制度环境、企业家精神配置与企业绩效——来自中国制造业上市公司的经验证据  

Institutional Environment, Entrepreneurship Allocation, and Enterprise Performance——Evidence from Listed Manufacturing Companies in China

作　　者：何文剑 苗妙[2] 张红霄[3] He Wenjian;Miao Miao;Zhang Hongxiao(Business School,Nanjing University of Information Science and Technology,Nanjing 210044,P.R.China;School of Economics and Commerce,South China University of Technology,Guangzhou 510006,P.R.China;College of Economics and Management,Nanjing Forestry University,Nanjing 210037,P.R.China)

机构地区：[1]南京信息工程大学商学院,南京210044 [2]华南理工大学经济与贸易学院,广州510006 [3]南京林业大学经济管理学院,南京210037

出　　处：《山东大学学报（哲学社会科学版）》2019年第4期40-54,共15页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：教育部人文社科青年基金项目“森林管制制度保护森林资源的理论机制与动态绩效”(18YJC790041);江苏省高等学校自然科学研究面上项目“中国森林采伐限额管理制度保护森林资源的理论框架与动态效果分析”(18KJB220009);江苏省教育厅哲学社会科学项目“森林管制制度对森林资源的保护机制与动态绩效研究:以中国采伐限额管理制度为准自然实验”(2018SJA0152)

摘　　要：制度环境通过作用于企业家精神配置进而影响企业绩效。将20092016年沪深两市全部制造业上市公司财务数据与王小鲁等编制的各省市场化指数相匹配,采用固定效应模型进行实证分析。研究发现:拥有强有力的产权保护与较少的政府干预的区域,会显著增强企业家生产性偏好,降低非生产性行为发生概率,其中政府管制强弱是影响企业家行为的最重要因素。而在既定制度环境下,企业家生产性行为是公司绩效提高的内源动力,现阶段非生产性行为也为中国制造业上市公司发展带来优势。在考察制度滞后效应、解决模型内生性、剔除20152016年样本以及对东中西部样本进行子样本回归后发现,上述结果依旧稳健。By systematically analyzing the relationship among institutional environment,entrepreneurship,and company performance,we find that entrepreneurship is the mediator of institutional environment's impact on company performance.On this basis,the financial data of all manufacturing industry listed companies in Shanghai and Shenzhen from 2009-2016 are matched with the provincial market index compiled by Wang Xiaolu et al,and a fixed effect model is used for empirical analysis.The study finds that strong protection of property rights and less government intervention in the region can significantly enhance entrepreneurial productive preferences and reduce the probability of non-productive behavior,among which the strength of government regulation is the most important factor affecting entrepreneurs' behavior.Under the established institutional environment,entrepreneurial productive behavior is indeed the internal driving force for the improvement of company performance.At this stage,non-productive behavior also brings advantages to the development of listed manufacturing companies in China.After examining the lagging effects of the system,solving the model's endogenous issues,eliminating the samples from 2015 to 2016 and performing subsample regressions on samples from the East,Central,and West,it is found that the above results are still robust.

关 键 词：产权制度 政府管制 企业家精神 公司绩效 

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