摘要
激励公司承担一定的风险水平以促进研发创新有助于实体经济的高质量发展。基于当地信息优势理论框架,将行政审批中心的设立作为准自然实验,系统考察行政审批制度改革对公司风险承担水平的影响。研究发现:行政审批制度改革显著提升公司风险承担水平,且在投资机会信息分散程度越高的公司中更显著,上述研究结论经过内生性和稳健性测试后依然成立。异质性检验发现:在位于市场化进程高地区以及客户集中度较低的样本中,行政审批制度改革对公司风险承担水平的促进作用更为显著。作用机制检验发现:行政审批制度改革显著提高了投资灵活性和市场竞争程度。研究结论从风险承担视角揭示了行政审批制度改革产生的经济效应及其内在机理,对深化简政放权改革具有一定的启示意义。
Incentivizing companies to take a certain level of risk to promote RD innovation contributes to the high-quality development of the real economy.Based on the theoretical framework of the local information advantages,this paper takes the establishment of the administrative examination and approval centers as a quasi-natural experiment to systematically investigate the impact of the reform of the administrative examination and approval system on the level of corporate risk taking.The results show that the reform of the approval system can significantly improve the level of enterprise risk taking,and this effect is more significant in the companies with higher degree of information dispersion of investment opportunities.The above research conclusions are still valid after the endogenous and robustness tests.The heterogeneity test reveals that in the samples located in the regions with higher marketization or with lower degree of client concentration,the reform of the administrative approval system has a more significant effect on the improvement of enterprise risk bearing level.The test of the action mechanism reveals that the reform of the administrative approval system has significantly improved the investment flexibility and the market competition degree.From the perspective of risk bearing,the research conclusion has revealed the economic effects brought forward by the reform of the administrative approval system and its inner mechanism,it also has a certain enlightenment to further promote the reform of simplifying administrative procedures and delegating powers to lower levels.
作者
李田雨
李茫茫
LI Tian-yu;LI Mang-mang(Hubei University,Wuhan 430062;Jiangxi Normal University,Nanchang 330022;Jiangxi Financial Development Research Institute,Nanchang 330013,China)
出处
《江西财经大学学报》
CSSCI
北大核心
2023年第5期37-50,共14页
Journal of Jiangxi University of Finance and Economics
基金
国家自然科学基金面上项目“注册制改革与风险投资功能研究:理论机制与经济后果”(72072079)
国家自然科学基金地区项目“贷款利率市场化、企业间信贷资源配置与企业竞争力提升”(71962020)
国家自然科学基金青年项目“审批制度改革的微观经济效应:基于放权理论的实证研究”(71902078)。
关键词
行政审批制度改革
风险承担
信息分散程度
reform of the administrative examination and approval system
risk-taking
degree of information dispersion
