制度环境与企业家精神:机制、效应及政策研究
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摘要
市场经济的活力在于企业家精神的发挥,而企业家精神的激发要依靠制度环境的完善。利用2011-2015年中国省级面板数据,本文实证了制度环境对创新、创业两类企业家精神的影响效应,发现制度环境对创新企业家精神的影响程度大于对创业企业家精神的影响。政府管制与法治水平较大地影响了企业家精神的发挥,而金融发展和地区腐败对其影响较弱。本文进一步发现法治和金融对企业家精神的交互作用为正,而金融与政府管制对企业家精神的交互作用为负。在控制内生性问题后,结果具有较强的稳健性。本文的结论表明,为了引领经济高质量增长,当下应为企业家营造良好的制度环境。
The entrepreneurship depends on the internal institutional structure of the enterprise and the external institutional environment of the enterprise. But in China, there are still some problems in this area. For example, the basic legal system is imperfect, in some disputes of property rights cases; China's crackdown on infringements is not strong enough, so that the property and rights of entrepreneurs are not well protected. At the same time, bank lending has certain discrimination against private enterprises to a certain extent, and financing constraints have become the main obstacles on their development path(He Ren, Liu Bingyong, 2012), broken the confidence of entrepreneurs to start a business. In addition, the government's dominance of the economy directly affects the entire process of corporate activities, and is also prone to corruption and other issues.In this context, one natural question arises: does the institutional environment in China have an impact on the entrepreneurship? To answer this question, we will investigate the empirical relationship between institutional environment and entrepreneurship across China's provinces during the period 2011–2015. We also want to uncover mechanisms involved running from mis-allocation of institutional environment to entrepreneurship.Based on the panel data of China's provincial level in 2011-2015, this paper will comprehensively analyze the influence of institutional environment on entrepreneurship from four aspects: rule of law level, financial development, government regulation and regional corruption.(1) We find that the institutional environment has a significant impact on entrepreneurial innovation and entrepreneurship. Among them, the rule of law and financial development have an coefficient of 0.86 and 0.57 for entrepreneurship, and the government control has an coefficient of-1.05 for entrepreneurship. Regional corruption plays a "lubricating" effect in the development of entrepreneurship. After controlling for endogenous problems, the results are more robust.(2) We find that the four indicators that measure the institutional environment have a stronger explanatory power for entrepreneurial innovation.(3) When considering the interaction between variables, the interaction between the level of the rule of law and financial development is positively related to entrepreneurship; the coefficient of interaction between government regulation and finance is negative. This shows that in the process of studying the role of the institution in the entrepreneurship, we must consider the relationship between various factors within the institutional environment.(4) Economic growth has an incentive effect on the promotion of entrepreneurship, and the level of education has a negative impact on it. In the case of considering endogeneity, the effect of opening up to the outside world and FDI on entrepreneurship is not significant.The conclusion of this paper shows that in order to lead the economic growth with high quality, we should create a good institutional environment for entrepreneurs.Our paper contributes to the existing literature in three different ways: First, this paper measures the institutional environment from the four perspectives: The rules of law, finance, government, and corruption, and studies its macro impact on entrepreneurship. Previous studies have generally focused on a single point of viewin law or finance, so this article enriches the literature to some extent. At the same time, this article uses entrepreneurial innovation and entrepreneurship as indicators to measure entrepreneurship, and enhances the robustness of the results.Secondly, this paper examines the interaction between finance and the rule of law and the interaction between government and finance, and describes the mechanism of influence within the institutional environment, which provides adirection for future research.The research provides empirical evidence on the relationship between institutional environment and entrepreneurship in the process of China's economic transition from high-speed growth to high-quality growth. The conclusions show that the institutional environment is an important factor driving the development of entrepreneurship.Our results have significant implications. Forpolicymakers,strengthen the building of a socialist rule of law system with Chinese characteristics, and formulate and implement a "good law and good policy" that will help the development of private enterprises. Different rules and regulations are needed within the enterprise to constrain the behavior of managers and employees. At the same time, in order to innovate and develop of the enterprise, it is necessary to gradually improve the system of property rights protection, effectively protect various forms of ownership economy according to law, and thus enhance the incentives for enterprises to innovate and start businesses. For researchers who studythe allocation of human capital, the message of the paper is that it is possible to adopt a method of establishing small commercial banks that can provide financial services, and fundamentally eliminate discrimination against private and private enterprises, in view of the existing obstacles such as financing loans to private enterprises.It also combines finance and the rule of law to promote financial development through the rule of law. Accelerate the pace of building a government under the rule of law. When the government introduces relevant policies, it must proceed from the level of the rule of law. Only reasonable intervention in the market will make the market economy become the leading force to lead the high-quality growth of the economy, and also create a good external institutional environment for entrepreneurship.It is important to admit two limitations to our study. First, the indicators for measuring entrepreneurship in this paper are not perfect. In recent years, the state has paid more attention to entrepreneurs. There are more and more standards for testing whether it is a good entrepreneur. Many of the connotations of entrepreneurship are not well quantified. Second, this paper only examines the mechanism of the influence of institutions on entrepreneurship from a macro perspective, and does not consider it from the micro perspective. And it is not accurate enough to choose indicators that measure government regulation.
The entrepreneurship depends on the internal institutional structure of the enterprise and the external institutional environment of the enterprise. But in China, there are still some problems in this area. For example, the basic legal system is imperfect, in some disputes of property rights cases; China's crackdown on infringements is not strong enough, so that the property and rights of entrepreneurs are not well protected. At the same time, bank lending has certain discrimination against private enterprises to a certain extent, and financing constraints have become the main obstacles on their development path(He Ren, Liu Bingyong, 2012), broken the confidence of entrepreneurs to start a business. In addition, the government's dominance of the economy directly affects the entire process of corporate activities, and is also prone to corruption and other issues.In this context, one natural question arises: does the institutional environment in China have an impact on the entrepreneurship? To answer this question, we will investigate the empirical relationship between institutional environment and entrepreneurship across China's provinces during the period 2011–2015. We also want to uncover mechanisms involved running from mis-allocation of institutional environment to entrepreneurship.Based on the panel data of China's provincial level in 2011-2015, this paper will comprehensively analyze the influence of institutional environment on entrepreneurship from four aspects: rule of law level, financial development, government regulation and regional corruption.(1) We find that the institutional environment has a significant impact on entrepreneurial innovation and entrepreneurship. Among them, the rule of law and financial development have an coefficient of 0.86 and 0.57 for entrepreneurship, and the government control has an coefficient of-1.05 for entrepreneurship. Regional corruption plays a "lubricating" effect in the development of entrepreneurship. After controlling for endogenous problems, the results are more robust.(2) We find that the four indicators that measure the institutional environment have a stronger explanatory power for entrepreneurial innovation.(3) When considering the interaction between variables, the interaction between the level of the rule of law and financial development is positively related to entrepreneurship; the coefficient of interaction between government regulation and finance is negative. This shows that in the process of studying the role of the institution in the entrepreneurship, we must consider the relationship between various factors within the institutional environment.(4) Economic growth has an incentive effect on the promotion of entrepreneurship, and the level of education has a negative impact on it. In the case of considering endogeneity, the effect of opening up to the outside world and FDI on entrepreneurship is not significant.The conclusion of this paper shows that in order to lead the economic growth with high quality, we should create a good institutional environment for entrepreneurs.Our paper contributes to the existing literature in three different ways: First, this paper measures the institutional environment from the four perspectives: The rules of law, finance, government, and corruption, and studies its macro impact on entrepreneurship. Previous studies have generally focused on a single point of viewin law or finance, so this article enriches the literature to some extent. At the same time, this article uses entrepreneurial innovation and entrepreneurship as indicators to measure entrepreneurship, and enhances the robustness of the results.Secondly, this paper examines the interaction between finance and the rule of law and the interaction between government and finance, and describes the mechanism of influence within the institutional environment, which provides adirection for future research.The research provides empirical evidence on the relationship between institutional environment and entrepreneurship in the process of China's economic transition from high-speed growth to high-quality growth. The conclusions show that the institutional environment is an important factor driving the development of entrepreneurship.Our results have significant implications. Forpolicymakers,strengthen the building of a socialist rule of law system with Chinese characteristics, and formulate and implement a "good law and good policy" that will help the development of private enterprises. Different rules and regulations are needed within the enterprise to constrain the behavior of managers and employees. At the same time, in order to innovate and develop of the enterprise, it is necessary to gradually improve the system of property rights protection, effectively protect various forms of ownership economy according to law, and thus enhance the incentives for enterprises to innovate and start businesses. For researchers who studythe allocation of human capital, the message of the paper is that it is possible to adopt a method of establishing small commercial banks that can provide financial services, and fundamentally eliminate discrimination against private and private enterprises, in view of the existing obstacles such as financing loans to private enterprises.It also combines finance and the rule of law to promote financial development through the rule of law. Accelerate the pace of building a government under the rule of law. When the government introduces relevant policies, it must proceed from the level of the rule of law. Only reasonable intervention in the market will make the market economy become the leading force to lead the high-quality growth of the economy, and also create a good external institutional environment for entrepreneurship.It is important to admit two limitations to our study. First, the indicators for measuring entrepreneurship in this paper are not perfect. In recent years, the state has paid more attention to entrepreneurs. There are more and more standards for testing whether it is a good entrepreneur. Many of the connotations of entrepreneurship are not well quantified. Second, this paper only examines the mechanism of the influence of institutions on entrepreneurship from a macro perspective, and does not consider it from the micro perspective. And it is not accurate enough to choose indicators that measure government regulation.
引文
[1] Aparicio S,Urbano D,Audretsch D.Institutional factors,opportunity entrepreneurship and economic growth:Panel data evidence[J].Technological Forecasting & Social Change,2016(102):45-61.
[2] 高照军,武常岐.制度理论视角下的企业创新行为研究——基于国家高新区企业的实证分析[J].科学学研究,2014,32(10):1580-1592.Gao Zhaojun,Wu Changqi.A study of enterprise innovation behavior from the perspective of institutional theory -- An empirical analysis based on the national high-tech zone enterprises[J].Studies in Science of Science,2014,32(10):1580-1592.
[3] 何韧,刘兵勇,王婧婧.银企关系、制度环境与中小微企业信贷可得性[J].金融研究,2012(11):103-115.He Ren,Liu Binyong,Wang Jingjing.Relationship between banks and enterprises,institutional environment and availability of credit for small and medium-sized enterprises [J].Financial Research,2012(11):103-115.
[4] North,D.Institutions,Institutional change and economic performance[M].Cambridge University Press,1990.
[5] Baumol W J.Entrepreneurship:Productive,unproductive,and destructive [J].Journal of Political Economy,1990,98(5):893-921.
[6] Tan J.,Litschert R.Environment-strategy relationship and its performance implications:An empirical study of the Chinese electronics industry [J].Strategic Management Journal,1994,15(1):1-20.
[7] Lim D S K,Morse E A,Mitchell R K,et al.Institutional environment and entrepreneurial cognitions:A comparative business systems perspective [J].Entrepreneurship Theory & Practice,2010,34(3):491-516.
[8] Chemin ,M.The impact of the judiciary on entrepreneurship:Evaluation of Pakistan′s access[J].Journal of Public Economics,2009,93:114-125.
[9] Freytag A,Thurik R.Entrepreneurship and its determinants in a cross-country setting[J].Journal of Evolutionary Economics,2007,17(2):117-131.
[10] 陈刚,陈敬之.产权保护与企业家精神—基于微观数据的实证研究[J].经济社会体制比较,2016(1):81-93.Chen Gang,Chen Jingzhi.Property rights protection and entrepreneurship---Empirical research based on micro-data [J].Comparison of Economic and Social Systems,2016(1):81-93.
[11] 蔡地,万迪昉.制度环境影响企业的研发投入吗?[J].科学学与科学技术管理,2012,33(4):121-128.Cai Di,Wan Difang.Does the institutional environment affect the R&D investment of enterprises?[J].Science of Science and Management of S.& T.,2012,33(4):121-128.
[12] 姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?—来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.Yao Yaojun,Dong Gangfeng.Financing constraint relief for Smes:Is financial development level important or financial structure important?--Empirical evidence from (Smes) listed companies [J].Financial Research,2015(4):148-161.
[13] 张峰,黄玖立,王睿.政府管制、非正规部门与企业创新:来自制造业的实证依据[J].管理世界,2016(2):95-111.Zhang Feng,Huang Jiuli,Wang Rui.Government regulation,informal sector and enterprise innovation:Empirical evidence from manufacturing [J].Management World,2016(2):95-111.
[14] 万良勇,陈馥爽,饶静.地区腐败与企业投资效率—基于中国上市公司的实证研究[J].财政研究,2015(5):57-62.Wan Liangyong,Chen Fushuang,Rao Jing.Regional corruption and enterprise investment efficiency--Based on empirical research on Chinese listed companies [J].Financial Research,2015(5):57-62.
[15] 王华.更严厉的知识产权保护制度有利于技术创新吗?[J].经济研究,2011(s2):124-135.Wang Hua.Is a tougher intellectual property protection system conducive to technological innovation?[J].Economic Research,2011(s2):124-135.
[16] 解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.Xie Weimin,Fang Hongxing.Financial development,financing constraint and enterprise R&D investment [J].Financial Research,2011(5):171-183.
[17] 卢立香,牛晓燕.金融发展对企业家精神影响的区域差异性研究[J].东岳论丛,2015,36(11):97-103.Lu Lixiang,Niu Xiaoyan.Study on regional differences in the influence of financial development on entrepreneurship [J].Dongyue Tribune,2015,36(11):97-103.
[18] 杨勇,朱乾.企业家精神的决定因素—来自中国省级面板数据的经验[J].经济经纬,2011(5):71-74.Yang Yong,Zhu Gan.The decisive factor of entrepreneurship -- Experience from China′s provincial panel data [J].Economics and Technology,2011(5):71-74.
[19] 韩磊,王西,张新谊.制度环境驱动了企业家精神吗?—基于法与金融的实证研究[J].现代财经-天津财经大学学报,2017(2):39-54.Han Lei,Wang Xi,Zhang Xinyi.Does the institutional environment drive entrepreneurship?—Empirical research based on law and finance [J].Journal of Modern Finance and Economics -Modern Finance and Economics,2017(2):39-54.
[20] 刘锦,王学军.社会失范、地区腐败与企业创新[J].软科学,2015,29(11):65-69.Liu Jin,Wang Xuejun.Social anomie,regional corruption and enterprise innovation [J].Soft Science,2015,29(11):65-69.
[21] 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(8):39-54.Cheng Junjie.Institutional change,entrepreneurship and private economy development [J].Economic Management,2016(8):39-54.
[22] 李磊,郑妍妍,刘鹏程.金融发展、职业选择与企业家精神—来自微观调查的证据[J].金融研究,2014(6):193-206.Li Lei,Zheng Yanyan,Liu Pengcheng.Financial development,career choice and entrepreneurial spirit --Evidence from microcosmic investigation [J].Financial Research,2014(6):193-206.
[23] 聂辉华,张彧,江艇.中国地区腐败对企业全要素生产率的影响[J].中国软科学,2014(5):37-48.Nie Huihua,Zhang Yu,Jiang Ting.Influence of regional corruption on total factor productivity of enterprises in China [J].China Soft Science,2014(5):37-48.
[24] 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.Deng lu,Xie Zhihua,Li Sifei.Private finance,institutional environment and regional economic growth [J].Management World,2014(3):31-40.
[2] 高照军,武常岐.制度理论视角下的企业创新行为研究——基于国家高新区企业的实证分析[J].科学学研究,2014,32(10):1580-1592.Gao Zhaojun,Wu Changqi.A study of enterprise innovation behavior from the perspective of institutional theory -- An empirical analysis based on the national high-tech zone enterprises[J].Studies in Science of Science,2014,32(10):1580-1592.
[3] 何韧,刘兵勇,王婧婧.银企关系、制度环境与中小微企业信贷可得性[J].金融研究,2012(11):103-115.He Ren,Liu Binyong,Wang Jingjing.Relationship between banks and enterprises,institutional environment and availability of credit for small and medium-sized enterprises [J].Financial Research,2012(11):103-115.
[4] North,D.Institutions,Institutional change and economic performance[M].Cambridge University Press,1990.
[5] Baumol W J.Entrepreneurship:Productive,unproductive,and destructive [J].Journal of Political Economy,1990,98(5):893-921.
[6] Tan J.,Litschert R.Environment-strategy relationship and its performance implications:An empirical study of the Chinese electronics industry [J].Strategic Management Journal,1994,15(1):1-20.
[7] Lim D S K,Morse E A,Mitchell R K,et al.Institutional environment and entrepreneurial cognitions:A comparative business systems perspective [J].Entrepreneurship Theory & Practice,2010,34(3):491-516.
[8] Chemin ,M.The impact of the judiciary on entrepreneurship:Evaluation of Pakistan′s access[J].Journal of Public Economics,2009,93:114-125.
[9] Freytag A,Thurik R.Entrepreneurship and its determinants in a cross-country setting[J].Journal of Evolutionary Economics,2007,17(2):117-131.
[10] 陈刚,陈敬之.产权保护与企业家精神—基于微观数据的实证研究[J].经济社会体制比较,2016(1):81-93.Chen Gang,Chen Jingzhi.Property rights protection and entrepreneurship---Empirical research based on micro-data [J].Comparison of Economic and Social Systems,2016(1):81-93.
[11] 蔡地,万迪昉.制度环境影响企业的研发投入吗?[J].科学学与科学技术管理,2012,33(4):121-128.Cai Di,Wan Difang.Does the institutional environment affect the R&D investment of enterprises?[J].Science of Science and Management of S.& T.,2012,33(4):121-128.
[12] 姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?—来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.Yao Yaojun,Dong Gangfeng.Financing constraint relief for Smes:Is financial development level important or financial structure important?--Empirical evidence from (Smes) listed companies [J].Financial Research,2015(4):148-161.
[13] 张峰,黄玖立,王睿.政府管制、非正规部门与企业创新:来自制造业的实证依据[J].管理世界,2016(2):95-111.Zhang Feng,Huang Jiuli,Wang Rui.Government regulation,informal sector and enterprise innovation:Empirical evidence from manufacturing [J].Management World,2016(2):95-111.
[14] 万良勇,陈馥爽,饶静.地区腐败与企业投资效率—基于中国上市公司的实证研究[J].财政研究,2015(5):57-62.Wan Liangyong,Chen Fushuang,Rao Jing.Regional corruption and enterprise investment efficiency--Based on empirical research on Chinese listed companies [J].Financial Research,2015(5):57-62.
[15] 王华.更严厉的知识产权保护制度有利于技术创新吗?[J].经济研究,2011(s2):124-135.Wang Hua.Is a tougher intellectual property protection system conducive to technological innovation?[J].Economic Research,2011(s2):124-135.
[16] 解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.Xie Weimin,Fang Hongxing.Financial development,financing constraint and enterprise R&D investment [J].Financial Research,2011(5):171-183.
[17] 卢立香,牛晓燕.金融发展对企业家精神影响的区域差异性研究[J].东岳论丛,2015,36(11):97-103.Lu Lixiang,Niu Xiaoyan.Study on regional differences in the influence of financial development on entrepreneurship [J].Dongyue Tribune,2015,36(11):97-103.
[18] 杨勇,朱乾.企业家精神的决定因素—来自中国省级面板数据的经验[J].经济经纬,2011(5):71-74.Yang Yong,Zhu Gan.The decisive factor of entrepreneurship -- Experience from China′s provincial panel data [J].Economics and Technology,2011(5):71-74.
[19] 韩磊,王西,张新谊.制度环境驱动了企业家精神吗?—基于法与金融的实证研究[J].现代财经-天津财经大学学报,2017(2):39-54.Han Lei,Wang Xi,Zhang Xinyi.Does the institutional environment drive entrepreneurship?—Empirical research based on law and finance [J].Journal of Modern Finance and Economics -Modern Finance and Economics,2017(2):39-54.
[20] 刘锦,王学军.社会失范、地区腐败与企业创新[J].软科学,2015,29(11):65-69.Liu Jin,Wang Xuejun.Social anomie,regional corruption and enterprise innovation [J].Soft Science,2015,29(11):65-69.
[21] 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(8):39-54.Cheng Junjie.Institutional change,entrepreneurship and private economy development [J].Economic Management,2016(8):39-54.
[22] 李磊,郑妍妍,刘鹏程.金融发展、职业选择与企业家精神—来自微观调查的证据[J].金融研究,2014(6):193-206.Li Lei,Zheng Yanyan,Liu Pengcheng.Financial development,career choice and entrepreneurial spirit --Evidence from microcosmic investigation [J].Financial Research,2014(6):193-206.
[23] 聂辉华,张彧,江艇.中国地区腐败对企业全要素生产率的影响[J].中国软科学,2014(5):37-48.Nie Huihua,Zhang Yu,Jiang Ting.Influence of regional corruption on total factor productivity of enterprises in China [J].China Soft Science,2014(5):37-48.
[24] 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.Deng lu,Xie Zhihua,Li Sifei.Private finance,institutional environment and regional economic growth [J].Management World,2014(3):31-40.