《中小企业促进法》的纾困效应:产品市场表现视角

The Bailout Effects of the SME Promotion Law:Evidence from Corporate Product Market Performance

解决拖欠中小企业账款问题是助力企业纾困、促进国民经济循环畅通的重要保障。本文利用《中小企业促进法》修订形成的准自然实验,考察其对企业产品市场表现的影响及作用机制。采用新三板企业年报与“企查查”平台构建新数据集的双重差分检验结果显示,《中小企业促进法》能够使企业营业收入增长率提高约9.31%。强化中小企业权益保护带来的商业信用供给下降是其中主要的作用机制。当企业融资能力较弱、竞争对手财务实力较强时,《中小企业促进法》促进企业产品市场表现提升的效应更强。本文揭示了《中小企业促进法》通过缓解中小企业流动性约束,促进了产品市场竞争,对于促进中小企业发展壮大、推动高质量发展和推进中国式现代化具有启示意义。

Solving the overdue accounts of small and medium-sized enterprises(SMEs)is an important guarantee to support enterprises to be bailed out from financial difficulties and to promote the smooth circulation of the national economy.This paper exploits the implementation of the SME Promotion Law as a quasi-natural experiment,investigating how it affects product market performance at the enterprise level and what its mechanism of action is.The study constructs a new dataset using annual reports of enterprises listed on the New Third Board and the“Qcc.com”platform.Based on this new dataset,the difference-in-differences test reveals that the treated enterprises increase their corporate sales growth rate by 9.31%compared to the control enterprises following the implementation of the SME Promotion Law.The decrease in the trade credit supply caused by the strengthening of the rights and interests protection of SMEs constitutes a fundamental mechanism for the enactment of the SME Promotion Law aimed at improving the corporate products market performance.When the financing capacity of enterprises is weak and the financial strength of their competitors is strong,the effect of the enactment of the SME Promotion Law on improving corporate product market performance turns out to be stronger.This paper reveals the bailout effect of the SME Promotion Law on promoting product market competition by alleviating SMEs liquidity constraints,which is of enlightening significance in improving the SMEs market competitiveness and promoting high-quality economic development.