体制内关系、创业规模与新创企业成长

Institutional Relationships,Start-up Size and Growth of Start-ups

文章使用中国私营企业调查数据,实证研究了创业者的体制内关系对新创企业的创业规模和长期成长的影响及其作用机制。研究发现,拥有体制内关系的创业者不仅创业规模更大,而且创业后的净资产复合增长率也更高。进一步研究发现,与其他创业者的创业资金更多来源于个人积累不同,拥有体制内关系的创业者更有可能依靠银行贷款和国有企业改制等途径进行创业;同时,他们对政府出台的民营企业支持政策更为了解,也更有可能通过担任人大代表、政协委员或工商联领导等方式重新获得政治身份。文章还发现,创业者的体制内关系在金融业不发达地区的作用更大。文章揭示了体制内关系带来的创业不平等问题,为中国推行"大众创业、万众创新"的战略举措提供了有价值的政策启发。

China is currently facing problems such as declining marginal output of investment,overcapacity,and insufficient innovation drive.It is urgent to obtain new growth momentum through innovation and entrepreneurship.“Mass entrepreneurship and innovation”is exactly the strategy advocated by the central government.Inspired by this strategy,some government officials and heads of state-owned enterprises also decide to quit their jobs and seek out entrepreneurial opportunities outside the system.The existing literature only focuses on the impact of institutional relationships on whether the individual will start a business,and does not really reflect the value of institutional relationships in entrepreneurial activities.Therefore,the more important research question is whether entrepreneurial institutional relationships will affect the initial size of start-ups and the long-term growth in the future when the entrepreneur leaves the system for business.If there is a significant impact,then“what are the impact channels”is also an important issue.We empirically test the impact of entrepreneurial institutional relationships on the size and long-term growth of start-ups.The data used in this study come from the 7th to the 10th Private Enterprise Survey data in 2006,2008,2010 and 2012.The results show that,compared with entrepreneurs from outside the system,the scale of entrepreneurs created by entrepreneurs with institutional relationships(former government official or head of state-owned enterprise)is 19.7 percentage points higher,and the compound growth rate of start-ups is 1.9 percentage points higher.Furthermore,we find that entrepreneurs who serve as public servants or SOE managers depend more on bank loans or restructured SOEs to obtain seed capital.They are more familiar with the government’s support policy,and more likely to get NPC deputies and CPPCC members or leaders of the Federation of Industry and Commerce.It can be seen that the above entrepreneurs have the advantages of resource acquisition,information superiority and political identity,which is beneficial for entrepreneurs to achieve better entrepreneurial results.Finally,this paper also finds that institutional relationships play a more limited role in regions with more developed financial industries.This paper shows that the informal institution such as institutional relationships play an important role when the formal institution is incomplete.In order to achieve the“mass entrepreneurship and innovation”strategy,we need to create a fairer and more just entrepreneurial environment,and promote the reform from administrative orientation to market-oriented resource allocation.This paper not only makes an important supplement to the relevant literature,but also provides valuable policy inspiration for China’s“mass entrepreneurship and innovation”strategy.