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针对降低交易成本能否营造“第四利润源”的命题,本文将文明程度的提高视为交易成本下降的一个改善机制,利用中央文明委开展“创建全国文明城市评选表彰活动”的准自然实验,使用核匹配倍差法克服样本选择偏差与内生性问题,对包含文明城市在内的全国189个城市与518家民营上市公司的面板数据进行了实证检验。结果发现,城市文明程度的提高显著提升了所在地民营上市公司的利润率与净利润率水平,在剔除三大传统利润源所影响的“时间效应”后,“创文”行动产生的“净处理效应”分别达到了6.4493和5.5046个百分点。“创文”后民营上市公司的管理费用占比平均下降了0.2647个百分点,销售费用占比平均下降了0.6285个百分点,财务费用占比平均下降了0.0259个百分点。该研究结果证实了本文的理论推断——城市文明的进步降低了市场交易成本,进而提升了所在地民营上市公司的利润水平,从而为解答有关“第四利润源”的成立性命题提供了直接证据。
In order to reduce the transaction costs can create a “fourth source of profit,” the proposition, this article will increase the level of civilization as a transaction cost reduction mechanism to improve the use of the Central Plains Committee to carry out “building a national civilized city selection and recognition activities” Of the quasi-natural experiments, the use of nuclear match multiplier method to overcome the sample selection bias and endogenous problems, including civilized cities, including 189 cities nationwide and 518 private listed companies panel data were tested empirically. The results show that the improvement of urban civilization significantly enhances the profitability and net profit margin of listed private companies in the locality. Excluding the “time effect” of the three traditional profit sources, “Net effect ” reached 6.4493 and 5.5046 percentage points respectively. The share of management expenses of private listed companies decreased by 0.2647 percentage points on average, while that of sales expenses decreased by 0.6285 percentage points on average, while the proportion of financial expenses decreased by 0.0259 percentage points on average. The result of this study confirms the theoretical inference of this paper that the progress of urban civilization has reduced the transaction costs of the market and thus increased the profit level of private listed companies in the locality so as to provide a solution to the founding proposition of “fourth source of profit” Direct evidence.