市场化进程、资源获取与创业企业绩效--来自中国工业企业的经验证据

The Progress of Marketzation,Resources Acquiring and New Venture's Performance——Empirical Evidence from China's Industrial Enterprises

本文采用中国地区市场化指数和国家统计局工业企业数据库数据,对外部制度环境与创业企业绩效之间的关系展开了实证研究。研究结果表明,市场化进程指数与创业企业绩效之间呈现显著正向关系。表明区域的市场化程度越高,创业企业获取资源的便利性越好,从而最终获得更好的绩效。研究同时发现,创业企业的资产负债率与创业企业绩效之间存在正U形关系。这种关系的存在进一步验证了资源获取性和创业企业绩效的重要关系,同时也证实了股权治理效应和债权治理效应在创业企业中的有效性,并为市场化进程对创业企业绩效的正向作用提供了微观层面的解释机理。我们的研究为未来的改革方向提供了一定的理论依据。

This paper studies the relationship between external institutional environment and new venture＇s performance based on China＇s regional marketzation index and industrial database from NBSC. The study indicates clearly the positive correlation between external institutional environment and new venture＇s performance. The more market oriented, the more convenient can startups obtain necessary resources, thus to achieve better performance. The study also indicates that the ratio of debts to assets and the performance of new venture has U-shape relationship. The existence of such relationship not only proves from a different perspective the importance of relationship between resource obtaining and enterprise performance, but also provides the expansion to the mechanism of the marketzation influencing on the new venture＇s performance from the micro level. These empirical results could provide part of theoretical basis for the policy of entrepreneurship and the future reform for the progress of marketzation.