社会信用与企业韧性——基于社会信用体系改革试点的准自然实验

Social Credit and Enterprise Resilience:A Quasi-natural Experiment Based on the Pilot Reform of Social Credit System

在当前全球经济环境不稳定的背景下,如何增强企业韧性是所有企业都要面临的重要问题。文章基于2007—2021年我国A股上市公司的平衡面板数据,测度了企业韧性水平,并以城市社会信用体系改革试点作为一项准自然实验,运用多时点DID模型实证检验了社会信用对企业韧性的影响。结果表明:社会信用提升能够显著增强企业韧性;社会信用主要通过提高城市人力资本水平、降低企业交易成本和提升企业劳动生产率三个机制来增强企业韧性。异质性分析发现:社会信用对企业韧性的增强作用在内部治理水平较低企业、非国有企业、市场化程度较低地区中的效果更大。文章为研究企业韧性的影响因素提供了新的视角,对如何增强企业韧性、实现企业高质量发展具有一定的启示。

In the current unstable global economic environment,how to enhance enterprise resilience is an important issue that all enterprises are facing.Based on the balanced panel data from 2007 to 2021 of our country’s A-share listed companies,this paper measures the level of enterprise resilience and takes the pilot reform of the Chinese Social Credit System as a quasi-natural experiment,and empirically tests the impact of urban social credit enhancement on enterprise resilience by using the multi-time-point DID model.The results show that the improvement of social credit can significantly enhances enterprise resilience,and social credit enhances enterprise resilience through three mechanisms:improving the level of urban human capital,reducing the transaction costs of enterprises,and improving the labor productivity of enterprises.Heterogeneity analysis shows that social credit has a stronger effect on enterprise resilience in the enterprises with low internal governance,the non-state-owned enterprises,and the regions with low marketization.This paper provides a new perspective for the study of the influencing factors of enterprise resilience and has some enlightenment on how to enhance enterprise resilience and achieve high-quality development.