摘要
优化营商环境日益受到各级政府的高度重视,但关于其对企业信贷成本的影响及传导机制的研究尚不足。基于此,本文以2009—2018年中国资本市场A股上市公司为研究样本,实证检验营商环境对企业信贷成本的影响以及产权性质的异质性作用和影响机制。研究发现:(1)营商环境能够显著抑制企业信贷成本,表现为营商环境越好,企业的信贷成本越低;(2)区分产权性质发现,与国有企业相比,营商环境对非国有企业信贷成本的抑制作用更明显;(3)进一步测试表明,优化营商环境能够降低企业信用风险、提高内部控制质量和缓解融资约束。以上构成了营商环境影响企业信贷成本的影响路径。本文丰富了营商环境与企业信贷成本的相关文献,明晰了营商环境对企业信贷成本的影响机理,同时也为优化营商环境提供了参考思路。
The optimization of business environment is increasingly valued by government,but there is insufficient research on its impact on corporate credit cost and the influencing path.This paper takes A-share listed companies from 2009 to 2018 as research samples,and uses the empirical method to analyze the impact of business environment on corporate credit cost as well as the heterogeneity function of property rights and the influencing path.The research finds that:(1)business environment can significantly inhibit corporate credit cost:the better the business environment,the less the corporate credit cost;(2)by the nature of enterprises,the results show that the business environment exerts a more obvious effect on corporate credit cost in non-state-owned enterprises than in SOEs;(3)further tests show that optimizing business environment can reduce corporate credit risk,improve internal control quality and alleviate financing constraints,which constitute channels via which business environment affects corporate credit cost.This paper adds to the literature on the relationship between the business environment and corporate credit cost,clarifies the mechanism of how business environment affects corporate credit cost,and provides a reference for optimizing the business environment.
作者
周泽将
高雅萍
张世国
ZHOU Zejiang;GAO Yaping;ZHANG Shiguo(Anhui University, 230601;Management World Magazine, 100026;Capital University of Economics and Business, 100070)
出处
《财贸经济》
CSSCI
北大核心
2020年第12期117-131,共15页
Finance & Trade Economics
基金
国家自然科学基金面上项目“本地任职、政治关联与企业财务行为:中国关系情境中独立董事视角的理论构建与实证检验”(71772001)
安徽省学术与技术带头人及后备人选科研活动经费资助项目“轻资产运营对企业竞争力的影响研究:路径分析与实证检验”(2019H218)
安徽省高校学科(专业)拔尖人才资助项目(gxbjZD02)。
关键词
营商环境
信贷成本
产权性质
影响路径
Business Environment
Credit Cost
Nature of Property Rights
Influencing Path
