上市公司参与PPP项目对创新产出的影响

doi:10.19571/j.cnki.1000-2995.2025.03.009

科研管理 ›› 2025, Vol. 46 ›› Issue (3): 91-100.DOI: 10.19571/j.cnki.1000-2995.2025.03.009

上市公司参与PPP项目对创新产出的影响

晏超^1,2,钟慧洁²,戴文涛³

1.上海财经大学会计学院，上海200433；
2.中南财经政法大学会计学院，湖北武汉430073；
3.浙江财经大学会计学院，浙江杭州310018

收稿日期:2023-02-05 修回日期:2024-12-26 出版日期:2025-03-20 发布日期:2025-03-10
通讯作者: 晏超
基金资助:
国家自然科学基金面上项目：“IPO随机抽查监管的治理机制及效果研究”（72372160，2024.01—2027.12）；浙江省自然科学基金重点课题：“代理观下的中国上市公司内部控制信息披露偏差研究”（LZ22G020002，2022.10—2025.10）；浙江省哲学社会科学领军人才培育专项课题重大项目：“注册制时代上市公司内部控制信息披露监测、评价与治理研究”（23YJRC07ZD，2022.09—2025.09）。

Impact of public companies′ participation in PPP projects on innovation output

Yan Chao^1,2, Zhong Huijie², Dai Wentao³

1. School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433, China;
2. School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, Hubei, China;
3. School of Accounting, Zhejiang University of Finance and Economics, Hangzhou 310018, Zhejiang, China

Received:2023-02-05 Revised:2024-12-26 Online:2025-03-20 Published:2025-03-10

摘要/Abstract

摘要： PPP模式是中国政府鼓励并积极推进的政企合作模式，然而，基于微观企业视角分析其实施效果的研究仍然不足。本文通过上市公司公告识别其是否参与PPP项目，利用双重差分和倾向得分匹配结合的方法，实证分析企业参与PPP项目对其创新行为的影响。研究发现，企业在参与PPP项目后专利申请数量显著提高，且主要为发明专利和实用新型专利，而非外观设计专利。这表明，参与PPP项目能够显著提高企业的实质性创新水平。机制分析发现，参与PPP项目能显著降低企业融资约束和实际税负，进而增加用于创新的资金，提高企业创新产出水平。进一步分析发现，该影响受到企业所在地区环境的影响，仅当市场化水平较高、政府透明度较好时，企业创新在参与PPP项目后才显著提高。本文丰富了企业参与PPP项目的经济后果相关文献，拓展了企业创新的影响因素研究，对于全面评估PPP模式的运用效果具有重要的现实意义。

关键词: PPP, 企业创新, 政企关系, 融资约束

Abstract: The public-private partnership (PPP) is a government-enterprise cooperation model encouraged and actively promoted by the Chinese government. However, there is still a lack of research analyzing the effects of its implementation based on a micro-firm perspective. This paper identified whether a listed company participates in PPP projects through its announcement, and empirically analyzed the impact of firms′ participation in PPP projects on their innovation output using a combination of difference-in-differences and propensity score matching methods. We found that the number of patent applications by enterprises significantly increases after participating in PPP projects, and they are mainly invention patents and utility model patents rather than design patents. This indicates that participation in PPP projects can significantly increase the level of substantive innovation of enterprises. The mechanism analyses showed that participation in PPP projects can significantly reduce firms′ financing constraints and effective tax burdens, which in turn increases the funds used for innovation and improves the level of firms′ innovation output. Further analyses found that the effect is influenced by the environment of the region where the firm is located, and that firm innovation significantly improves after participating in PPP projects only when the level of marketization is higher and government transparency is better. This paper has enriched the literature on the economic consequences of firms′ participation in PPP projects, and it will expand the research on the influence factors of firm innovation, and thus it is of great practical significance for evaluating the effectiveness of the use of the PPP model.

Key words: PPP, firm innovation, government-business relationship, financial constraint

晏超钟慧洁戴文涛. 上市公司参与PPP项目对创新产出的影响[J]. 科研管理, 2025, 46(3): 91-100.

Yan Chao, Zhong Huijie, Dai Wentao. Impact of public companies′ participation in PPP projects on innovation output[J]. Science Research Management, 2025, 46(3): 91-100.

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上市公司参与PPP项目对创新产出的影响

Impact of public companies′ participation in PPP projects on innovation output

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