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文献来源
雷光勇等（2017）定义：
- 短期投资强度：当期资本支出和研发支出之和占总资产的比重
- 长期投资强度：当期交易性金融资产、衍生金融资产、短期投资净额、买入返售金融资产净额、可供出售金融资产净额、持有至到期投资净额、长期应收款净额和投资性房地产净额②等金融资产投资占总资产的比重
②剔除了本身为房地产行业（K-房地产业）的公司所持有的投资性房地产数据
- 雷光勇,曹雅丽,齐云飞.风险资本、制度效率与企业投资偏好[J].会计研究,2017(08):48-54+94.
数据来源
国泰安。
- 下载表名 资产负债表105211116
- 数据区间 1990-12-31 至 2022-09-30
- 选择代码 全部代码
- 输出类型 Excel2007格式（*.xlsx）
- 选择字段 证券代码[Stkcd] 统计截止日期[Accper] 报表类型[Typrep] 货币资金[A001101000] 交易性金融资产[A001107000] 衍生金融资产[A0f1108000] 短期投资净额[A001109000] 买入返售金融资产净额[A0f1122000] 可供出售金融资产净额[A001202000] 持有至到期投资净额[A001203000] 长期应收款净额[A001204000] 投资性房地产净额[A001211000] 资产总计[A001000000]
- 筛选条件 [Accper] LIKE '%____-12-31%' [Typrep] = 'A'
- -
- 下载表名 财务指标文件105538437
- 数据区间 1990-12-31 至 2021-12-31
- 选择代码 全部代码
- 输出类型 Excel2007格式（*.xlsx）
- 选择字段 证券代码[Stkcd] 统计截止日期[Accper] 资本支出[Capexp]
- -
- 下载表名 研发投入情况表084704309
- 数据区间 1998-12-31 至 2022-12-31
- 选择代码 全部代码
- 输出类型 Excel2007格式（*.xlsx）
- 选择字段 证券代码[Symbol] 统计截止日期[EndDate] 报表类型[StateTypeCode] 研发投入金额[RDSpendSum] 数据来源[Source]
- -
- 行业代码（Ind.dta）
清洗数据
** ssc install fs
cd D:\Download
*快速解压全部压缩包
fs *.zip
foreach f in `r(files)'{
unzipfile `f'
}
fs *.xlsx
foreach f in `r(files)'{
import excel using "`f'" , firstrow clear
qui{
foreach v of var * {
la var `v' "`=`v'[1]'"
replace `v' = "" if _n == 1
}
drop in 1/2
sca f_temp = "`f'"
loc fname = usubinstr(f_temp,".xlsx","",.)
}
d
save `fname'.dta, replace
}
use Ind, clear
d得到：
(3 vars, 59,247 obs)
Contains data
Observations: 59,245
Variables: 3
-------------------------------------------------------------------------------
Variable Storage Display Value
name type format label Variable label
-------------------------------------------------------------------------------
Stkcd str12 %12s 证券代码
Accper str18 %18s 统计截止日期
Capexp str17 %17s 资本支出
-------------------------------------------------------------------------------
Sorted by:
Note: Dataset has changed since last saved.
(file far_finidx.dta not found)
file far_finidx.dta saved
(13 vars, 59,247 obs)
Contains data
Observations: 59,245
Variables: 13
-------------------------------------------------------------------------------
Variable Storage Display Value
name type format label Variable label
-------------------------------------------------------------------------------
Stkcd str12 %12s 证券代码
Accper str18 %18s 统计截止日期
Typrep str12 %12s 报表类型
A001101000 str17 %17s 货币资金
A001107000 str21 %21s 交易性金融资产
A0f1108000 str18 %18s 衍生金融资产
A001109000 str18 %18s 短期投资净额
A0f1122000 str30 %30s 买入返售金融资产净额
A001202000 str30 %30s 可供出售金融资产净额
A001203000 str27 %27s 持有至到期投资净额
A001204000 str21 %21s 长期应收款净额
A001211000 str24 %24s 投资性房地产净额
A001000000 str17 %17s 资产总计
-------------------------------------------------------------------------------
Sorted by:
Note: Dataset has changed since last saved.
(file fs_combas.dta not found)
file fs_combas.dta saved
(5 vars, 44,978 obs)
Contains data
Observations: 44,976
Variables: 5
-------------------------------------------------------------------------------
Variable Storage Display Value
name type format label Variable label
-------------------------------------------------------------------------------
Symbol str12 %12s 证券代码
EndDate str18 %18s 统计截止日期
StateTypeCode str12 %12s 报表类型
RDSpendSum str18 %18s 研发投入金额
Source str12 %12s 数据来源
-------------------------------------------------------------------------------
Sorted by:
Note: Dataset has changed since last saved.
(file pt_lcrdspending.dta not found)
file pt_lcrdspending.dta saved
Contains data from Ind.dta
Observations: 68,328
Variables: 4 20 Nov 2022 09:58
-------------------------------------------------------------------------------
Variable Storage Display Value
name type format label Variable label
-------------------------------------------------------------------------------
Stkcd long %10.0g Stkcd
Indcd str3 %9s Indcd
year int %10.0g
ind str1 %9s
-------------------------------------------------------------------------------
Sorted by: Stkcd year继续：
use fs_combas, clear
merge 1:1 S Ac using far_finidx, nogen keep(1 3)
save 1, replace
********
use pt_lcrdspending, clear
ren Sy Stkcd
ren E Accper
keep if So == "0"
keep Stk A R
duplicates drop Stk A, force
save pt_lcrdspending, replace
********
use 1, clear
merge 1:1 St Ac using pt_lcrdspending, nogen keep(1 3)
g year = substr(Ac,1,4)
drop T
destring *, force replace
foreach v of var *{
replace `v' = 0 if `v' == .
replace `v&#39; = 0 if `v&#39; < 0
}
merge 1:1 St y using Ind, nogen keep(1 3)
**
g STInvest = (Capexp+RDSpendSum)/A001000000
egen AA0 = rowtotal(A0*)
g LTInvest = (AA0-A001000000)/A001000000
replace STInvest = STInvest - A001211000/A001000000 if ind == &#34;K&#34;
foreach v of var *Invest{
replace `v&#39; = 0 if `v&#39; == .
replace `v&#39; = 0 if `v&#39; < 0
}
drop Ac
order St y Ind ind *Invest
su
asdoc pwcorr *Invest, star(all) replace
tabstat STInvest, by(y) s(N mean sd min p25 p50 p75 max) c(s)
tabstat LTInvest, by(y) s(N mean sd min p25 p50 p75 max) c(s)
mkdensity *Invest
save 企业投资偏好得到结果
Variable | Obs Mean Std. dev. Min Max
-------------+---------------------------------------------------------
Stkcd | 59,245 331903.2 293190.7 1 900957
year | 59,245 2011.997 7.284315 1990 2021
Indcd | 0
ind | 0
STInvest | 59,245 .0623978 .0618252 0 2.822244
-------------+---------------------------------------------------------
LTInvest | 59,245 .2206838 .1656583 0 1
A001101000 | 59,245 1.90e+09 1.08e+10 0 5.70e+11
A001107000 | 59,245 1.26e+09 2.36e+10 0 2.61e+12
A0f1108000 | 59,245 9.04e+07 2.16e+09 0 1.72e+11
A001109000 | 59,245 9256739 3.44e+08 0 4.89e+10
-------------+---------------------------------------------------------
A0f1122000 | 59,245 9.24e+08 1.88e+10 0 9.96e+11
A001202000 | 59,245 1.65e+09 3.30e+10 0 1.86e+12
A001203000 | 59,245 2.17e+09 5.73e+10 0 3.54e+12
A001204000 | 59,245 2.45e+08 1.03e+10 0 2.34e+12
A001211000 | 59,245 1.95e+08 2.16e+09 0 1.23e+11
-------------+---------------------------------------------------------
A001000000 | 59,245 4.41e+10 6.67e+11 0 3.52e+13
Capexp | 59,245 6.46e+08 5.50e+09 0 3.31e+11
RDSpendSum | 59,245 1.10e+08 7.47e+08 0 7.38e+10
AA0 | 59,245 5.25e+10 7.63e+11 0 3.65e+13
| STInvest LTInvest
-------------+------------------
STInvest | 1.0000
LTInvest | -0.0379*** 1.0000
Click to Open File: Myfile.doc
Summary for variables: STInvest
Group variable: year
year | N Mean SD Min p25 p50 p75 Max
---------+--------------------------------------------------------------------------------
1990 | 11 0 0 0 0 0 0 0
1991 | 17 0 0 0 0 0 0 0
1992 | 78 0 0 0 0 0 0 0
1993 | 229 0 0 0 0 0 0 0
1994 | 361 0 0 0 0 0 0 0
1995 | 389 0 0 0 0 0 0 0
1996 | 606 0 0 0 0 0 0 0
1997 | 821 0 0 0 0 0 0 0
1998 | 929 .0593682 .0706673 0 .010571 .0329186 .0842707 .5801231
1999 | 1030 .0507976 .0630533 0 .0086598 .0267442 .0698499 .4573894
2000 | 1176 .0537259 .0630959 0 .0091863 .033371 .0720417 .4532279
2001 | 1258 .0643906 .0741042 0 .014501 .0406507 .0885077 .7487977
2002 | 1319 .0626598 .0668366 0 .0146971 .0414221 .0868037 .6174019
2003 | 1381 .0652485 .0707037 0 .0148501 .0451239 .0887535 .6413691
2004 | 1469 .0666523 .0709081 0 .0146346 .0431808 .0938228 .4514814
2005 | 1464 .0603599 .0661954 0 .0125468 .0394165 .0814179 .6021695
2006 | 1547 .0563385 .0609296 0 .0123086 .0356885 .0774111 .519349
2007 | 1661 .0604471 .0621249 0 .012897 .0409162 .0896468 .4232067
2008 | 1715 .0667848 .0651992 0 .0145995 .047068 .1023867 .4219706
2009 | 1864 .0584084 .0603637 0 .0140664 .0409414 .0834951 .4546251
2010 | 2218 .0661131 .0630628 0 .0198256 .0506906 .0948602 .545365
2011 | 2452 .075651 .0670966 0 .0242332 .0615146 .1081996 .4769725
2012 | 2581 .0757483 .066248 0 .0290244 .0638222 .1078371 1.209235
2013 | 2629 .0707821 .0608229 0 .028372 .0575143 .1002897 .7611542
2014 | 2753 .0636768 .0551155 0 .0238324 .0524573 .0895189 .7589891
2015 | 2966 .0590743 .0564438 0 .0214043 .0474794 .08183 1.045285
2016 | 3313 .0569845 .0507684 0 .0212929 .0453645 .0791051 .6426579
2017 | 3736 .0617784 .0527877 0 .0247786 .0501702 .0842 .4514016
2018 | 3835 .0663702 .0553017 0 .0267494 .0543455 .0923253 .4813128
2019 | 4039 .0663267 .0553759 0 .0276621 .0544555 .0916306 .7012499
2020 | 4489 .0666608 .0550955 0 .0283298 .0550851 .0909778 .440435
2021 | 4909 .0752887 .0721036 0 .0318884 .0622539 .1037179 2.822244
---------+--------------------------------------------------------------------------------
Total | 59245 .0623978 .0618252 0 .0172526 .0478013 .088843 2.822244
------------------------------------------------------------------------------------------
Summary for variables: LTInvest
Group variable: year
year | N Mean SD Min p25 p50 p75 Max
---------+--------------------------------------------------------------------------------
1990 | 11 .0662784 .1145969 0 0 .0193912 .0471488 .3151809
1991 | 17 .1039116 .1383451 0 .0372572 .0569139 .1201704 .595005
1992 | 78 .1654039 .1286344 0 .0834783 .130087 .2339416 .5402814
1993 | 229 .149917 .0955923 .0047655 .0812006 .1266673 .2159161 .4955474
1994 | 361 .1252685 .0912079 0 .0586788 .1045357 .1790956 .5055282
1995 | 389 .1118607 .0899322 0 .0506898 .0869569 .155935 .4952396
1996 | 606 .123472 .0994706 3.02e-09 .0490848 .0946882 .1657441 .5849808
1997 | 821 .1328025 .1118801 .001262 .0500188 .1018346 .185926 .6137351
1998 | 929 .1225791 .1038384 .0001268 .048362 .0943647 .1723534 .770865
1999 | 1030 .1398466 .1109291 9.40e-06 .0618182 .1171617 .1903368 .7931321
2000 | 1176 .1806733 .1437838 .0000432 .0764713 .1424826 .245945 .8244365
2001 | 1258 .1848049 .1333675 .0004384 .0872411 .151667 .2514462 .8610209
2002 | 1319 .1735814 .1264224 .0002099 .0810383 .1436604 .2365354 .7472004
2003 | 1381 .1684966 .1263154 .0001473 .0801443 .139064 .2248299 .8883889
2004 | 1469 .161708 .1242346 0 .0753103 .1278771 .2186863 .726467
2005 | 1464 .1433754 .114695 .0001246 .0628743 .1146817 .1906312 .8058141
2006 | 1547 .1462519 .1209339 .0000119 .0638619 .1159107 .1950547 .862673
2007 | 1661 .2076721 .1644985 0 .0906699 .1652824 .2731339 .9472072
2008 | 1715 .1999174 .1544364 .0002928 .0952739 .1607907 .2620979 1
2009 | 1864 .2470655 .1919025 0 .1085159 .1937758 .3262514 .9989733
2010 | 2218 .2866743 .2113762 0 .1227588 .2307248 .4119112 1
2011 | 2452 .2737433 .196121 .0001315 .1234628 .2177653 .3903832 .9916515
2012 | 2581 .2560794 .1806541 .0004503 .1186877 .2110225 .3595691 .9999925
2013 | 2629 .223558 .160227 .0009547 .1071952 .1793873 .2969607 .9925278
2014 | 2753 .2226151 .1607726 .0002805 .1081073 .1782812 .2928267 .9909275
2015 | 2966 .2289032 .1579462 .001266 .1145211 .1862815 .3011922 .9712488
2016 | 3313 .2356885 .1583611 .002237 .1205128 .1955454 .3088651 .9999662
2017 | 3736 .2291128 .1554577 .000366 .118846 .1899609 .3000393 .9752474
2018 | 3835 .2191145 .1506908 .0031996 .1124108 .1812966 .2812722 .9563385
2019 | 4039 .2379468 .168608 .0016921 .1145344 .1921189 .3178005 .9456469
2020 | 4489 .2644044 .1763659 .0011907 .1298422 .2219553 .3620816 .9778778
2021 | 4909 .263379 .175522 .0007291 .1302908 .2222882 .3570452 .9625995
---------+--------------------------------------------------------------------------------
Total | 59245 .2206838 .1656583 0 .1010344 .176487 .2955454 1
------------------------------------------------------------------------------------------
（完） |
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发表于 2022-12-13 17:41:10
