行政审批改革与企业价值——基于行政审批中心设立的“准自然实验”

Administrative Approval Reform and Corporate Value——A ‘Quasi-natural Experiment’ Based on the Establishment of Administrative Approval Center

以各地级行政审批中心的设立为'准自然实验',选取2001—2015年的A股上市公司作为样本,采用双重差分固定效应识别方法,实证研究了行政审批中心设立是否以及如何影响企业价值。研究发现,行政审批中心的设立显著提升了企业价值,这在民营企业和非政治关联企业中表现得尤为明显。进一步的作用机制检验显示,行政审批中心的设立主要是通过降低企业的效率性制度交易成本而非费用性制度交易成本提升了企业价值。

Based on the‘quasi-natural experiment’that administrative approval centers were established successively at prefecture-level cities,this paper selected A-share listed companies from 2001 to 2015 as the sample,and applied difference-in-differences fixed effect identification method to empirically examine whether and how the establishment of administrative approval centers influencing corporate value.The results show that,the establishment of administrative approval center has significantly improved corporate value,especially for private and non-political connection corporates.Further examination on influencing mechanism shows that,the establishment of administrative approval center has improved corporate value mainly through reducing the transaction cost of efficiency system rather than the transaction cost of expense system.