政府优化营商环境能否降低资本市场扭曲?——来自行政审批制度改革的经验证据

Can Government Optimization of Business Environment Reduce Capital Market Distortions?--Empirical Evidence from the Reform of the Administrative Approval System

行政审批制度改革通过优化营商环境对资本市场扭曲产生影响。基于城市层面相关数据,利用多期双重差分模型,分析行政审批制度改革对资本市场扭曲的影响,并利用交互项模型对产业结构和市场规模的调节效应进行分析。研究发现:在全国层面,行政审批制度改革能够降低资本市场扭曲;行政审批制度改革对资本市场扭曲的影响具有时空异质性。在东部地区,行政审批制度改革对资本市场扭曲的抑制作用显著,且在经济增速放缓后行政审批制度改革对资本市场扭曲的抑制作用有所增强。产业结构升级和市场规模扩大将有助于增强行政审批制度改革对资本市场扭曲的抑制作用。

The reform of the administrative examination and approval system has had an impact on the distortion of capital market by optimizing the business environment.Based on relevant data at the city level,this paper uses a multi-period difference-in-difference model to analyze the impact of the administrative approval system reform on capital market distortions,and uses the interaction term model to analyze the adjustment effects of industrial structure and market size.The results show that:at the national level,the reform of the administrative examination and approval system can reduce capital market distortions.The impact of the reform of the administrative examination and approval system on the distortion of capital market is statio-temporal heterogeneity.In the eastern region,the reform of the administrative examination and approval system has a significant inhibitory effect on the distortion of capital market.After the economic slowdown,the inhibitory effect of the reform on the distortion of capital market has increased.The results of the adjustment effect analysis show that the upgrading of industrial structure,the increase of economic scale will help strengthen the restraint of the reform of the administrative examination and approval system on the distortion of capital market.