社会失信环境与民营企业成长——来自城市失信人的经验证据

Social Dishonest Environment and Private Enterprise Growth——Empirical Evidence from Urban Dishonest People

本文以中国地级城市民营企业为研究样本,从社会失信环境的视角出发,以地区佛教寺院数量为工具变量,整合微观层面的工业企业数据,系统考察了社会失信环境对民营企业成长的影响,并在此基础上探寻社会失信环境阻碍民营企业成长的作用机制。研究发现:社会失信环境对于本地区民营企业成长具有显著的阻碍作用,尤其表现在经济更为发达的东中部地区、一二线城市和高收入城市;就企业规模而言,中小型民营企业的成长更加受制于本地区的失信环境,而大型民营企业由于其规模和品牌做“背书”,受社会失信环境的影响较小;中间机制检验表明,社会失信环境会通过提高交易成本、加深融资约束程度和阻碍企业创新来抑制本地区民营企业成长。研究结论对于以失信被执行人名单制度的实施为契机,加强社会信用体系建设,营造良好的营商环境,从而促进民营企业健康成长具有一定的启示意义。

This article uses private enterprises in prefecture-level cities in China as a research sample,and uses the data of untrustworthy persons released by the Supreme People’s Court to accurately measure the social untrustworthy environment.From the perspective of social dishonesty environment,this article uses the number of regional Buddhist monasteries as an instrumental variable,integrates micro-level industrial enterprise data,and systematically examines the impact of the social dishonesty environment on the growth of private enterprises.And on this basis,this article explores the theoretical mechanism between social dishonesty environment and the development of private enterprise.The research found that:The environment of social dishonesty has a significant hindering effect on the growth of private enterprises in the region,especially in the more developed eastern and central regions,first-tier and second-tier cities,and high-income cities;in terms of business scale,the growth of small and medium-sized private enterprises is more constrained by the untrustworthy environment in the region,while large private enterprises are endorsed by their scale and brand,and are less affected by the social untrustworthy environment;the intermediate mechanism test shows that the social untrustworthy environment will increase transaction costs,deepen the degree of financing constraints,and hinder enterprise innovation,so that it can inhibit the growth of private enterprises in the region.The conclusions have certain enlightenment for taking the implementation of the untrustworthy person list system as an opportunity to strengthen the construction of the social credit system,to create a good business environment and to promote rapid growth of private enterprises.