营商环境、企业家精神与金融资产的动态协同

Dynamic Synergic between Business Environment,Entrepreneurship and Financial Assets

基于我国制造业上市公司2008-2018年非平衡面板数据,构建了不同营商环境下的企业家精神与金融资产的动态协同模型,证明了企业存在目标金融资产,且会向目标金融资产进行动态调整;生产性企业家精神显著提高了企业金融资产向最优水平的调整速度,而非生产性企业家精神抑制了其向最优水平的调整速度;营商环境与企业家精神对金融资产调整速度的协同影响为正。营商环境子环境诚信环境下的生产性企业家精神对金融资产的收敛加速效应更强;法治环境下的非生产性企业家精神对金融资产的收敛减速效应更弱。研究意义在于从"化解超配、提高反哺"视角拓展了企业金融资产动态调整的理论边界,为改善我国营商环境、弘扬企业家精神、缓解脱实向虚提供了政策参考值。

Based on the unbalanced panel data dated from 2008 to 2018 of listed companies in the manufacturing industry of China,it has been constructed a synergic selection model between entrepreneurship and financial assets in various business environments,which proves that companies have the target financial assets and will adjust to the target financial assets dynamically;productive entrepreneurship may obviously speed up the adjustment of financial assets toward the optimal scale,but non-productive entrepreneurship may restrain the adjustment of financial assets toward the optimal scale,but non-productive entrepreneurship may restrain the adjustment of financial assets toward the optimal scale;both the business environment and the entrepreneurship have a positive synergy effect on the dynamic adjustment of financial assets.The convergence accelerating effect of productive entrepreneurship on financial assets is stronger in credit environment,and the convergence decelerating effect of non productive entrepreneurship on financial assets is weaker in legal environment.From the perspective of"resolving over matching and improving back feeding",this research explores the logic path about the speed of the dynamic adjustment of financial assets,which provides policy reference for improving the state-owned business environment,promoting entrepreneurship and alleviating from real to virtual.