摘要
本文使用加权综合法和熵值法测算出省级层面的营商环境指数,选取2011—2019年中国资本市场A股上市公司为研究样本,系统考察营商环境如何影响企业高质量发展及其相应的情境特征和影响机制。研究发现:(1)优化营商环境能够显著提高企业发展质量。(2)与国有企业相比,优化营商环境对企业高质量发展的促进作用在民营企业中显著增强。相较于高新技术企业,促进作用在非高新技术企业中更为明显。(3)优化营商环境可以通过降低在职消费、抑制大股东掏空和提高审计质量来促进企业高质量发展。研究结论丰富了企业高质量发展的影响因素文献,明晰了营商环境推动企业高质量发展的作用机理,同时也为政府部门改善营商环境提供了微观层面的经验证据。
This paper uses weighted synthesis method and entropy method to calculate business environment index of provincial-level,and selects A-share listed companies in China’s capital market from 2011 to 2019 as samples to investigate how business environment affects high-quality development of enterprises and its corresponding context characteristics and influence mechanism systematically.The research shows that:(1) Optimizing business environment can significantly improve enterprise development quality;(2)The promotion effect of optimizing business environment on high-quality development of enterprises is significantly enhanced in private enterprises than in SOEs.Compared with high-tech enterprises,the above promotion effect is more obvious in non-high-tech enterprises;(3) Optimizing business environment can promote high-quality development of enterprises by reducing non-pecuniary compensation,restraining major shareholders’ tunneling and improving audit quality.The research conclusions enriched the literature on the influencing factors of high-quality development of enterprises,clarified the mechanism of how business environment promotes high-quality development of enterprises,and also provided micro-level empirical evidence for government departments to improve business environment.
作者
周泽将
雷玲
伞子瑶
Zhou Zejiang;Lei Ling;San Ziyao
出处
《财政研究》
CSSCI
北大核心
2022年第5期111-128,F0003,共19页
Public Finance Research
基金
国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001)
国家自然科学基金面上项目“本地任职、政治关联与企业财务行为:中国关系情境中独立董事视角的理论构建与实证检验”(71772001)
安徽省哲学社会科学规划重点项目“营商环境优化与企业财务行为:机理分析与实证检验”(AHSKZ2021D07)
安徽省高校协同创新项目“营商环境优化的微观政策效应研究”(GXXT-2021-042)。
关键词
营商环境
企业高质量发展
公司治理
Business Environment
High-Quality Development of Enterprises
Corporate Governance
