政企关系重构如何影响企业创新?

How Does the Reconstruction of Government-enterprise Relationship Affect Enterprise Innovation?

本文基于政企关系重构视角,考察地方官员更替对企业创新的影响。利用世界银行2012年中国企业调查数据,研究发现:地方官员更替越频繁,企业创新概率和创新强度越高,且这一效应对于中小企业以及国有股权比重较低的企业而言更强。然而,过于频繁的官员更替并非促进企业创新的"良方",在考虑非线性关系的前提下,企业创新概率以及创新强度随着官员更替频率增加呈现倒"U"型变化,且这一关系主要存在于政府管制较强与法制环境较差的地区。进一步地,地方官员更替并未显著影响企业面临的政策不确定性。本文刻画了宏观治理环境变化下的企业创新决策,为理解地方官员更替影响经济发展的具体机制提供了微观证据。

From the perspective of the reconstruction of government-enterprise relationship,this paper studies the effect of local officials’ turnover on enterprise innovation. Using World Bank’s Chinese Enterprises Survey data in 2012 as sample,we find that enterprise innovation probability and intensity are higher in those cities where local officials change more frequently,and these effects are stronger for small & medium-sized enterprises or enterprises with more state-owned share. However,too frequent turnover of local officials is not the good recipe for promoting enterprise innovation.Taking non-linear relationship into account,enterprise innovation probability and intensity display an inverted U-shaped curve with respect to the frequency of local officials’ turnover,and these relationships mainly exist in the regions with more government regulation and worse legal environment. Additionally,local officials’ turnover has no significant effect on the policy uncertainty faced by enterprises. This paper studies enterprise innovation decision when facing the change of macro-environment, and provides micro-evidence to understand the mechanism that local officials’ turnover affects economic development.