行政审批制度改革影响企业投资行为吗?

A Study on the Impacts of Administration Approval System Reform on Firm Investment

文章基于中国工业企业数据,利用双重差分模型评估行政审批制度改革对企业投资行为的影响,并识别作用机制。研究结果表明:第一,行政审批制度改革提升了企业投资水平,对企业投资活力具有显著促进作用;第二,在作用机制方面,行政审批制度改革通过降低企业制度性交易成本、促进新进入企业投资、发挥市场择优效应影响企业投资;第三,行政审批制度改革对民营企业、低资产密集度企业和高全要素生产率企业投资水平的影响更加显著;地方政府对企业施加税外负担越少,行政审批制度改革的政策效果越强。文章结论为进一步深化简政放权改革、提升国家治理体系和治理能力现代化水平提供理论支撑。

Based on the Annual Survey of Industrial Firms in China,this paper studies the impacts of administrative approval system reform on firm investment and the influence mechanism with difference-in-difference method.The results show that:The reform of administrative approval significantly increases the level of firm investment and stimulates investment vitality;In terms of the influence mechanism,administrative approval system reform reduces the institutional transaction costs,stimulates the investment motivation of new firms and enhances market competition;The reform of administrative approval has more significant impacts on private enterprises and enterprises with high total factor productivity.The policy effects of the reform are more significant if local governments impose less burden on enterprises.The conclusion remains robust under a series of tests.This paper studies the policy effects and influence mechanism of the reform of administrative approval system,and provides a reference for further deepening of the streamline administration and delegate powers and the modernization of China’s system and capacity for governance.