摘要
Abstract
Entrepreneurship serves as a critical driver for high-quality economic development,enabling market entities to achieve innovation-driven growth in a dynamic competitive landscape.Entrepreneurship in the new era encompasses not only traditional characteristics such as initiative and innovation but also higher moral pursuits and a social value orientation,reflecting a more balanced and sustainable development philosophy.This paper treats the construction of China's social credit system as a quasi-natural experiment,utilizing panel data from A-share listed companies from 2010 to 2023 and employing a two-way fixed effects staggered difference-in-differences(DID)mod-el to identify the causal effect between social credit system construction and entrepreneurship in the new era.
The empirical results demonstrate that the social credit system can foster entrepreneurship in the new era.This conclusion remains valid after a series of robustness tests.Mechanism analysis reveals two distinct pathways.First,by establishing cross-departmental platforms for sharing credit information,the credit system improves regulatory ef-ficiency and increases the cost of corporate rent-seeking.This redirects corporate resources from nonproductive ac-tivities to technological innovation and improves enterprise total factor productivity(TFP),particularly in break-through innovation.Second,the improved credit environment raises market expectations for corporate information disclosure.It reduces analyst forecast divergence and enhances the transparency of accounting information,thereby compelling enterprises to minimize violations and strengthen compliance with the rule of law.Heterogeneity analysis shows that enterprises with better governance structures,particularly state-owned enterprises,are better positioned to leverage the social credit system to enhance entrepreneurship,indicating that institutional innovation optimizes resource allocation and promotes corporate transformation.The policy recommendations proposed in this paper in-clude accelerating improvements to the credit system,adapting measures to local conditions,promoting the sharing of credit information,and cultivating entrepreneurship through multiple channels.
The marginal contributions are threefold.First,it broadens research on the economic impact of social credit systems by encompassing a comprehensive set of entrepreneurial characteristics,rather than focusing on a single di-mension.Second,it identifies two mechanisms by which credit systems curb rent-seeking,boost productivity,and enhance transparency:resource allocation optimization and improvements in the information environment.Third,it provides robust causal evidence from a quasi-natural experiment that treats the construction of the credit system as an exogenous policy shock.Overall,the findings provide important insights for fostering innovation-driven growth through institutional building,underscoring the role of credit systems in aligning corporate behavior with long-term societal goals and sustainable development.关键词
社会信用环境/企业家精神/信息透明度/企业全要素生产率/法治遵循Key words
social credit environment/entrepreneurship/information transparency/enterprise total factor pro-ductivity/rule of law compliance分类
管理科学
