营商环境与企业投资回报率研究——基于模糊集定性比较分析

Research on Business Environment and Enterprise Return on Investment—By Using Fuzzy-Set Qualitative Comparative Analysis

在复杂因素背景下,营商环境的外部因素对企业投资回报率的影响程度逐渐提高,但现有文献并不足以对这一现象提供系统的检验和理论解析。QCA作为一种新兴方法,能够将营商环境和企业实际经营效益的研究结合起来,构建外部营商环境与企业投资回报率增长的理论模型,从而捕捉投资回报率的外在影响因素。本文通过收集调查问卷数据,实证研究显示:存在着3种营商环境组态,代表着不同的高投资回报率的实现方式。此外,引入制度组态视角,探究营商环境生态要素耦合对于企业投资回报率的影响,研究揭示了营商环境生态要素耦合对企业投资效益的深刻意义,以及改善制度环境对于推动企业良性发展的价值。

In the context of complex factors, the external factors of business environment have gradually in-creased their impact on the rate of return on investment of enterprises, but the existing literature is not enough to provide a systematic test and theoretical analysis of this phenomenon. As a new method, QCA can combine the research of business environment and the actual operating efficiency of enterprises, build a theoretical model of external business environment and the growth of enterprise return on investment, so as to capture the external factors affecting the return on investment. Through the collection of questionnaire data, the empirical study shows that there are three business environment configurations, representing different ways to achieve high ROI. In ad-dition, from the perspective of institutional configuration, the study explored the impact of business environment ecological element coupling on the return on investment of enterprises, revealed the profound significance of business environment ecological element coupling on enterprise in-vestment benefits, and the value of improving the institutional environment for promoting the be-nign development of enterprises.