企业家才能、营商环境与企业全要素生产率——基于我国上市公司微观数据的分析

Entrepreneurship,Business Environment and Corporate Total Factor Productivity——Based on the Analysis of Microdata of Listed Companies in China

文章通过使用2016年35个城市的上市公司微观数据,并匹配相应的营商环境指标和企业家才能指标数据,定量分析了企业家才能、营商环境对企业全要素生产率的影响。实证分析结果表明:企业家才能对企业全要素生产率影响存在着营商环境“门槛效应”,即企业家才能只有与一定的营商环境相结合,才会对企业全要素生产率提升产生积极作用;企业家才能对企业全要素生产率的影响存在着明显的区域差异和产业差异特征:沿海地区企业家才能对企业全要素生产率的影响要强于内陆地区企业家才能对企业全要素生产率的影响;企业家才能对传统产业企业全要素生产率影响大于对战略新兴产业企业全要素生产率影响。

Using the micro data of the listed companies in 35 cities in 2016 and matching the corresponding business environment indicators and entrepreneurial talents data, this paper aims to quantitatively analyze the impact of entrepreneurship and business environment on the total factor productivity (TFP). Empirical analysis shows that the “threshold effect” of business environment exists in the impact of entrepreneurship on the firm-level TFP, which means that entrepreneurship will have a positive effect on the TFP only when it is combined with a certain business environment. Moreover, there are obvious regional differences and industrial differences, which indicate that the influence of entrepreneurialism in coastal areas on TFP is stronger than inland entrepreneurship, and the influence of entrepreneurs on the TFP of traditional industries is larger than that of strategic emerging industries.