市场化信贷、非市场化信贷对返乡创业企业绩效的影响研究——基于中国返乡创业调查问卷的证据  

A Study on the Influence of Market-Oriented Credit and Non-Market-Oriented Credit on the Performance of Returning Entrepreneurial Firms——Evidence from the Questionnaire of Chinese Returning Entrepreneurial Firms

作　　者：赵峰[1] 王轶[1] Zhao Feng;Wang Yi(School of Economics,Beijing Technology and Business University,Beijing 100048)

机构地区：[1]北京工商大学经济学院,北京100048

出　　处：《经济纵横》2022年第4期67-81,共15页Economic Review Journal

基　　金：国家社会科学基金重点项目“乡村振兴战略下返乡劳动力创业质量研究”(编号:18AJL016)的成果。

摘　　要：返乡创业是实施乡村振兴战略的重要抓手,能否获得融资、融资的利率高低是返乡创业企业生存和发展的关键。基于北京师范大学劳动力市场研究中心2019年开展的全国典型返乡创业县2137家返乡创业企业的调查数据,考察了市场化信贷和非市场化信贷对返乡创业企业绩效的影响。研究发现:市场化信贷有助于提高返乡创业企业的生存绩效,但对创新绩效和社会绩效影响不显著,而非市场化信贷对企业这三类绩效均有显著正向影响;非市场化信贷对中部地区企业绩效的提升作用显著大于东部和西部地区,市场化信贷和非市场化信贷都更偏向于支持自我价值实现型和发展型返乡创业企业;通过不同层面的影响机制检验发现,公共服务体系建设水平对非市场化信贷与企业绩效关系起正向调节作用,政府贷款优惠政策对市场化信贷与企业绩效关系起负向调节作用,建立规范的公司管理制度和外部审计师制度对非市场化信贷与企业绩效关系起正向调节作用。建议发挥政策性贷款的引导作用,拓展融资渠道,降低贷款利率,规范民间贷款运作程序,着力提升返乡创业企业的创新绩效和社会绩效。Returning hometown to start a business is an important way to implement the national strategy of rural revitalization. Whether to obtain financing and the interest rate of financing are the key to the survival and development of returning hometown start-ups. Based on the data of a nationwide survey of 2,137 returned entrepreneurial firms in typical returned entrepreneurial counties conducted by the labor market research center of Beijing normal university in 2019, the effects of market-oriented credit and non-marketing credit on the performance of returned entrepreneurial firms were investigated. The study found the following main conclusions. Market-oriented credit can help improve the survival performance of returned start-ups but has no significant impact on innovation performance and social performance, while non-market-oriented credit has a significant positive impact on the three types of corporate performance. It is found that the effect of non-market-oriented credit on the improvement of enterprise performance in the central region is significantly greater than that in the eastern and western regions. Both market-oriented credit and non-market-oriented credit are more inclined to support self-value realization and development-oriented home-returning entrepreneurial firms. By testing the influence mechanism at different levels, it is found that the construction level of public service system has a positive regulating effect on the relationship between non-market-oriented credit and enterprise performance. The government loan preferential policies have a negative regulating effect on the relationship between market-oriented credit and enterprise performance, while the government loan, tax and land preferential policies have a positive regulating effect on the relationship between non-market-oriented credit and enterprise performance. The establishment of standardized corporate management system and external auditor system has a positive regulating effect on the relationship between non-market-oriented credi

关 键 词：市场化信贷 非市场化信贷 返乡创业 企业绩效 乡村振兴 

分 类 号：F279.2[经济管理—企业管理]