政府管制负担、融资约束与企业增长——基于企业调查数据的经验分析

The Burden of Government Regulation,Finance Constraints and Firm Growth:An Empirical Analysis Based on Firm Survey Data

本文利用世界银行对我国投资环境的调查数据,使用联立方程组控制融资约束、投资规模和企业增长之间的内生性,检验政府管制负担对企业增长的影响。研究发现,政府管制负担和法律保护程度都对企业增长产生影响,并且政府管制负担的作用力更强;政府管制负担不仅增加了企业的融资约束程度,而且降低了企业投资规模,这都会抑制企业的增长速度。本研究的政策启示是,政府在进行经济管制时,要以不增加企业负担为前提,否则,不但不能弥补市场机制的不足,而且会抑制企业增长速度。

This paper investigates the effect of the burden of government regulation on business growth.The results show that both burden of government regulation and legal protection degree have impact on firm growth with stronger effect of the former.The burden of government regulation not only increases financing constraints of enterprises but also reduces the scale of investment,which will inhibit corporate growth.This implies that government regulations should be conducted in condition of no corporate burden.