Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises
Abstract
:1. Introduction
2. Literature Review and Research Hypotheses
3. Empirical Strategies and Data
3.1. Data Sources and Sampling
3.2. Setting of the Econometric Model
3.3. Description of Major Variables
- Current Growth of Enterprises:Most studies estimated enterprise growth through financial characteristics such as sales revenue, profit margin, and cash flow, as well as non-financial characteristics such as marketing ability, R&D capacity, and market share [58,59,60]. Given that the supply and demand reinforce each other and demonstrate a constant increase in the context of China’s supply-side structural reform, this paper, with reference to the research of Delmar et al. [61], Onguka et al. [62], and Temel and Forsman [63], estimated the current growth of new consumer enterprises from two dimensions, i.e., revenue growth (Growth) and market value of listed enterprises (Value).
- Growth Potential of Enterprises:We examined the growth potential of enterprises through the present value of growth opportunities (PVGO), which is conceptually the difference between a market value minus a book value divided by the market value [64]. If the capital market is functional, then the available information will be precisely conveyed according to PVGO, which is the best way to estimate the present value of a company’s expected earnings (risks) [39].
- Controlled Variables:The growth of an enterprise may be influenced by its size, financial leverage, profitability, and duration [61], and the key new consumption areas may enjoy tax incentives from the government. Therefore, we controlled the influences of the abovementioned variables in the econometric regression, where size (Size) is measured using the natural logarithm of the total assets; financial leverage (Leverage) is the debt to asset ratio; profitability (Return) is determined by the return on equity; duration (Lage) is the logarithmic difference between the sample year minus the establishment year; and tax policy (Tax) is expressed by the actual income tax-to-total pre-tax profit ratio. At the same time, since business growth may also be affected by the macroeconomy in a region, we controlled the GDP growth rate (GDP) and local public financial revenue (Lrevenue) of the provinces in which enterprises were located.
4. Analysis of the Main Empirical Results
4.1. Financial Support Policies and the Growth of New Consumer Enterprises
4.2. Further Analysis on the Mechanism of Action
4.3. Robustness Check
4.3.1. Parallel Trend Test
4.3.2. Replacing the Control Group
5. Heterogeneity Analysis
5.1. Analysis of Property Right Heterogeneity Based on Ownership
5.2. Analysis of North–South Geographic Heterogeneity
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variables | Obs. | Mean | Median | SD | Minimum | Maximum |
---|---|---|---|---|---|---|
Growth | 1519 | 0.1351 | 0.0929 | 0.3514 | −0.9417 | 3.2350 |
Value | 1519 | 4.1324 | 4.0478 | 0.8898 | 2.2579 | 8.6152 |
PVGO | 1519 | 0.1662 | 0.3562 | 0.6743 | −4.1495 | 0.9526 |
Size | 1519 | 3.6756 | 3.6034 | 0.9655 | 1.4889 | 7.1814 |
Leverage | 1519 | 0.4151 | 0.4051 | 0.1914 | 0.0080 | 1.2019 |
Return | 1519 | 0.0592 | 0.0638 | 0.1703 | −1.7311 | 2.1559 |
Lage | 1519 | 2.9699 | 2.9957 | 0.2943 | 1.3863 | 3.7377 |
Tax | 1519 | 0.1772 | 0.1619 | 0.2392 | −2.7114 | 6.0774 |
GDP | 1519 | 0.0879 | 0.0892 | 0.0453 | −0.2796 | 0.2798 |
Lrevenue | 1519 | 8.4390 | 8.5758 | 0.6463 | 5.3735 | 9.5542 |
Variables | Before 2016 | After 2016 | MeanDiff | |||||
---|---|---|---|---|---|---|---|---|
Obs. | Mean | SD | Obs. | Mean | SD | |||
Treatment | Growth | 304 | 0.0451 | 0.1833 | 456 | 0.1492 | 0.2854 | 0.1041 *** |
Value | 304 | 3.9951 | 0.8496 | 456 | 4.4239 | 1.0368 | 0.4288 *** | |
PVGO | 304 | 0.3495 | 0.4713 | 456 | 0.0801 | 0.7994 | −0.2694 *** | |
Control | Growth | 304 | 0.2699 | 0.5039 | 456 | 0.0913 | 0.3458 | −0.1786 *** |
Value | 304 | 3.8826 | 0.7750 | 456 | 4.0998 | 0.7403 | 0.2172 *** | |
PVGO | 304 | 0.3431 | 0.4793 | 456 | 0.0121 | 0.7097 | −0.3310 *** |
Variables | (1) | (2) | (3) |
---|---|---|---|
Growth | Value | PVGO | |
Test × Policy | 0.2736 *** (0.0348) | 0.1444 *** (0.0358) | 0.0878 ** (0.0375) |
Size | 0.0111 (0.0273) | 0.5794 *** (0.0281) | −0.3869 *** (0.0294) |
Leverage | 0.1761 * (0.0904) | −0.7286 *** (0.0931) | −0.7053 *** (0.0974) |
Return | 0.3276 *** (0.0597) | 0.3042 *** (0.0616) | 0.2558 *** (0.0644) |
Lage | 0.0708 (0.2155) | 1.3582 *** (0.2220) | 1.3757 *** (0.2323) |
Tax | −0.0316 (0.0397) | −0.0349 (0.0409) | −0.0978 * (0.0428) |
GDP | −0.1889 (0.2571) | 0.2770 (0.2649) | 0.1706 (0.2772) |
Lrevenue | −0.1312 (0.0742) | −0.1203 (0.0764) | 0.0092 (0.0800) |
Constant | 0.8389 (0.8999) | −0.7929 (0.9272) | −2.3209 ** (0.9702) |
Obs. | 1519 | 1519 | 1519 |
R-squared | 0.2184 | 0.8706 | 0.7532 |
Variables | (1) | (2) | (3) |
---|---|---|---|
Growth | Value | PVGO | |
Test × Policy × Debt | 0.1008 * (0.0100) | 0.0035 *** (0.0011) | 0.0053 *** (0.0011) |
Debt | −0.0012 (0.0011) | −0.0031 *** (0.0012) | −0.0085 *** (0.0012) |
Test × Policy | 0.2612 *** (0.0391) | 0.0830 ** (0.0402) | 0.0101 (0.0412) |
Size | 0.0276 (0.0309) | 0.5962 *** (0.0317) | −0.2654 *** (0.0326) |
Leverage | 0.2027 ** (0.0935) | −0.6689 *** (0.0960) | −0.5189 *** (0.0986) |
Return | 0.3227 *** (0.0599) | 0.3061 *** (0.0616) | 0.2179 *** (0.0632) |
Lage | 0.0360 (0.2177) | 1.3093 *** (0.2234) | 1.1232 *** (0.2294) |
Tax | −0.0303 (0.0397) | −0.0343 (0.0407) | −0.0887 ** (0.0418) |
GDP | −0.1916 (0.2572) | 0.2617 (0.2640) | 0.1544 (0.2711) |
Lrevenue | −0.1317 * (0.0743) | −0.1301 * (0.0762) | 0.0082 (0.0783) |
Constant | 0.8917 (0.9020) | −0.6082 (0.9259) | −1.9681 ** (0.9508) |
Obs. | 1519 | 1519 | 1519 |
R-squared | 0.2192 | 0.8717 | 0.7643 |
Variables | State-Owned | Non-State-Owned | ||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Growth | Value | PVGO | Growth | Value | PVGO | |
Test × Policy | 0.2636 *** (0.0490) | 0.0798 (0.0598) | −0.0037 (0.0645) | 0.2719 *** (0.0508) | 0.1987 *** (0.0455) | 0.1849 *** (0.0467) |
Size | −0.0093 (0.0359) | 0.5393 *** (0.0438) | −0.3720 *** (0.0472) | 0.0170 (0.0408) | 0.6134 *** (0.0368) | −0.4085 *** (0.0378) |
Leverage | 0.0812 (0.1293) | −0.7956 *** (0.1577) | −0.7787 *** (0.1701) | 0.2714 ** (0.1304) | −0.7902 *** (0.1177) | −0.7167 *** (0.1207) |
Return | 0.4508 *** (0.1157) | 0.7073 *** (0.1411) | 0.4905 *** (0.1522) | 0.3130 *** (0.0737) | 0.1784 *** (0.0665) | 0.1920 *** (0.0682) |
Lage | 0.0014 (0.3103) | 1.2169 *** (0.3783) | 0.9070 ** (0.4080) | 0.1396 (0.3030) | 1.4786 *** (0.2734) | 1.7933 *** (0.2805) |
Tax | −0.0547 (0.0466) | 0.0056 (0.0569) | −0.0743 (0.0613) | −0.0035 (0.0661) | −0.0724 (0.0597) | −0.1298 ** (0.0612) |
GDP | −0.3386 (0.3414) | 0.0841 (0.4163) | −0.0539 (0.4489) | −0.0409 (0.3762) | 0.3270 (0.3395) | 0.3073 (0.3483) |
Lrevenue | −0.0714 (0.0817) | −0.2307 ** (0.0996) | −0.1347 (0.1074) | −0.2146 (0.1406) | 0.1048 (0.1269) | 0.2692 (0.1302) |
Constant | 0.6246 (1.1547) | 0.7340 (1.4080) | 0.2703 (1.5184) | 1.3147 (1.5101) | −3.1747 ** (1.3626) | −5.7151 *** (1.3979) |
Obs. | 640 | 640 | 640 | 879 | 879 | 879 |
R-squared | 0.2274 | 0.8661 | 0.7726 | 0.2232 | 0.8769 | 0.7404 |
Variables | Southern Region | Northern Region | ||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Growth | Value | PVGO | Growth | Value | PVGO | |
Test × Policy | 0.2689 *** (0.0609) | 0.1282 *** (0.0410) | 0.0804 * (0.0446) | 0.3169 *** (0.0681) | 0.2475 *** (0.0777) | 0.1707 ** (0.0704) |
Size | 0.0025 (0.0322) | 0.5772 *** (0.0322) | −0.4263 *** (0.0351) | 0.0554 (0.0530) | 0.5958 *** (0.0605) | −0.2719 *** (0.0548) |
Leverage | 0.1810 * (0.1068) | −0.7940 *** (0.1069) | −0.7606 *** (0.1165) | 0.1992 (0.1781) | −0.5446 *** (0.2032) | −0.6874 *** (0.1841) |
Return | 0.3197 *** (0.0673) | 0.2915 *** (0.0673) | 0.2864 *** (0.0733) | 0.3291 ** (0.1323) | 0.4047 *** (0.1509) | 0.2318 * (0.1368) |
Lage | 0.1879 (0.2774) | 1.8176 *** (0.2778) | 1.8742 *** (0.3025) | −0.2451 (0.3374) | 0.4703 (0.3849) | 0.3969 (0.3489) |
Tax | −0.0433 (0.0422) | −0.0299 (0.0422) | −0.0716 (0.0460) | 0.1351 (0.1286) | −0.1183 (0.1466) | −0.3595 *** (0.1329) |
GDP | −0.1379 (0.4818) | 0.2952 (0.4824) | 0.2813 (0.5253) | 0.0658 (0.3415) | 0.3324 (0.3896) | 0.0909 (0.3531) |
Lrevenue | −0.0554 (0.0989) | −0.0147 (0.0990) | 0.0682 (0.1078) | −0.3995 *** (0.1235) | −0.2824 ** (0.1409) | −0.0241 (0.1277) |
Constant | −0.1045 (1.1641) | −3.0130 *** (1.1656) | −4.1579 *** (1.2692) | 3.6853 ** (1.4717) | 3.0089 ** (1.6788) | 0.4790 (1.5216) |
Obs. | 1139 | 1139 | 1139 | 380 | 380 | 380 |
R-squared | 0.2296 | 0.8664 | 0.7586 | 0.2444 | 0.8851 | 0.7569 |
Regions | Growth | Value | PVGO |
---|---|---|---|
Southern region | 0.2689 | 0.1282 | 0.0804 |
Northern region | 0.3169 | 0.2475 | 0.1707 |
Chi-squared test statistics | 2.42 * | 2.44 * | 4.76 ** |
Variables | (1) | (2) | (3) |
---|---|---|---|
Growth | Value | PVGO | |
Test × Policy × North | 0.0361 * (0.0984) | 0.0439 * (0.0829) | 0.0777 * (0.0674) |
North | −0.0134 (0.0256) | −0.0098 (0.0408) | 0.0107 (0.0333) |
Test × Policy | 0.0360 * (0.0236) | 0.0831 ** (0.0402) | 0.0272 * (0.0391) |
Controls | Yes | Yes | Yes |
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Lu, Q.; Zhang, Z. Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises. Sustainability 2022, 14, 13394. https://doi.org/10.3390/su142013394
Lu Q, Zhang Z. Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises. Sustainability. 2022; 14(20):13394. https://doi.org/10.3390/su142013394
Chicago/Turabian StyleLu, Qin, and Zongyi Zhang. 2022. "Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises" Sustainability 14, no. 20: 13394. https://doi.org/10.3390/su142013394