政府治理影响民营企业生产率的机制:市场效应还是代理成本效应?

THE MECHANISMS OF GOVERNMENT GOVERNANCE AFFECTING THE PRODUCTIVITY OF PRIVATE ENTERPRISES:MARKET EFFECT OR AGENCY COST EFFECT

本文检验了中国地方政府治理水平差异如何影响民营企业生产率,以及具体影响这一重要经济后果的路径。本文的检验结果表明,政府治理水平改善能够对民营企业生产率产生积极的影响,其核心机制在于市场效应和代理成本效应。其中,市场效应占主导地位,政府治理水平影响民营企业生产率的关键在于市场效应。本文进一步研究发现,政府治理水平影响了企业产出对资本投入和中间投入的敏感性。其中政府治理的市场效应主要影响产出对资本投入和中间投入的敏感性,而代理成本效应主要影响产出对中间投入的敏感性。

This paper examines the process and path where government governance affects the produc- tivity of private enterprises. It is the breakthrough point to understand the microscopic mechanism that Chinese local governments promote the development of private enterprises and local economic growth under the transition economy. Empirical evidence suggests that there are two effects of government governance. the market effect and government agency cost effect. The key to government governance affects firm＇s pro- ductivity is the market effect. Further study finds that, government governance affects the sensitivity of the enterprise output to capital and intermediate inputs. The market effect mainly influences the sensitivity of the enterprise output to capital and intermediate inputs, and the cost effect mainly influences the sensi- tivity of the enterprise output to intermediate input.