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| How does the Identification of “Gazelle Companies” Impactthe Business Performance and Social Contribution？ |
| Li Changying Wang Lei |
| (School of Economics， Shandong University， Jinan 250100) |
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Abstract For the local government， the purpose of the “Gazelle Plan” which was first launched by Zhongguancun in 2003 is to promote the development of business and increase tax revenues and employment. Based on the data of firms in NEEQ market from 2005 to 2018， using the PSM-DID method， through the company’s performance measured by its return on assets and operating cash flow， and its social contribution measured by its contribution to tax and employment， this work studies the impact of the gazelle company identification on the business performance and its social contribution. The findings of this study include： first， the identification of gazelle companies increases the business performance. The identification improves the companies’ performance by easing financial constraints and improving the quality of innovation， but it will stimulate the companies to seek rent. Second， the identification raises tax revenues and employment. The identification increases the tax contribution of the companies through the scale effect and the efficiency effect， and the employment contribution through the scale effect， but the employment contribution is reduced by the efficiency effect. Third， as the level of marketization increases， the positive influence of the identification on the business performance and social contribution of the gazelle companies increases accordingly.
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Received: 18 March 2022
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. [J]. , 2015, 0(5): 0-0. |
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2022, Vol. 61 
