“放管服”改革促进企业投资的内在机制与实证检验

The Intrinsic Mechanisms of the“Streamlining Administration,Delegating Power,and Improving Services”Reform in Facilitating Corporate Investment

“放管服”改革是优化营商环境的重要举措,其对市场主体活力的影响机理尚无定论。本文以2015年我国各地深化“放管服”改革实施为准自然实验,以优化营商环境为切入点,采用双重差分法分析“放管服”改革对企业投资的影响。研究证明:“放管服”改革政策显著促进了企业投资、有助于激发市场活力,促进了经济高质量发展;相比国有企业和大型企业,“放管服”改革对非国有企业和中小企业的投资活动促进程度更大,这种效应主要通过提高企业投资回报率和缓解企业外部融资约束发挥作用。因此,应持续深化“放管服”改革,重视“放管服”改革对企业投资的促进效应,降低制度性交易成本,为激发市场活力提供制度保障。

The“Streamlining Administration,Delegating Power,and Improving Services”(SADP)reform is a crucial initiative aimed at optimizing the business environment,and there is no consensus regarding its impact on market vitality.This study employs a quasi-natural experiment based on the comprehensive implementation of the SADP reform across various regions in China since 2015.By focusing on business environment optimization,we employ the difference-in-differences method to analyze the effects of the SADP reform on corporate investment.Our findings reveal that the SADP reform significantly stimulates corporate investment,thereby contributing to market vitality and facilitating high-quality economic development.Moreover,the reform exhibits a more pronounced influence on non-state-owned enterprises and small and medium-sized enterprises in comparison to state-owned and large enterprises.This effect primarily arises from enhanced return on investment for enterprises and the mitigation of external financing constraints.Consequently,it is imperative to sustain and deepen the SADP reform,prioritize its impact on enterprise investment,reduce institutional transaction costs,and establish institutional safeguards to foster market vitality.