全国文明城市与企业绩效——基于倾向性匹配倍差法的微观证据

National Civilized City and Enterprise Performance:Micro Evidence Based on PSM-DID Method

城市发展对企业成长的影响尚没有形成统一的结论。针对中央文明委主办的全国文明城市评选这一准自然实验政策，使用1999--2007年中国工业企业数据库，并采用倾向性匹配倍差法以及分位数倾向性匹配倍差法评估了这一政策试验对企业绩效的影响。研究结果发现，全国文明城市评选活动显著地抑制了所在城市企业的利润率，且存在1～2年的滞后期；评选活动显著地降低了法人企业和港澳台企业的利润率，降幅最高为1％。评选活动对集体、私人和外资企业利润率的推动作用衰减迅速；评选活动的抑制效应对存活时间越久的企业越明显，最高可达2．8％。这为反思城市发展政策提供了经验支持。

The effect of urban development on enterprise growth has not yet formed a unified conclusion. The National Civilized City is a quasi-natural policy experiment sponsored by the Central Committee of Civilization. This paper investigates the effect of this policy experiment on enterprise performance through propensity score matching and quantile propensity score matching approaches, with Chinese industrial annual survey data during 1999--2007. The results show that, the selection ac- tivities of national civilized city significantly inhibit the profit rate of the enterprises located in these cities, and the effect has a lag of 1 - 2 years. In addition, the policy significantly reduces the profit rate of corporate enterprises and HMT enterprises, which can be up to 1%. While the promotion effect decays rapidly for collective, private and foreign firms. The inhibitory effect is more evident for the enterprises with longer survival time, the maximum up to 2.8%. This research provides empiri- cal support for the reflection of urban development policy.