关键词: 半面板折刀法, 固定效应, 优化, 弱外生性

Abstract: Fixed effect model is an effective tool to exclude other interference factors to determine causal mechanisms, and is widely used in enterprise panel data analysis. Because of individual heterogeneity, the common fixed effect method cannot solve the incidental-parameter problem. According to the idea of Jackknife, the low order and high order deviation are gradually corrected, and the Half-Panel Jackknife method is constructed under the condition of weak externality. The application range is extended to short panel and linear model, which makes up for the shortcomings of the existing methods. Finally, taking M&A and government subsidy as examples, the results show that the Half-Panel Jackknife method can better control the sampling characteristics and individual heterogeneity of enterprise data in the double fixed effect model.

Key words: half-panel jackknife, fixed effect, optimization, weak externality