社会信用体系建设与地区创业活跃度

Social Credit System Construction and Regional Entrepreneurial Activity

创业是经济增长的重要动力,信用是市场经济的基石。以社会信用体系建设为准自然实验,结合2009—2019年284个城市的样本数据,构建多时点双重差分模型考察社会信用体系建设的创业效应和作用机制,研究发现社会信用体系建设显著提升了地区创业活跃度。机制检验结果表明,社会信用体系建设通过加大金融支持力度、促进地区人才集聚和提高区域创新水平来促进创业。异质性分析表明,社会信用体系建设的创业效应在市场一体化程度较低地区和法治水平较高地区表现得更为显著;就行业类型而言,服务业特别是消费性服务业的创业效应更加明显。本文从非正式制度视角研究社会信用对地区创业的促进作用,为培育中国特色金融文化和促进金融服务实体经济的实现路径提供了经验启示。

Entrepreneurship is an important driver of economic growth,and credit is the cornerstone of the market economy.Taking the construction of the social credit system as a quasi-natural experiment,and using a sample of 284 cities from 2009 to 2019,this paper constructs a staggered difference-in-difference model to examine the entrepreneurial effects and mechanisms of social credit system construction.It is found that the construction of the social credit system significantly enhances regional entrepreneurial activity.The results of the mechanism test show that social credit system construction promotes entrepreneurship by increasing financial support,promoting regional talent agglomeration,and improving regional innovation levels.The heterogeneity analysis shows that the entrepreneurial effects of social credit system construction are more pronounced in regions with lower market integration and higher levels of rule of law;in terms of industry types,the effects are particularly pronounced in the service sector,especially in consumption-oriented services.This paper examines the role of social credit in promoting regional entrepreneurship from the perspective of informal institutions,providing important theoretical and empirical insights into cultivating China's distinctive financial culture and promoting the realization of financial services for the real economy.