行政审批制度改革缓解企业融资约束了吗?——来自我国地级行政审批中心设立的经验证据  

Has the Reform of Administrative Examination and Approval System Eased the Financing Constraints of Enterprises:Empirical Evidence from the Establishment of Prefecture Level Administrative Examination and Approval Centers in China

作　　者：袁月 孙光国[1,2] 张焰朝 YUAN Yue;SUN Guang-guo;ZHANG Yan-chao

机构地区：[1]东北财经大学会计学院 [2]东北财经大学中国内部控制研究中心 [3]河南财经政法大学会计学院

出　　处：《改革》2023年第5期138-155,共18页Reform

基　　金：财政部“会计名家培养工程”项目“会计准则主体互动关系与会计信息质量提升研究”(财会[2019]19号);辽宁省教育厅重点攻关和服务地方项目“上下游行业董事兼任与企业发展”(LN2020Z10)。

摘　　要：企业的融资状况与其所处的营商环境密不可分,行政管制过多导致的企业资源获取和配置效率低下,是影响企业融资的重要外部制度因素之一。近年来,我国行政审批制度改革持续深入,对企业发展产生了重要影响。为探究行政审批制度改革与企业融资约束的关系,这里以各地行政审批中心的设立为“准自然实验”,利用我国沪深上市公司数据,采用广义双重差分法进行实证研究。研究发现,行政审批中心的设立缓解了企业融资约束,但政策效果因企业特征以及企业所在区域特征的不同而存在较大差异。具体表现为:涉及行政审批事项较多的企业以及位于东部地区、高行政级别城市的企业从改革中能获得更大利益。从影响机制来看,行政审批中心的设立降低了企业的制度性交易成本和债务融资成本,从而缓解了企业的融资约束。The financing situation of enterprises is closely related to their business environment.The low efficiency of enterprise resource acquisition and allocation caused by too much administrative regulation is one of the important external institutional factors affecting enterprise financing.In recent years,China's reform of administrative examination and approval system has continued to deepen,which has had an important impact on the development of enterprises.In order to explore the relationship between reform of administrative examination and approval system and enterprise financing constraints,taking the establishment of local administrative examination and approval centers as a"quasi natural experiment1",combined with the data of Listed Companies in Shanghai and Shenzhen,this paper uses the generalized double difference method for empirical research・It is found that the establishment of administrative examination and approval center alleviates the financing constraints of enterprises,but the policy effects are quite different due to the different characteristics o£enterprises and the regional characteristics of enterprises.Specifically,enterprises involving more administrative examination and approval matters and enterprises located in the eastern region and high-level administrative cities have obtained greater benefits from the system reform.From the perspective of impact mechanism,the establishment of administrative examination and approval center reduces the institutional transaction cost and debt financing cost of enterprises,thus alleviating the financing constraints of enterprises.

关 键 词：行政审批制度改革 行政审批中心 行政审批事项 融资约束 

分 类 号：F275[经济管理—企业管理]