企业增长的决定因素—中国经验

The Determinants of Enterprise Growth: Experiences from China

本文检验了非国有企业增长程度决定因素的3种理论“:政府管制论”“、融资约束论”和“法制环境论”。考虑到融资约束的内生性可能,两阶段的有效的广义矩估计结果显示,良好的法制环境对非国有企业的增长有着显著而稳定的推动作用,而政府管制和融资约束都对非国有企业的增长没有显著影响。政策含义在于:促进非国有企业发展的首要前提并不是减少政府管制或者发展金融市场,而应当是为它们创造一个良好的法制环境,切实保护其合法权益,维护正常的市场秩序。

We have examined the three theories about the determinants of the growth of non-state-owned enterprises (NSOE): government regulation, financial constraints, and legal environment. Taking into account the possible endogeneity of financial constraints, and by means of two-stage GMM estimation, we have obtained the regression results, which show that legal environment has noticeable and steady impact on the growth of NSOE, while government regulation or financial constraints has no significant effect thereon. Our study has the policymaking implication that the most important precondition for promoting the development of NSOE should not be to reduce government control or to expand financial markets, but to create a good legal environment to really protect NSOE's legal interest and keep the market in good and normal order.