营商环境如何影响企业投资

How does Business Environment Affect Corporate Investment?

面对实体企业投资率持续下降的态势,党中央提出要着力优化营商环境,以期促进企业投资。在系统分析营商环境影响企业投资内在机理的基础上,利用2008-2020年我国营商环境和A股上市公司的数据进行实证检验。研究发现:第一,营商环境能够显著促进企业投资。在使用开埠历史作为工具变量解决内生性问题和进行一系列稳健性检验后,该结论依然成立。第二,异质性检验表明:在企业所有制层面,营商环境对非国有企业投资的促进作用更明显;在行业层面,营商环境对制造业和中低技术行业企业投资的促进作用更为突出;在地区层面,东部地区和民营化程度较高地区的营商环境对企业投资的促进作用更为显著。第三,进一步的机制检验显示,营商环境对企业投资的促进作用主要是通过缓解企业融资约束实现的。因此,各地区应该着力简化对企业的行政审批流程、健全法治体系、优化金融环境和加强基础设施建设,通过改善营商环境促进企业投资。

Faced with the continuous decline in the investment rate of real enterprises,the Central Committee of CPC proposes to optimize the business environment in order to promote corporate investments.On the basis of the systematic analysis of the internal mechanism of the impact of business environment on corporate investments,this paper conducts an empirical test by making use of the data of China's business environment and A-share listed companies from 2008 to 2020.The findings show that,firstly,the improvement of the business environment can significantly promote corporate investments.This conclusion still holds after using port opening history as a tool variable to solve the endogeneity problems and a series of robustness tests.Secondly,the results of the heterogeneity test show that,at the level of enterprise ownership,the improvement of business environment can play a more significant role in promoting the investment of non-state-owned enterprises.At the industrial level,the improvement of business environment plays an even more significant role in promoting the investments of enterprises in the manufacturing industry as well as in the industries with lower and medium technology.At the regional level,the improvement of business environment in the eastern region and the areas with higher degree of privatization plays a much more significant role in promoting enterprise investments.Thirdly,further mechanism tests show that the improvement of business environment can promote enterprise investments mainly by easing the financing constraints on the enterprises.Therefore,all the regions should focus on simplifying the process of administrative examination and approval for enterprises,perfecting the legal system,optimizing the financial environment,and strengthening the infrastructure construction,so as to promote corporate investments by improving the business environment.