社会信用体系建设对企业信用修复及再修复的影响——基于社会信用体系试点城市政策的准自然实验  

The Impact of Social Credit System Construction on Corporate Credit Repair and Re-repair:A Quasi-Natural Experimental Study of Social Credit System Pilot City Policies

作　　者：游云天 王建秀[1] 董媛香 李星辰 YOU Yun-tian;WANG Jian-xiu;DONG Yuan-xiang;LI Xing-chen

机构地区：[1]山西财经大学管理科学与工程学院 [2]太原理工大学经济与管理学院

出　　处：《科学决策》2025年第2期40-59,共20页Scientific Decision Making

基　　金：国家社会科学基金项目一般项目(22BGL285)。

摘　　要：基于中国2010-2021年A股上市公司数据,以中国社会信用体系建设为准自然实验,探究了社会信用体系建设对企业信用修复及再修复的影响及作用机制。研究发现,社会信用体系建设显著促进了企业信用修复及再修复。机制分析表明,社会信用体系建设通过增强地区信任水平、缓解企业融资约束和降低企业代理成本促进企业信用修复;其中增强地区信任水平还可进一步促进企业信用再修复。异质性分析发现,在非国有企业和内部治理水平较高的企业中,社会信用体系建设对企业信用修复及再修复的促进作用更明显。本文不仅丰富了企业信用的影响研究,也为政府部门进一步推进社会信用体系建设、防范和化解企业失信问题提供了重要依据和政策启示。Based on data from Chinese A-share listed companies from 2010 to 2021 and utilizing the construction of China’s social credit system as a quasi-natural experiment,this study investigates the impact and mechanisms of the social credit system construction on corporate credit repair and re-repair.The research finds that the development of the social credit system significantly promotes both corporate credit repair and re-repair.Mechanism analysis reveals that the social credit system construction facilitates corporate credit repair by enhancing regional trust levels,alleviating corporate financing constraints,and reducing corporate agency costs.Notably,the enhancement of regional trust levels further promotes corporate credit re-repair.Heterogeneity analysis shows that the promotive effects of the social credit system construction on corporate credit repair and re-repair are more pronounced in non-state-owned enterprises and firms with higher levels of internal governance.This study not only enriches the research on the determinants of corporate credit but also provides important evidence and policy insights for government agencies to further advance the construction of the social credit system and to prevent and mitigate corporate credit default issues.

关 键 词：社会信用体系建设 企业信用修复及再修复 地区信任水平 融资约束 代理成本 

分 类 号：F830.5[经济管理—金融学] F275