不完全契约、制度环境与企业绩效——基于上市公司的实证研究

Incomplete Contract,Institutional Environment and Firm's Performance——Empirical Study Based on the Listed Companies

本文以不完全契约理论为基础，考察了处于经济转型时期的我国制度环境对企业绩效的影响，运用2003～2009年我国上市公司相关数据进行实证分析。研究发现，契约制度环境的改善可以显著提高企业的财务绩效，且这种作用会随着行业契约密集度的提高而增强。进一步研究表明，民营企业的绩效水平对地区契约制度环境更为敏感；国有企业因其历史和政治背景等原因，受契约制度环境变化的影响并不显著。在控制了企业和地区因素的影响及内生性问题后，结论依然稳健。

Based on the GHM model,this article analyzes the effect of institutional environment on business performance in the context of transitional economy. Using the data of the listed companies in China from 2003 to 2009, the paper finds that the improvement of institutional environment of contract remarkably enhance the financial performance of firms, which can be strengthened by the contract-intensive industry. In addition, the performance of private enterprises become more sensitive to the institutional environment of contract,and the performance of state-owned enterprises are not affected significantly by the change of institutional environment of contract due to its historical and political background. After controlling the variables about firms and regions and handling the endogenous problems, the results remain robust.