营商环境政策对企业投资的影响——基于湖北省企业微观调查数据

Effect of Business Environment Policy on Enterprise Investment——Based on Micro Investigating Data on Enterprises of Hubei Province

本文运用湖北省企业微观调查数据,应用横截面数据,利用二元决策模型等参数估计方法实证研究了营商环境政策对企业投资的影响。结果表明:企业在考虑投资时,对政策的长期稳定性和预期较为敏感,对当前状况并不敏感;在税收政策方面,税负水平和税负的长期变动对企业投资决策具有显著的负向影响,但短期影响不显著;劳动用工政策方面,招工用工难度和员工平均工资对企业投资决策均无显著影响;融资政策方面,融资成本的变动对企业投资决策具有显著的反向影响,当期的融资难度和融资成本对企业投资决策没有显著影响;电力政策方面,电力保障率对企业投资决策具有显著的正向影响,但用电成本对企业投资决策无显著影响。故政策建议为:在政策稳定与预期方面,增强营商环境政策的长期稳定性,加强企业的预期管理;在融资政策方面,着力控制融资成本,提高融资便利度;在减税政策方面,在政府财政可承受范围内,加大减税力度和幅度;在降费政策方面,要着重降低公共服务费类、生产资料费类和资源使用费类等费用;对于大部分企业而言,尤其是知识密集型企业和中大型企业,不可降低职工的社保费、工资等劳动用工费;在电力政策方面,将电力的安全保障置于优先位置;多渠道提高企业效益,提高企业投资能力和内在动力。

The paper used parameter estimation methods of enterprise micro survey data in Hubei, cross-section data and binary decision model to take empirical study the effect of business environment policy on enterprise investment. The findings are as follows.Enterprises are sensitive about long-term stability and expectation when thinking about investing but not the current situation. On tax policy, tax burden level and long-term change of it has prominent negative effect on the investment, but not the short-term change. On labour and employment policies, recruit difficulty and average employee salary has no prominent influence on its investing decision.On financing policy, changes of financing costs have prominent negative influence,but current financing difficulty and costs have no influence. On power policy, power security rate has positive influence on the decision, but not the power cost. So the suggestions for policies are to enhance the long-term stability of business environment and expectation management of enterprises, to firmly control the financing cost and improve the financing convenience, to decrease tax reduction, to reduce public service charge category, production material costs and resource use fee. For most companies, especially knowledge-intensive and large and medium-sized enterprises, do not reduce the social security charges, wages and such labour costs, to put power security assurance at the first place, to improve enterprises’ revenue,investment capacity and internal motivation through various ways.