社会信用、交易成本与企业专业化分工

Social Credit,Transaction Costs,and Division of Labor

专业化分工是企业成长的重要基础和一国经济增长的根本源泉,同时也是新形势下提高供给质量和供给效率的重要途径。深入探究国内市场专业化分工的内在机理,对于增强国内大循环内生动力至关重要。文章以“创建社会信用体系建设示范城市”政策作为社会信用环境的代理变量,借助双重差分法,实证考察了社会信用环境改善对企业专业化分工的影响。研究发现,社会信用环境改善显著促进了企业专业化分工,这主要是通过降低企业面临的外部交易成本而实现。异质性分析发现,当内部管控成本较高时,社会信用环境改善对企业专业化分工的促进作用有所减弱;而在非国有企业、制造业以及法治环境较好的地区,社会信用环境改善的专业化分工效应更为明显。进一步分析表明,社会信用环境改善对企业专业化分工的推动作用促进了企业全要素生产率的增长。文章揭示了社会信用环境对企业行为的影响,不仅为理解企业分工提供了一种新的视角,也丰富了信用经济学领域的相关研究。

Division of labor is an essential foundation for the generation and growth of enterprises and a fundamental source of economic growth for a country.It is also an important means to improve supply quality and efficiency under the new situation.Therefore,a thorough investigation of the internal mechanism of division of labor in the domestic market is crucial for enhancing the endogenous driving force of the domestic circulation.This paper employs the policy of"Creating Social Credit System Demonstration Cities"as a proxy variable for the social credit environment,and uses the DID method to empirically examine the impact of social credit environment improvement on division of labor.The study finds that the improvement of the social credit environment significantly promotes division of labor,mainly by reducing the external transaction costs that enterprises face.Heterogeneity analysis shows that when internal control costs are high,the promoting effect of the improved social credit environment on division of labor weakens;meanwhile,in non-state-owned enterprises,manufacturing industries,and areas with better rule of law,the division of labor effect of the improved social credit environment is more apparent.Further analysis indicates that the promoting effect of the improved social credit environment on division of labor boosts the growth of total factor productivity.For enterprises,integration and specialization represent the two ends of corporate boundaries.Therefore,the examination of division of labor is,in essence,an exploration of the impact on the adjustment of corporate boundaries.Different from previous studies that primarily focus on formal institutions,this paper further extends its perspective to social credit,which embodies the characteristics of informal institutions.Social credit is based on the moral principles of honesty and trust,and these informal institutional norms may subtly affect the adjustment of corporate boundaries.However,existing literature studying the relationship between informal institutions and corporate boundaries is fragmented.This paper attempts to connect these two aspects,thereby expanding the literature system that explores the factors affecting corporate boundary changes.This paper holds significant practical implications and policy insights.Currently,in the context of sluggish global demand and escalating international uncertainty,the international circulation is hindered.In contrast,a smooth and efficient domestic circulation becomes the crucial foundation for safeguarding the stable and rapid development of the national economy.The construction of a social credit system can improve the external environment for business operations,strengthen the crucial function of the market in resource allocation,and further enhance the production efficiency of enterprises.This not only provides a significant path for enhancing the endogenous dynamics of the domestic circulation,but also facilitates the promotion of high-quality economic development.