DID | 0.129 |
0.140 |
−0.101 |
−0.130 |
RT1 | 0.080 |
3.221 |
||
RT2 | 0.059 |
1.949 |
||
Size | −1.063 |
−0.970 |
−0.651 |
−0.713 |
Roe | 2.022 |
2.427 |
1.482 |
1.665 |
Nprs | −0.026 (−0.217) | 0.086 (0.617) | 0.084 (0.839) | 0.151 (1.300) |
Tat | 0.383 |
0.423 |
−0.080 |
−0.160 |
Beta | −0.164 |
−0.177 |
−0.588 |
−0.697 |
Eps | 0.067 |
−0.056 (−1.184) | 0.395 |
0.407 |
Constant | 25.749 |
23.941 |
17.178 |
18.959 |
Year/firm Fe | Control | Control | Control | Control |
Observations | 17,435 | 17,435 | 12,648 | 12,648 |
0.755 | 0.736 | 0.473 | 0.466 | |
0.715 | 0.691 | 0.469 | 0.462 |
Enterprises in the non-pilot areas | Value 1 | 2.726 | 2.172 | 2.696 | 2.017 | −0.030 |
−0.155 |
Value 2 | 2.916 | 2.318 | 2.982 | 2.184 | −0.066 |
−0.134 |
|
Enterprises in the pilot areas | Value 1 | 2.689 | 2.195 | 2.890 | 2.190 | 0.201 |
−0.005 |
Value 2 | 2.860 | 2.330 | 3.157 | 2.340 | 0.297 |
0.010 |
|
Enterprises in the non-pilot areas | Value 1 | 2.493 | 1.912 | 2.213 | 1.740 | −0.280 |
−0.172 |
Value 2 | 2.729 | 2.048 | 2.517 | 1.959 | −0.212 |
−0.089 |
|
Enterprises in the pilot areas | Value 1 | 2.303 | 1.762 | 2.068 | 1.601 | −0.235 |
−0.161 |
Value 2 | 2.554 | 1.915 | 2.334 | 1.807 | −0.220 |
−0.108 |
DID | 0.132*** (3.436) | 0.143*** (3.136) | −0.099* (−1.801) | −0.129** (−1.997) |
RT1 | 0.079*** (3.918) | 3.226*** (13.990) | ||
RT2 | 0.057*** (4.262) | 1.948*** (13.459) | ||
Size | −1.062*** (−47.180) | −0.969*** (−36.098) | −0.653*** (−65.485) | −0.715*** (−61.271) |
Roe | 2.032*** (13.648) | 2.441*** (13.751) | 1.513*** (9.795) | 1.707*** (9.442) |
Nprs | −0.039 (−0.332) | 0.068 (0.483) | 0.103 (1.025) | 0.158 (1.345) |
Tat | 0.381*** (7.987) | 0.420*** (7.388) | −0.079** (−2.536) | −0.159*** (−4.381) |
Beta | −0.163*** (−3.813) | −0.176*** (−3.461) | −0.591*** (−12.972) | −0.699*** (−13.121) |
Eps | 0.066* (1.664) | −0.058 (−1.227) | 0.391*** (10.933) | 0.405*** (9.660) |
Constant | 25.734*** (51.719) | 23.921*** (40.322) | 17.216*** (74.925) | 18.996*** (70.612) |
Firm/year Fe | Control | Control | Control | Control |
Observations | 17,433 | 17,433 | 12,628 | 12,628 |
0.755 | 0.735 | 0.474 | 0.466 |
Size | Before matching | 21.885 | 22.021 | 7.080 (0.000) | −10.700 | 95.000 |
After matching | 21.884 | 21.891 | −0.360 (0.719) | −0.500 | ||
Beta | Before matching | 1.089 | 1.076 | 3.470 (0.001) | 5.200 | 79.700 |
After matching | 1.089 | 1.087 | 0.680 (0.495) | 1.100 | ||
Roe | Before matching | 0.089 | 0.080 | 5.250 (0.000) | 8.000 | 92.500 |
After matching | 0.089 | 0.088 | 0.410 (0.683) | 0.600 | ||
Nprs | Before matching | 0.092 | 0.086 | 5.420 (0.000) | 5.100 | 60.900 |
After matching | 0.092 | 0.095 | 3.950 (0000) | −2.000 | ||
Tat | Before matching | 0.071 | 0.668 | 5.420 (0.000) | 8.200 | 25.000 |
After matching | 0.071 | 0.678 | 3.950 (0.000) | 6.100 | ||
Eps | Before matching | 0.377 | 0.363 | 1.99 (0.047) | 3.000 | 56.800 |
After matching | 0.377 | 0.382 | −0.850 ((0.394) | −1.300 | ||
Treated | Controls | Difference | S.E. | |||
ATT | 2.841 | 2.777 | 0.065 | 0.030 | 2.140 | |
LR |
130.510 | |||||
LR |
20.300 | |||||
Size | Before matching | 21.278 | 22.264 | 0.360 (0.722) | 1.100 | −29.900 |
After matching | 22.278 | 22.260 | 0.360 (0.718) | 1.400 | ||
Beta | Before matching | 1.078 | 1.076 | 0.230 (0.822) | 0.700 | 97.400 |
After matching | 1.078 | 1.078 | 0.000 (0.996) | −0.000 | ||
Roe | Before matching | 0.080 | 0.069 | 3.130 (0.002) | 9.400 | 43.500 |
After matching | 0.080 | 0.074 | 1.360 (0.174) | 5.300 | ||
Nprs | Before matching | 0.072 | 0.072 | −0.002 (0.982) | −0.100 | 60.900 |
After matching | 0.072 | 0.072 | −0.010 (0.993) | 0.000 | ||
Tat | Before matching | 0.747 | 0.636 | 8.520 (0.000) | 22.500 | 43.500 |
After matching | 0.747 | 0.684 | 3.070 (0.002) | 12.700 | ||
Eps | Before matching | 0.379 | 0.324 | 3.74 (0.000) | 11.100 | 39.500 |
After matching | 0.379 | 0.346 | 1.69 (0.092) | 6.700 | ||
Treated | Controls | Difference | S.E. | |||
ATT | 2.204 | 2.376 | −0.172 | 0.047 | −3.700 | |
LR |
70.420 | |||||
LR |
10.860 |
Value | Corporate value | Value1 |
DID | The implementation of technological finance pilot policies | DID |
RI | Corporate risk-taking |
|
Size | Enterprise size | Natural logarithm of total assets |
Roe | Return on net assets | Net profit/net assets |
Nprs | Net sales interest rate | Net profit/sales income |
Tat | Turnover of total assets | Operating income/total assets |
Beta | Market Beta | Risk factor weighted by market capitalisation |
Eps | Earnings per share | Net profit attributable to common shareholders/weighted average of common shares issued in the current period |
pre_2 | 0.031 (0.319) | 0.031 (0.321) | pre_4 | −0.108 (−1.095) | −0.048 (−0.450) |
pre_1 | −0.031 (−0.335) | −0.037 (−0.406) | pre_3 | −0.063 (−0.564) | −0.046 (−0.399) |
current | 0.021 (0.232) | 0.021 (0.236) | pre_2 | −0.030 (−0.205) | −0.058 (−0.353) |
post_1 | 0.044 (0.504) | 0.044 (0.508) | pre_1 | −0.189 (−1.191) | −0.236 (−1.045) |
post_2 | 0.185** (2.143) | 0.186** (2.149) | Current | −0.195*** (−2.774) | −0.207** (−2.133) |
post_3 | 0.223*** (2.590) | 0.223*** (2.596) | post_1 | −0.201*** (−2.614) | −0.244*** (−2.869) |
post_4 | 0.365*** (4.324) | 0.365*** (4.326) | post_2 | −0.131** (−2.531) | −0.172*** (−3.224) |
post_5 | 0.297*** (3.612) | 0.297*** (3.620) | post_3 | 0.017 (0.132) | −0.013 (−0.101) |
Control | Yes | Yes | Control | Yes | Yes |
Constant | 22.054*** (103.494) | 22.046*** (103.484) | Constant | 17.795*** (24.906) | 19.661*** (23.231) |
Observations | 17,659 | 17,657 | Observations | 12,648 | 12,648 |
0.505 | 0.505 | 0.465 | 0.459 | ||
0.496 | 0.495 | 0.461 | 0.454 |