营商环境与企业全要素生产率:理论机理与实证检验

Business Environment and Total Factor Productivity:Theoretical Mechanism and Empirical Test

营商环境就是生产力,良好的营商环境有助于企业高质量发展。基于2010—2021年上市企业数据,通过匹配省级层面营商环境指数,考察营商环境对企业全要素生产率的影响效应与作用机制。研究发现:营商环境对企业全要素生产率存在显著的提升作用;异质性分析结果表明,营商环境对非国有企业、创新型企业、成长期企业及东部地区企业的全要素生产率存在较为明显的提升作用;机制分析结果表明,营商环境通过缓解企业融资约束、提高政府补贴水平提升企业全要素生产率。基于此,提出持续优化营商环境、纾解企业融资困境、发挥政府补贴效应及制度差异化营商环境改革措施以促进企业高质量发展的政策建议。

Business environment is productivity,and a good business environment is conducive to high-quality development of enterprises.Based on the data of listed enterprises from 2010 to 2021,by matching the business environment index at the provincial level,this paper examines the effect and mechanism of business environment on the total factor productivity of enterprises.The results show that:Business environment has a significant effect on TFP;The results of heterogeneity analysis show that the business environment has a significant effect on the TFP of non-state-owned enterprises,innovative enterprises,growth enterprises and enterprises in the eastern region;The results of mechanism analysis show that the business environment can improve firms' total factor productivity by easing firms' financing constraints and increasing the level of government subsidies.Based on this,this paper puts forward policy suggestions to continuously optimize the business environment,relieve the financing difficulties of enterprises,give play to the effect of government subsidies and the reform measures of institutional differentiation of business environment to promote the high-quality development of enterprises.