解构经济制度对我国企业生产率的影响

Unbundling the Effects of Institutions on Productivity of Chinese Firms

本文利用世界银行中国企业调查数据研究了经济制度的两个方面(产权保护制度和契约执行制度)对于企业生产率的影响。研究表明,产权保护制度对企业生产率有显著的正向影响,而契约执行制度对企业生产率的影响并不显著。此外,产权保护制度和契约执行制度对企业生产率的影响还与经济发展程度和企业发展速度有关:产权保护制度对生产率的促进作用在经济落后城市和发展速度较慢的企业中体现得更加明显,而契约执行制度则显著提升了经济发达城市和发展速度较快企业的生产率。

Using a survey of Chinese manufacturing firms conducted by the World Bank,this paper unbundles economic institutions into property-rights institutions and contracting institutions,and tests their impacts on firm productivity.We rely on instrument variables to deal with the endogeneity problem and use different productivity measurements to test robustness of the results.We find that property-rights institutions have positive and significant impacts on firm productivity,while the impacts of contracting institutions are insignificant.Meanwhile,we find that the roles of property rights institutions are more important in developed cities and for fast-growing firms,while contracting institutions are more important in less developed cities and for slow-growing firms.