制度环境对企业集团发展的影响——基于省际面板数据的经验分析

The Impact of Institutional Environment on the Development of Business Groups:An Empirical Analysis Based on Provincial Panel Data

替代制度环境的企业集团理论认为,制度环境的完善将导致企业集团的衰落直至解散。而现实中却鲜有企业集团解散的证据。那么,制度环境与企业集团发展的关系到底是怎样的?笔者首次使用2001—2008年的中国省际企业集团数据,实证检验了地区制度环境对集团发展的影响。研究发现,制度环境和企业集团发展的关系是正U型的,且这种正U型关系只适用于私有企业集团,而制度环境对国有集团发展没有显著影响。结果表明,替代制度环境的企业集团理论是不完全的;私有企业集团对制度环境变化反应敏感,因此是有着独特优势而持续存在的组织。基于此,笔者认为:我国一方面应为民营企业发展创造良好的营商环境,充分发挥私有企业集团的组织优势,特别是其创新优势,推动科技创新和结构转型;另一方面应积极推动国企改革,把国有企业打造成为独立的市场化主体。本研究及其结论丰富了制度环境影响企业集团发展的相关文献,也为制度环境对不同所有制企业集团的影响提供了新的证据。

The theory that business groups substituting the institutional environment predicts that the improvement of the institutional environment will lead to the decline of business groups until their dissolution.However,there is little evidence of the dissolution of business groups.Therefore,what is the relationship between the institutional environment and the development of business groups?The author first uses the data of China's inter-provincial business groups from 2001 to 2008 to empirically test the effect of regional institutional environment on group development.The study finds that the relationship between the institutional environment and the development of business groups is positive U-shaped,and this positive U-shaped relationship is only applicable to private business groups,while the institutional environment has no significant impact on the development of state-owned groups.The results show that the theory that business groups substitute for institutional environment is incomplete,and private business groups are sensitive to changes in the institutional environment and therefore are organizations that have unique advantages and persist.Based on this,the author believes that China should,on the one hand,create a good business environment for the development of private enterprises,give full play to the organizational advantages of private business groups,especially their innovation advantages,and promote technological innovation and structural transformation.On the other hand,China should actively promote the reform of state-owned enterprises and build state-owned enterprises as an independent market-oriented subject.This study enriches the studies on the impact of the institutional environment on the development of business groups and provides new evidence for the impact of the institutional environment on business groups of different ownership types.