Regional Policy,Investment Efficiency And Corporate Performance

Under the background of the Belt and Road,this paper discusses the implementation effect of regional policies at the enterprise level.In the past,most research paid more attention to macrolevel policy effects,such as GDP,GNP,TFP,but less attention to the micro-enterprise level.This paper studies the impact of regional policies from the enterprises,and selects the Western Development,the Northeast Revival,the Central Rise and the Belt and Road as the basis,to explore the impact of regional policies on corporate performance,and mediator effect of investment efficiency.This paper selects the panel data of listed companies from 1999 to 2017,and conducts empirical tests based on the difference-in-difference model.Macroscopically,the typical regional policies have a strategic role in balancing regional economy.Theoretically,the implementation can improve it,and exert agglomeration effects such as technology and capital externalities as well as knowledge spillover effects,directly affecting corporate performance.Microscopically,regional policies have the influence of stimulating enterprises to expand investment,such as infrastructure spillover effects,fiscal subsidies and tax incentives.Through expansionary investments,more policy support can be obtained,thereby improving corporate performance.This paper further studies the policy impact on corporate performance under property rights.The DID is mainly used to study the net policy effect.By demonstrating the applicability,the results find that:(1)Regional policies can significantly improve corporate performance,but there is regional policy failure possibly.(2)Enterprises with expansionary investment can gain more regional policy resources,while the performance of conservative ones is hardly improved.(3)State-owned enterprises have special relations with the government,then the improvement is more obvious.Considering that regional policies overlap in time and space,there may be deviations in policy interactions.Therefore,the PSM is used to eliminate the sample bias,and then DID is used to consolidate the empirical results.