Financial Shared Services Empower the Real Economy: The Evidence from China

Table 4

Descriptive statistics for grouping of main variables.

	Average value		Diff	Median		Diff
	FSSC = 1	FSSC = 0		FSSC = 1	FSSC = 0
ROA	0.06	0.05	0.01	0.05	0.04	0.01
ROE	11.23	8.83	2.40	9.9	8.4	1.50
Tobin	1.79	2.37	−0.58	1.15	1.77	−0.62
Cost	0.72	0.73	−0.01	0.75	0.76	−0.01
TATR	0.89	0.67	0.22	0.76	0.56	0.2
CATR	1.72	1.33	0.39	1.47	1.06	0.41
ARTR	37.01	31.87	5.15	4.57	4.71	−0.14
APTR	6.08	8.57	−2.48	4.76	4.97	−0.21
ITD	132.6	244	−111.40	76.88	101.8	−24.92
Bcycle	201.7	322.8	−121.04	137.8	185.4	−47.6
Cash	100.64	230.81	−130.17	59.48	108.91	−49.43
Tfp	1.17	0.1	1.07	1.12	0.05	0.07

Note. After we compared the group differences in asset size between the experimental and control groups, the test results showed that the asset size of the experimental group was significantly larger than that of the non-implemented group at 1% level, thus causing Tobin of the experimental group to be lower than that of the control group. T values are in brackets; ^∗∗∗, ^∗∗ and ^∗ indicate p < 0.001, p < 0.01 and p < 0.05, respectively.