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| 文章编号：1672-3104(2025)03-0123-15 |
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社会信用体系改革对企业全要素生产率的影响研究 |
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曹越，邢丽媛，周瑞博 |
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（湖南大学工商管理学院，湖南长沙，410082） |
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| 摘 要： 良好的社会信用环境是资源优化配置的坚实基础，也是经济持续发展的重要保障。基于2010—2022年沪深两市A股上市公司的样本数据，对社会信用体系改革与企业全要素生产率的关系和影响机制进行实证检验。研究发现，社会信用体系改革显著提升了企业的全要素生产率，该结论在经历平行趋势检验、交错双重差分偏误修正等多种稳健性检验后依然成立。机制检验表明，社会信用体系改革通过提高企业信息披露质量、加大地区知识产权保护力度及促进企业人力资本结构升级三个机制影响企业的全要素生产率。进一步研究发现，社会信用体系改革对企业全要素生产率的影响在独立董事占比低、机构投资者持股比例低、非国有、所处地区法治化水平低的企业及经济收缩期更为明显。经济后果分析表明，社会信用体系改革对全要素生产率的正向作用可以有效提升企业绩效。研究结果从全要素生产率视角为社会信用体系改革的政策效果提供了经验证据，对政府部门进一步推广社会信用体系建设具有重要意义。 |
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| 关键词： 社会信用体系；高质量发展；全要素生产率 |
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The impact of social credit system reform on total factor productivity of enterprises |
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CAO Yue, XING Liyuan, ZHOU Ruibo |
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（School of Business, Hunan University, Changsha 410082, China） |
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| Abstract: A good social credit environment is a solid foundation for the optimal allocation of resources, and also an important guarantee for sustainable economic development. Based on the sample data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022, this paper empirically examines the relationship and influence mechanism between the reform of social credit system and the total factor productivity of enterprises. It is found that the reform of social credit system significantly enhances the total factor productivity of enterprises. And the above finding still holds after various robustness tests such as parallel trend test and staggered double-difference bias correction. The mechanism test shows that the reform of social credit system affects the total factor productivity of enterprises through such three mechanisms as improving the quality of enterprise information disclosure, improving the protection of regional intellectual property rights, and promoting the upgrading of enterprise human capital structure. Further research finds that the impact of social credit system reform on firms’ total factor productivity is more pronounced among firms with a lower proportion of independent directors, a lower proportion of institutional investors’ shareholding, non-state-owned, and located in regions with a low level of rule of law, and during economic contraction. The analysis of economic consequences shows that the positive effect of social credit system reform on total factor productivity can effectively improve enterprise performance. This paper provides empirical evidence for the policy effect of social credit system reform from the perspective of total factor productivity, which is of great significance for government departments to further promote the construction of social credit system. |
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Key words: social credit system; high-quality development; total factor productivity |
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