地区营商环境与民营企业高质量发展:来自中国的经验证据

Regional Business Environment and High-quality Development of Private Enterprises:Empirical Evidence from China

本文将中国民营上市公司数据与地区营商环境数据相匹配,并基于面板数据模型考察地区营商环境影响民营企业高质量发展的机制。实证结果表明:地区营商环境改善促进了中国民营企业高质量发展。基于营商环境分指标的检验结果显示,除政务营商环境外,法治化营商环境、市场化营商环境、金融营商环境指标和基础设施营商环境均正向促进民营企业高质量发展;异质性检验表明,地区营商环境改善对规模较小的民营企业高质量发展具有更大影响,更有助于弥补较差的公司治理结构给民营企业高质量发展所造成的不利影响;就行业异质性而言,地区营商环境改善对民营企业高质量发展的促进作用在低创新型行业、非管制型行业、供给侧结构性改革行业、高融资约束行业、高外部融资依赖行业、高契约密集型行业和高市场竞争型行业更显著。

This paper matches the data of China’s private listed companies with the data of regional business environment,to investigate the influencing mechanism of regional business environment on the high-quality development of private enterprises based on the panel model.The empirical results show that,the improvement of regional business environment promotes the high-quality development of Chinese private enterprises.Based on the sub indicators of business environment,it is found that,with the exception of the indicator of government business environment,the sub indicators of legal business environment,market-oriented business environment,financial business environment and infrastructure business environment positively promote the high-quality development of private enterprises.The heterogeneity test also shows that the improvement of regional business environment has a greater impact on the high-quality development for small-scale private enterprises,and is more helpful to make up the adverse impact of poor corporate governance structure and quality on the high-quality development of private enterprises.As far as the industry heterogeneity is concerned,the improvement of regional business environment plays a stronger role in promoting the high-quality development of private enterprises in low innovation industries,non-regulatory industries,supply-side structural reform industries,high financing constraint industries,high financing dependence industries,high contract-intensive industries and high market competition industries.