营商环境、企业家精神与实体企业绩效——基于上市公司数据的经验证据
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摘要
本文基于当前经济新常态的时代背景,研究了营商环境、企业家精神对实体企业绩效的影响,为实体经济发展提供新的参考路径。本文基于2008～2017年中国上市公司数据,构建企业层面的企业家精神衡量指标体系进行实证检验,结果显示:(1)营商环境的完善对实体企业的发展有重要的促进作用,在营商环境逐渐完善的情况下,企业家精神的培育对实体企业绩效有显著的促进作用;(2)进一步的研究显示,企业家精神在营商环境的作用下对不同产权性质的实体企业发展存在异质性,非国有企业在改善营商环境的基础上培育企业家精神对企业绩效有更显著的促进作用;(3)本文为解释企业家精神在营商环境的作用下对不同产权性质的实体企业绩效存在异质性影响这一现象进行门槛检验,结果发现国有企业对于营商环境变化应对不够迅速是导致异质性存在的主要原因。
Based on the background of the current economic new normal,this paper studies the impact of business environment and entrepreneurship on the performance of entity enterprises,and provides a new reference path for the development of the real economy.Based on the data of Chinese listed companies from 2008 to 2017,this paper constructs an enterprise-level entrepreneu-rial measurement system to conduct empirical tests.The results show that:first of all,the cultivation of entrepreneurship plays an important role in promoting the development of physical enterprises.This effect has a regulatory effect.Secondly,further research shows that the regulation of the business environment is heterogeneous for the development of entities in different regions,different industries and different property rights.Finally,this paper explains the regulation of the business environment.The phenomenon of heterogeneity is thresholded.It is found that state-owned enterprises are not sensitive to changes in the business environment,which is the main reason for the heterogeneity.
Based on the background of the current economic new normal,this paper studies the impact of business environment and entrepreneurship on the performance of entity enterprises,and provides a new reference path for the development of the real economy.Based on the data of Chinese listed companies from 2008 to 2017,this paper constructs an enterprise-level entrepreneu-rial measurement system to conduct empirical tests.The results show that:first of all,the cultivation of entrepreneurship plays an important role in promoting the development of physical enterprises.This effect has a regulatory effect.Secondly,further research shows that the regulation of the business environment is heterogeneous for the development of entities in different regions,different industries and different property rights.Finally,this paper explains the regulation of the business environment.The phenomenon of heterogeneity is thresholded.It is found that state-owned enterprises are not sensitive to changes in the business environment,which is the main reason for the heterogeneity.
引文
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[2]Glaeser E L.Entrepreneurship and the City[R].National Bureau of Economic Research Working Paper Series,2007,No.13551.
[3]李宏彬,李杏,姚先国,等.企业家的创业与创新精神对中国经济增长的影响[J].经济研究,2009,44(10):99～108.
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[8]李延凯,韩廷春.金融生态演进作用于实体经济增长的机制分析——透过资本配置效率的视角[J].中国工业经济,2011,(2):26～35.
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[10]邓路,谢志华,李思飞.民间金融、制度环境与地区经济增长[J].管理世界,2014,(3):31～40.
[11]陈志勇,陈思霞.制度环境、地方政府投资冲动与财政预算软约束[J].经济研究,2014,(3):76～87.
[12]董志强,魏下海,汤灿晴.制度软环境与经济发展——基于30个大城市营商环境的经验研究[J].管理世界,2012,(4):9～20.
[13]张雪芳,戴伟.金融发展及其市场化是否提高了实体经济资本配置效率——基于省际面板数据的实证分析[J].天津财经大学学报,2016,(10):3～13.
[14]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017,(12):113～131.
[15]Kirzner I M.Competition and Entrepreneurship[M].Chicago and London:The University of Chicago Press,1973:14～41.
[16]Mcmillan J,Woodruff C.The Central Role of Entrepreneurs in Transition Economies[J].Journal of Economic Perspectives,2002,16(3):153～170.
[17]程俊杰.制度变迁、企业家精神与民营经济发展[J].经济管理,2016,38(8):39～54.
[18]Lu Tao.Determinants of Entrepreneurial Activities in China[J].Journal of Business Venturing,2010,(25):261～273.
[19]Garello.Tax Structure and Entrepreneurship[J].Small Business Economics,2014,(42):165～190.
[20]叶作义,吴文彬.企业研发投入的驱动因素分析——基于中国上市公司企业家精神角度[J].上海对外经贸大学学报,2018,25(2):40～51,86.
[21]Hessels J,Stel A V.Entrepreneurship,Export Orientation,and Economic Growth[J].Small Business Economics,2011,37(2):255～268.
[22]Nóirín McCarthy,Doran J,Marie O’Connor.The Role of Entrepreneurship in Stimulating Economic Growth in Developed and Developing Countries[J].Cogent Economics & Finance,2018,(3):1～14.
[23]胡永刚,石崇.扭曲、企业家精神与中国经济增长[J].经济研究,2016,(7):14～14.
[2]Glaeser E L.Entrepreneurship and the City[R].National Bureau of Economic Research Working Paper Series,2007,No.13551.
[3]李宏彬,李杏,姚先国,等.企业家的创业与创新精神对中国经济增长的影响[J].经济研究,2009,44(10):99～108.
[4]Li H,Yang Z,Yao X,et al.Entrepreneurship,Private Economy and Growth:Evidence from China[J].China Economic Review,2012,23(4):948～961.
[5]Yan H D,Chiang C,Chien C S.From Original Equipment Manu-facturing to Branding:Entrepreneurship,Strategic Leadership,and Taiwan’s Firm Transformation[J].International Entrepreneurship & Management Journal,2014,10(1):81～102.
[6]郑尚植,王怡颖.去杠杆背景下实体经济与虚拟经济的协调发展研究——基于2003～2015年东北地区34个地级市面板数据的实证分析[J].当代经济管理,2017,39(11):65～70.
[7]孟宪春,张屹山,李天宇.有效调控房地产市场的最优宏观审慎政策与经济“脱虚向实”[J].中国工业经济,2018,(6):81～97.
[8]李延凯,韩廷春.金融生态演进作用于实体经济增长的机制分析——透过资本配置效率的视角[J].中国工业经济,2011,(2):26～35.
[9]Nunn N,D Trefler.Domestic Institutions As a Source of Comparative Advantage[R].NBER Working Paper,2013,No.18851.
[10]邓路,谢志华,李思飞.民间金融、制度环境与地区经济增长[J].管理世界,2014,(3):31～40.
[11]陈志勇,陈思霞.制度环境、地方政府投资冲动与财政预算软约束[J].经济研究,2014,(3):76～87.
[12]董志强,魏下海,汤灿晴.制度软环境与经济发展——基于30个大城市营商环境的经验研究[J].管理世界,2012,(4):9～20.
[13]张雪芳,戴伟.金融发展及其市场化是否提高了实体经济资本配置效率——基于省际面板数据的实证分析[J].天津财经大学学报,2016,(10):3～13.
[14]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017,(12):113～131.
[15]Kirzner I M.Competition and Entrepreneurship[M].Chicago and London:The University of Chicago Press,1973:14～41.
[16]Mcmillan J,Woodruff C.The Central Role of Entrepreneurs in Transition Economies[J].Journal of Economic Perspectives,2002,16(3):153～170.
[17]程俊杰.制度变迁、企业家精神与民营经济发展[J].经济管理,2016,38(8):39～54.
[18]Lu Tao.Determinants of Entrepreneurial Activities in China[J].Journal of Business Venturing,2010,(25):261～273.
[19]Garello.Tax Structure and Entrepreneurship[J].Small Business Economics,2014,(42):165～190.
[20]叶作义,吴文彬.企业研发投入的驱动因素分析——基于中国上市公司企业家精神角度[J].上海对外经贸大学学报,2018,25(2):40～51,86.
[21]Hessels J,Stel A V.Entrepreneurship,Export Orientation,and Economic Growth[J].Small Business Economics,2011,37(2):255～268.
[22]Nóirín McCarthy,Doran J,Marie O’Connor.The Role of Entrepreneurship in Stimulating Economic Growth in Developed and Developing Countries[J].Cogent Economics & Finance,2018,(3):1～14.
[23]胡永刚,石崇.扭曲、企业家精神与中国经济增长[J].经济研究,2016,(7):14～14.