关键词: 吉祥数字, 企业绩效, GMM

Abstract: Based on the relevant data of “Chinese Industrial Enterprises Database 1999-2007”, this paper studies the impact of propitious numbers on enterprises performances. In this paper, we take digit 8 as the propitious number. The article firstly analyzes distribution characteristics of the telephone numbers with 8 in different region and industry. We use random effects model to do the empirical analysis and use Generalized Method of Moments (GMM) to solve the endogenous problem. The results reveal that propitious numbers can indeed bring remarkable positive impact on enterprises profits. And then, we have a compared test with number 4, whose result indirectly supports the propitious functions of number 8. Next, we rank the telephone numbers according to how many number 8 has been in the last four digit, and found that the more the telephone number with digit 8, the more positive role propitious numbers have on promoting the profit of the enterprise. However, such propitious premium shows a tendency of convergence as time goes on. Therefore, propitious numbers do not bring enterprises lasting advantage。Entrepreneurs should increase the corporate strength and promote the advantage of products to make a long-term development.

Key words: Lucky Number, Enterprise Performance, GMM