policies. Research Value: The method in this paper provides a reference value for the use of text data analysis technology to study economic issues, and the research conclusions provide suggestions for the government to optimize policy implementation methods and improve policy implementation efficiency.
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