Institutional transaction costs and SRDI enterprises:empirical evidence from listed private enterprises
This study first defines the institutional transaction costs and constructs an institutional transaction cost index.Then,using data from privately-owned listed companies between 2003 and 2020,along with matched institutional transaction cost data,the study employs the Generalized Method of Moments (GMM) to empirically analyze the impact of institutional transaction costs on private enterprises' progress toward becoming"specialized,refined,distinctive and innovative"(SRDI) .The study finds:(1) Institutional transaction costs in China shows an overall downward trend during the study period,decreasing by 23.91％.There are regional differences,with the lowest costs in the eastern regions and the highest in the western regions.There is a negative correlation between institutional transaction costs and the SRDI status of private enterprises—lower institutional transaction costs are associated with faster growth in total factor productivity and higher levels of innovation.(2) Reducing institutional transaction costs benefits the growth of total factor productivity and enhances the innovation levels of private enterprises,thereby facilitating their progress toward becoming SRDI.This facilitation mainly occurs by encouraging enterprise entry.(3) The positive impact of reducing institutional transaction costs on the SRDI status of private enterprises is more pronounced in eastern region enterprises and those facing high financing constraints.
万方数据
