As an important type of knowledge, standards are key factors in economic development and technological innovation. To analyze the impact of participation in standards development on enterprise performance, this study takes China’s high-tech industry as an example. We use the operating data of listed enterprises in the industry in 2019 and conduct the propensity score matching method matching analysis on the entire sample and the classification. The conclusion shows: From an overall point of view, the participation of enterprises in the development of standards has a positive impact on the enterprise’s return on total assets. Specifically, participating in the development of over three standards can also improve the return on total assets. Large enterprises can increase the return on total assets of the enterprise and the return on invested capital. The state-owned enterprises have a positive effect on the return on total assets of the enterprise. Enterprises in the western, central, and eastern region enterprises can increase their net profit, enterprise value and net profit, return on total assets and enterprise value respectively. The enterprises in Beijing-Tianjin-Hebei region, Guangdong-Hong Kong-Macao Greater Bay Area can improve their return on invested capital and enterprise value, average rate of return respectively. The participation in the development of national standards, industry standards and local standards can help increase their return on total assets, the return on total assets and enterprise value, enterprise value respectively. Finally, we suggestions are put forward to enhance enterprises’ enthusiasm to take part in standards development.

Bartels LM, Brady HE (2003). Economic behavior in political context. American Economic Review 93(2): 156–161. doi: 10.1257/000282803321946976

Becker SO, Ichino A (2002). Estimation of average treatment effects based on propensity scores. The stata journal, 2(4): 358–377. doi: 10.1177/1536867X0200200403

Blind K, Jungmittag A (2008). The impact of patents and standards on macroeconomic growth: a panel approach covering four countries and 12 sectors. Journal of Productivity Analysis 29(1): 51–60. doi: 10.1007/s11123-007-0060-8

Blind K, Mangelsdorf A (2016). Motives to standardize: Empirical evidence from Germany. Technovation 48, 13-24. doi: https://doi.org/10.1016/j.technovation.2016.01.001

Cebr (2015). The economic contribution of standards to the UK economy. Research funded by the Department for Business Innovation & Skills. BSI, London.

Chen D (2015). The Background of the funds provider of the rivate firms, the speculative investment, and firm’s ferformances. Management World 08: 97–119, 187–188. doi: 10.19744/j.cnki.11-1235/f.2015.08.010

Chen F, Wei Y (2020). Evolution of enterprise competitiveness in multiplex networks of standards: A case study of the communication industry in China. Complexity 2020: 1–24. doi: 10.1155/2020/7157248

Chen S, Sun Z, Tang S, Wu D (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance 17(2): 259–271. doi: 10.1016/j.jcorpfin.2010.08.004

Chen Y, Wu W (2018). Study on the current situation of standards development in Jiangsu province. China Standardization 19: 126–131. doi: 10.3969/j.issn.1002-5944.2018.10.016

Du C, Chen W (2019). A Reflection on the global competition of the new generation IT standard and China’s coping strategies. Social Science Front 06: 89–100, 282.

Fan JP, Wong TJ, Zhang T (2007). Politically connected CEOs, corporate governance, and post-IPO performance of China’s newly partially privatized firms. Journal of financial economics 84(2): 330–357. doi: 10.1016/j.jfineco.2006.03.008

Fan L, Ma C, Ma X (2012). Diversification, government subsidy and agricultural firms’ performance: An empirical research on Chinese agricultural listed companies. Issues in Agricultural Economy 33(11): 83–90, 112. doi: 10.13246/j.cnki.iae.2012.11.012.

Fan X, Jiang N (2020). The evaluate and influence factor of Chinese high-tech industries’ innovation capability. Industrial Innovation 17: 1–8.

Gaiotti E, Generale A (2002). Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms. Giornale degli economisti e annali di economia 61(1): 29–59.

Han Q (2016). Top 10 advantages that enterprise participate in standardization drafting. Machinery Industry Standardization & Quality 10: 42–43.

He Y, Fang S (2011). Standard contest and corporate development. Journal of Shanghai Economic Management College 9(3): 49–55. doi: 10.19702/j.cnki.jsemc.2011.03.008

Hou J, Hou Y, Wang Q (2020). Political connection or market driven? — Listed companies participate in national standards and productivity. The Theory and Practice of Finance and Economics 41(4): 114–121. doi: 10.16339/j.cnki.hdxbcjb.2020.04.016

Hou J, Song T, Zhang C (2008). Research on mechanism about standard role in the industry value Chain distribution (Chinese). Science & Technology Progress and Policy 5: 78–82.

Jefferson GH, Huamao B, Guan X, Yu X (2006). R&D performance in Chinese industry. Economics of innovation and new technology 15(4–5): 345–366. doi: 10.1080/10438590500512851

Jiang G, Jiang D (2017). Greenfield investment or cross border mergers and acquisitions: A research on Chinese companies outward investments (Chinese). The Journal of World Economy 7: 126–146. doi: 10.19985/j.cnki.cassjwe.2017.07.007

Jiang G, Lee CM, Yue H (2010). Tunneling through intercorporate loans: The China experience. Journal of financial economics 98(1): 1–20. doi: 10.1016/j.jfineco.2010.05.002

Jiang H, Gao S, Zhao S, Chen H (2020). Competition of technology standards in Industry 4.0: An innovation ecosystem perspective. Systems Research and Behavioral Science 37(4): 772–783. doi: 10.1002/sres.2718

Lavie D, Kang J, Rosenkopf L (2011). Balance within and across domains: The performance implications of exploration and exploitation in alliances. Organization Science 22(6): 1517–1538. doi: 10.1287/orsc.1100.0596

Lazaroiu G, Androniceanu A, Grecu I, et al. (2022). Artificial intelligence-based decision-making algorithms, Internet of Things sensing networks, and sustainable cyber-physical management systems in big data-driven cognitive manufacturing. Oeconomia Copernicana 13(4): 1047–1080. doi: 10.24136/oc.2022.030

Liang X, Lu F, Li D, et al. (2010). Effect of Chinese engineering construction standards on economic growth: empirical research based on cointegration test, granger casualty test and ridge regression (Chinese). Systems Engineering-Theory & Practice 30(05): 841–847.

Ling Y, Xin X, Hou J (2017). The effects of companies’ participation in the development of national standards to its export scale based on the empirical test of listed companies (Chinese). The Theory and Practice of Finance and Economics 38(1): 134–138. doi: 10.16339/j.cnki.hdxbcjb.2017.01.021

Liu Z, Gao Y, Shao S (2017). Study on the implementation of national standardization strategy to promote the globalization of Chinese standards (Chinese). China Standardization 11: 56–61. doi: 10.3969/j.issn.1002-5944.2017.06.001

Ma Z (2007). The relationship of standard and intellectual property-application in enterprise strategy. Intellectual Property 1: 37–41. doi: 10.3969/j.issn.1003-0476.2007.01.006

Narayanan VK, Chen T (2012). Research on technology standards: Accomplishment and challenges. Research Policy 41(8): 1375–1406. doi: 10.1016/j.respol.2012.02.006

Nica E, Janoškova K, Kovacova M (2020). Smart connected sensors, industrial big data, and real-time process monitoring in cyber-physical system-based manufacturing. Journal of Self-Governance and Management Economics 8(4): 29–38. doi: 10.22381/jsme8420203

Nica E, Stan CI, Luțan AG, Oașa RȘ (2021). Internet of things-based real-time production logistics, sustainable industrial value creation, and artificial intelligence-driven big data analytics in cyber-physical smart manufacturing systems. Economics, Management, and Financial Markets 16(1): 52–63. doi: 10.22381/emfm16120215

Qin Q, Li RL, Zhu WJ, Yang X (2023). Research on the contribution of standardization to enterprise’s development and progress (Chinese). China Standardization 2023(03): 48–53. doi: 10.3969/j.issn.1002-5944.2023.03.006

Chou Y, Wei W (2016). R&D Investment and corporate performance: An analysis based on the PSM method. Contemporary Finance& Economics 03: 96–106. doi: 10.13676/j.cnki.cn36-1030/f.2016.03.010.

Rosenbaum PR, Rubin DB (1983). The bias due to incomplete hatching. ETS Research Report Series 2: i-22. doi: 10.1002/j.2330-8516.1983.tb00037.x

Shan JQ, Yu X (2022). Research on the influence of standard essential patents on corporate financial performance: An empirical analysis based on ICT industry (Chinese). Standard Science 2022(10): 6–13. doi: 10.3969/j.issn.1674-5698.2022.10.001

Shapiro C, Varian HR (1999). The art of standards wars. California Management Review 41(2): 8–32. doi: 10.2307/41165984

Shen Y, Yue S, Pu Z, et al. (2020). Sustainable total-factor ecology efficiency of regions in China. Science of The Total Environment 734: 139241. doi: 10.1016/j.scitotenv.2020.139241

Sun Y, Dai D, Song J (2017). Compare and enlightenment between local standard and national standard for planning technology of basic public service facility in Chinese municipalities (Chinese). Planners 33(06): 44–54. doi: 10.3969/j.issn.1006-0022.2017.06.007

Tan F (2005). The concept of standard and standardization. Information Technology & Standardization 3: 56–57. doi: 10.3969/j.issn.1671-539X.2005.03.027

Tassey G (2000). Standardization in technology-based markets. Research policy 29(4–5): 587–602. doi: 10.1016/s0048-7333(99)00091-8

Toh PK, Miller CD (2017). Pawn to save a chariot, or drawbridge into the fort? Firms’ disclosure during standard setting and complementary technologies within ecosystems. Strategic Management Journal 38(11): 2213–2236. doi: 10.1002/smj.2655

Wakke P, Blind K, Ramel F (2016). The impact of participation within formal standardization on firm performance. Journal of Productivity Analysis 45(3): 317–330. doi: 10.1007/s11123-016-0465-3

Wei HK, Nian M, Li L (2020). China’s regional development strategy and policy during the 14th Five-Year Plan period. China Industrial Economics 5: 5–22. doi: 10.19581/j.cnki.ciejournal.2020.05.012

Wei Y, Wang C, Qi Y, et al. (2020). Dynamic evaluation of the influence of drafting units in China’s air quality standards network. Journal of Cleaner Production 252: 119834. doi: 10.1016/j.jclepro.2019.119834

Wu J, Huang X (2012). A Study of the Differences in Jiangsu Regional Economy (Chinese). Journal of Yangzhou University (Humanities & Social Sciences) 16(05): 33–39. doi: 10.19411/j.cnki.1007-7030.2012.05.005

Xiong A, Pu Y, Wang R (2019). The role of female leaders in innovation decision (Chinese). Journal of Industrial Engineering and Engineering Management 33(1): 30–36. doi: 10.13587/j.cnki.jieem.2019.01.004

Xiong W, Guo X, Sun Y, et al. Green standard and green development: Theory and empirical evidence[J]. Journal of Cleaner Production, 2023: 137768. doi: 10.1016/j.jclepro.2023.137768

Xiong W, Zhao S, Wang X, et al. (2022) Does the Participation of Enterprises in the Development of Standards Have an Impact on Revenue? — Research on Strategic Emerging Industries. Journal of Industrial Engineering and Engineering Management 2(4): 37–48. doi: 10.13587/j.cnki.jieem.2022.02.004

Xu C, Fan W, Wang C, Xin Z (2014). Risk and intellectual property in technical standard competition: A game theory perspective. China Communications 11(5): 136–143. doi: 10.1109/cc.2014.6880469

Xu Y, Luo C, Wu J, Liu L (2016). A Study of the impact of industry e-commerce standard promotion on business earnings (Chinese). Science Research Management 37(8): 94–102. doi: 10.19571/j.cnki.1000-2995.2016.08.011

Zhang X, Shi M, Xu B (2019). Do Government R&D Subsidies Cultivate Enterprises’ Voluntary National/Industry Standard-Setting for Sustainable Development? Sustainability 11(19): 5482. doi: 10.3390/su11195482

Zhang Y, Li S, Luo T, Gao J (2020). The effect of emission trading policy on carbon emission reduction: Evidence from an integrated study of pilot regions in China. Journal of Cleaner Production 265: 121843. doi: 10.1016/j.jclepro.2020.121843

Zhang Y, Lin C (2019). Research review on the participation of firms in technical standard formulation (Chinese). Science and Technology Management Research 39(14): 190–196. doi: 10.3969/j.issn.1000-7695.2019.14.024

Zhao M, Yao X, Wang Y (2019). Development history, latest progress and countermeasures of international standardization of sharing economy. Journal of Commercial Economics 24: 186–188. doi: 10.3969/j.issn.1002-5863.2019.24.051