Abstract:

Optimizing the business environment is an important manifestation of deepening the reform of “decentralization, management and service”, and is of great significance to promoting the innovation of private enterprises. The article takes the establishment of administrative approval centers in prefecture-level cities as a quasi-natural experiment, selects micro data of A-share private listed companies as samples, and uses a double difference model to empirically examine the impact of the business environment on private enterprise innovation. The research results show that the optimization of the business environment has a significant positive impact on the innovation of private enterprises, but this impact has obvious heterogeneity: the optimization of the business environment has a greater impact on the innovation of those enterprises with a lower level of industry competition and a higher level of financing constraints. From the perspective of the mechanism, the optimization of the business environment has significantly reduced the transaction costs of the expense system and the efficiency system of private enterprises, thereby promoting the improvement of the innovation level of private enterprises. This research has certain reference significance for deepening the reform of the administrative examination and approval system, optimizing the business environment of private enterprises, reducing the institutional transaction costs of private enterprises, and promoting the innovative output of private enterprises.

Key words: Government Business Environment, Private Enterprises, Innovation, Quasi-natural Experiment, Heterogeneity

摘要：

优化营商环境是深化“放管服”改革的重要体现,对促进民营企业创新具有重要意义。文章以地级市设立行政审批中心为准自然实验,选取A股民营上市公司微观数据为样本,采用双重差分模型考察营商环境优化对民营企业创新的影响。研究结果表明:营商环境优化对民营企业创新具有显著的正向影响;营商环境优化对民营企业创新的影响具有明显的异质性,营商环境优化对无政治关联、行业竞争程度较低、融资约束程度较高企业的创新影响更大;从作用机制看,营商环境优化显著降低了民营企业的费用性制度交易成本和效率性制度交易成本,从而促进民营企业创新水平的提高。本研究对深入推进行政审批制度改革,优化民营企业营商环境,降低民营企业制度性交易成本,促进民营企业创新产出有一定的借鉴意义。

关键词: 营商环境, 民营企业, 创新, 准自然实验, 异质性