城市营商环境何以促进企业高质量发展——来自中国上市企业的微观证据

How the Urban Business Environment Drives High-Quality Development in Enterprises:Micro Evidence from Listed Companies in China

作为企业发展的重要生态依托,营商环境优化是促进企业转型升级和高质量发展的关键推力和内在要求。文章以2009~2021年中国A股上市企业为样本,实证检验优化营商环境对企业发展质量的影响作用及其机制。研究发现:优化营商环境正向作用于企业高质量发展,其中法治环境、政务环境与人力资源的促进作用更为明显;机制检验表明,营商环境通过改善企业会计信息质量和优化管理层创新环境促进企业高质量发展。此外,营商环境对企业高质量发展的影响存在显著异质性:优化营商环境对国有企业、强融资约束企业、东北地区企业和技术密集型企业发展水平的正向影响更为显著。这不仅丰富了制度优化对企业发展影响的理论研究,也为进一步精准提升营商环境水平、加快实现经济高质量发展提供政策启示。

As a crucial ecosystem for enterprise development,optimizing the business environment is vital for promoting transfor-mation,upgrading,and high-quality growth of enterprises.This paper empirically investigates the impact of business environ-ment optimization on the quality of enterprise development,utilizing a sample of A-share listed companies in China from 2009 to 2021.The findings indicate that optimizing the business environment positively affects the high-quality development of enterpri-ses,with the legal framework,government service levels,and regional human resources playing particularly significant roles.Mechanism tests reveal that the business environment fosters high-quality enterprise development by enhancing the quality of corporate accounting information and improving the management innovation landscape.Furthermore,the effects of business envi-ronment optimization on high-quality enterprise development exhibit significant heterogeneity:it has a more pronounced positive impact on state-owned enterprises,firms facing substantial financing constraints,companies located in Northeast China,and technology-intensive enterprises.This research not only enriches the theoretical understanding of how institutional optimization influences enterprise development but also offers policy insights for further enhancing the business environment and accelerating high-quality economic development.