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Difference-in-differences test for micro effect of technological finance cooperation pilot in China

Guiping Li
Guiping Li
 y 
Wei Liu
Wei Liu
   | 20 may 2022
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Publicado en línea: 20 may 2022
Páginas: 891 - 902
Recibido: 26 jul 2021
Aceptado: 06 dic 2021
DOI: https://doi.org/10.2478/amns.2021.2.00173
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© 2021 Guiping Li et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Fig. 1

The test chart of the common trend of two technological finance pilots
The test chart of the common trend of two technological finance pilots

Fig. 2

The common value range of the propensity scores of the enterprises in the experimental group and control group of two technological finance pilots
The common value range of the propensity scores of the enterprises in the experimental group and control group of two technological finance pilots

Regression results of the relationship between technological finance pilots, risk-taking and corporate value

Variables Panel A: First technological finance pilot Panel B: Second technological finance pilot
(1) (2) (3) (4)
Value 1 Value 2 Value 1 Value 2
DID 0.129*** (3.374) 0.140*** (3.062) −0.101* (−1.829) −0.130** (−2.021)
RT1 0.080*** (3.989) 3.221*** (13.970)
RT2 0.059*** (4.357) 1.949*** (13.471)
Size −1.063*** (−47.203) −0.970*** (−36.124) −0.651*** (−65.413) −0.713*** (−61.238)
Roe 2.022*** (13.588) 2.427*** (13.680) 1.482*** (9.638) 1.665*** (9.256)
Nprs −0.026 (−0.217) 0.086 (0.617) 0.084 (0.839) 0.151 (1.300)
Tat 0.383*** (8.040) 0.423*** (7.449) −0.080** (−2.567) −0.160*** (−4.405)
Beta −0.164*** (−3.822) −0.177*** (−3.472) −0.588*** (−12.931) −0.697*** (−13.097)
Eps 0.067* (1.701) −0.056 (−1.184) 0.395*** (11.040) 0.407*** (9.741)
Constant 25.749*** (51.739) 23.941*** (40.344) 17.178*** (74.850) 18.959*** (70.580)
Year/firm Fe Control Control Control Control
Observations 17,435 17,435 12,648 12,648
R2 0.755 0.736 0.473 0.466
r2_a 0.715 0.691 0.469 0.462

Single factor test of the main variables of two technological finance pilots

Before pilot After pilot After – before
Mean Median Mean Median Mean difference Median difference
Panel A The first technological finance pilot
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 **
Panel B the second technological finance pilot
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**

The robustness test results

Variable Panel A: The first technological finance pilot Panel B: The second technological finance pilots
Value 1 Value 2 Value 1 Value 2
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
R2 0.755 0.735 0.474 0.466

The balance test results of the PSM of two technological finance pilots

Variable Sample Mean difference test Standardised difference test
Mean of experiment group Mean of control group T test (P-value) Standardised difference Decline (%)
Panel A: The first technological finance pilot
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. T-stat
ATT 2.841 2.777 0.065 0.030 2.140
LR χ2 before matching 130.510
LR χ2 after matching 20.300
Panel B: The second technological finance pilot
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. T-stat
ATT 2.204 2.376 −0.172 0.047 −3.700
LR χ2 before matching 70.420
LR χ2 after matching 10.860

Definition and measurement of variables

Variables Definition Measurement
Value Corporate value Value1ijt = market value/assetsValue2ijt = market value/(total assets-net intangible assets-net good will)
DID The implementation of technological finance pilot policies DIDit = Treatit × ImpitTreat: enterprise is (not) in experimental (control) groupImpit: the policy implementation dummy variable
RI Corporate risk-taking RT1ijt=Σt=1T(Adj_Roaijt−1TΣt=1TAdj_Roaijt)2T−1 RT{1_{ijt}} = \sqrt {{{\Sigma _{t = 1}^T{{\left( {Adj\_Ro{a_{ijt}} - {1 \over T}\Sigma _{t = 1}^TAdj\_Ro{a_{ijt}}} \right)}^2}} \over {T - 1}}} RT 2ijt = Max (Ad j_Roaijt) − Min(Ad j_Roaijt)Ad j_Roaijt is adjusted return on total assets by industry; T is the number of periods
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

Test results of the common trend of corporate value in two technological finance pilot areas

Panel A: The first technological finance pilot Panel B: The second technological finance pilot
Variables (1)Value 1 (2)Value 2 Variables (1)Value 1 (2)Value 2
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
R2 0.505 0.505 R2 0.465 0.459
r2_a 0.496 0.495 r2_a 0.461 0.454
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