城市信用体系建设对资本错配的改善效应  

Improvement Effect of Urban Credit System Construction on Capital Misallocation

作　　者：吴晶妹[1] 崔智斌 陈静远 WU Jingmei;CUI Zhibin;CHEN Jingyuan(Renmin University of China,Beijing 100081)

机构地区：[1]中国人民大学财政金融学院,北京100081

出　　处：《经济与管理研究》2024年第10期36-55,共20页Research on Economics and Management

基　　金：国家社会科学基金重大项目“社会治理现代化中的社会信用体系创新路径研究”(23&ZD176)。

摘　　要：本文在测度231个地级市2016—2021年资本错配指数的基础上,运用全国城市综合信用指数实证检验城市信用体系建设对资本错配的影响效应及作用机制。研究结果显示,城市信用体系建设能够改善资本错配情况,该效应在中西部、大型以及数字经济发展水平高的城市中更加明显。机制检验结果表明,城市信用体系建设主要通过构建亲清政商关系、提升信用服务水平以及提高契约执行效率间接改善资本错配。进一步讨论发现,城市信用体系建设存在门槛效应,在政府有为程度、市场有效程度由低到高跨越一定水平后,对资本错配的改善作用将边际递增;城市信用体系建设存在空间外溢效应,能够缓解周边城市的资本错配情况。本文的研究为持续引导信用要素融入城市营商环境建设提供了经验证据。Based on the factual case that social credit promotes economic development,this paper takes the social credit system as a formal system to explore capital misallocation completely and elaborates the theoretical framework of the credit system affecting capital misallocation from the dual perspective of the government and the market.By selecting 231 prefecture-level cities in China from 2016 to 2021 as research samples,this paper empirically examines the impact of urban credit system(UCS)construction on capital misallocation and its mechanism by applying the national urban comprehensive credit index.The results show that the UCS construction can reduce capital misallocation.This conclusion remains robust after a series of tests.Heterogeneity analysis shows that the effect of UCS construction is more significant in cities in the central and western regions,large cities,and cities with a high level of digital economy development.The results of the mechanism test show that the UCS construction indirectly reduces capital misallocation mainly by constructing a cordial and clean relationship between government and businesses,improving the level of credit service,and enhancing the efficiency of contract enforcement.Further discussion reveals the presence of a threshold effect in the UCS construction.Specifically,the UCS impact on capital misallocation exhibits a non-linear characteristic of marginal incremental increase with the continuous promotion of competent government or the continuous improvement of the efficient market.From the results of the spatial correlation analysis,there is a spatial spillover effect in the UCS construction,which can alleviate capital misallocation in neighboring cities.Based on the above conclusions,this paper puts forward the following policy recommendations:implement the concept of credit governance and continuously optimize the soft environment of credit services;accelerate the construction of a government of integrity,improve the third-party credit service system,and extend credit superv

关 键 词：城市信用体系 资本错配 有为政府 有效市场 空间外溢效应 

分 类 号：F832.0[经济管理—金融学]