城市信用体系建设对资本错配的改善效应OA北大核心CHSSCDCSSCICSTPCD

Based on the factual case that social credit promotes economic development,this paper takes the social credit system as a formal system to explore capital misallocation completely and elaborates the theoretical framework of the credit system affecting capital misallocation from the dual perspective of the government and the market.By selecting 231 prefecture-level cities in China from 2016 to 2021 as research samples,this paper empirically examines the impact of urban credit system(UCS)construction on capital misallocation and its mechanism by applying the national urban comprehensive credit index. The results show that the UCS construction can reduce capital misallocation.This conclusion remains robust after a series of tests.Heterogeneity analysis shows that the effect of UCS construction is more significant in cities in the central and western regions,large cities,and cities with a high level of digital economy development.The results of the mechanism test show that the UCS construction indirectly reduces capital misallocation mainly by constructing a cordial and clean relationship between government and businesses,improving the level of credit service,and enhancing the efficiency of contract enforcement.Further discussion reveals the presence of a threshold effect in the UCS construction.Specifically,the UCS impact on capital misallocation exhibits a non-linear characteristic of marginal incremental increase with the continuous promotion of competent government or the continuous improvement of the efficient market.From the results of the spatial correlation analysis,there is a spatial spillover effect in the UCS construction,which can alleviate capital misallocation in neighboring cities. Based on the above conclusions,this paper puts forward the following policy recommendations:implement the concept of credit governance and continuously optimize the soft environment of credit services;accelerate the construction of a government of integrity,improve the third-party credit service system,and extend credit supervision to cover the entire contract process;guide the synergy between the government and the market to unleash the dividends of the credit system;and improve the mechanism for cross-regional coordination and joint promotion of credit information sharing. The marginal contributions lie in three aspects.(1)This paper enriches and expands the scope of research on the economic effects of social credit and provides evidence for mitigating capital misallocation and advancing the reform and innovation of the social credit system.(2)It provides insights into understanding and improving the coupling relationship between the UCS and competent government as well as the efficient market,offering empirical evidence for continuously integrating credit factors into the construction of the urban business environment.(3)It explores the spatial relevance of the UCS construction in the sample years,providing policy references for the coordinated urban development and the adequate allocation of capital factors.