商事制度改革对资本生产率的影响--基于准自然实验的研究  

The Influence of Commercial System Reform on Capital Productivity:Research based on Quasi-natural Experiments

作　　者：白雪洁[1] 孙献贞 BAI Xuejie;SUN Xianzhen(College of Economic and Social Delelopment,Nankai University,Tianjin,300071)

机构地区：[1]南开大学经济与社会发展研究院 [2]南开大学经济学院

出　　处：《中国经济问题》2022年第4期50-65,共16页China Economic Studies

基　　金：国家社会科学基金重大项目(21&ZD099)。

摘　　要：商事制度改革通过优化企业注册资本环节的途径激发市场活力,对资本生产率产生影响。在理论分析部分,构建“商事制度改革—创新活动/创业活动—资本生产率”作用机制。基于中国城市层面相关数据,利用多期双重差分模型,实证分析了商事制度改革对资本生产率的影响,并利用中介效应模型对作用机制进行检验。研究发现:商事制度改革能够显著提高资本生产率,且在经济发展程度较高的地区,影响幅度更大。进一步研究发现,商事制度改革会通过推动创新活动、鼓励创业活动,进而提高资本生产率。该结论为优化营商环境、提高资本生产率提供借鉴。The commercial system reform stimulates the market vitality by optimizing the registered capital of enterprises, and has an influence on capital productivity. In the theoretical analysis part, this paper constructs the mechanism of “commercial system reform→innovative activities/entrepreneurship activities→capital productivity”. Based on relevant data of China’s city-level, this paper uses the multi-period difference-in-differences model to empirically analyze the influence of the commercial system reform on capital productivity, and then uses the mediation effect model to test the mechanism. The research shows that commercial system reform can significantly improve capital productivity, and the influence is greater in regions with higher economic development. Further research finds that the commercial system reform can improve capital productivity by promoting innovative activities and encouraging entrepreneurial activities. The results provide a reference for optimizing the business environment and improving capital productivity.

关 键 词：商事制度改革 资本生产率 多期双重差分模型 中介效应 

分 类 号：F203.9[经济管理—国民经济]