企业集团对公司绩效的影响及其决定机制研究——基于倾向得分匹配法(PSM)

企业集团是我国主要企业组织形式。本文借鉴东亚经济体发展企业集团的经验,基于考虑我国经济转型的特定经济社会环境,采取Logit模型测算独立企业选择加入企业集团的倾向得分并分析其影响因素。在此基础上,运用微观经济计量学的新进展——准实验方法,建立反事实分析框架,采用倾向得分匹配法(PSM)克服企业集团与公司绩效实证研究中潜在的内生性问题,得出企业集团对公司绩效影响的可信估计,旨在为正确发挥企业集团的独特优势、引导其内涵式发展提供参考。

Business groups are the leading enterprise organization form in China. Based on the experience from the developing business groups of the East Asian economies and the specific economic and social environment of China＇s economic transformation, this paper adopts Logit model to estimate the tendency of independent enterprise choosing to join a business group and its influence factors. And based on the new development of microeconomic measurement, the paper constructs a counterfactual analysis framework and adopts the propensity score matching （PSM） to overcome potential endogenity problems, making a credible, estimate of the impact on the company＇s performance and its mechanism, aiming to provide a reference for correctly playing the unique advantages of business groups and guiding its development.