社会信用环境与企业全要素生产率

Social Credit Environment and Total Factor Productivity of Enterprises

文章以2014年社会信用体系改革试点为准自然实验,采用2010-2021年A股上市公司数据,运用双重差分法(DID)研究社会信用体系建设对企业全要素生产率的影响及机制。研究发现,社会信用体系建设显著提高了试点地区企业的全要素生产率。机制检验表明,社会信用体系建设通过降低交易成本、缓解融资约束、提高创新能力来提高企业全要素生产率。在制度环境较差的地区及大型企业和治理薄弱的企业样本中,社会信用体系建设对企业全要素生产率的提高作用更加明显。研究为评估社会信用体系改革的实际效果提供了微观证据,也为政府加强信用体系建设,促进高质量发展提供经验与理论支持。

Taking the 2014 social credit system reform pilot as a quasi-natural experiment,the article uses the data of A-share listed companies from 2010 to 2021 and applies the difference-in-differences(DID)method to study the impact and mechanism of social credit system construction on the total factor produc-tivity of enterprises.It is found that the construction of social credit system significantly increases the total factor productivity of enterprises in the pilot area.The mechanism test shows that social credit system con-struction improves enterprise total factor productivity by reducing transaction costs,easing financing con-straints,and improving innovation capacity.The effect of social credit system building on the total factor productivity of enterprises is more pronounced in regions with poorer institutional environments and the samples of large enterprises and enterprises with weak governance.The study provides micro evidence for assessing the actual effects of social credit system reforms,as well as empirical and theoretical support for the government to strengthen credit system construction and promote high-quality development.