Does the Building of a Social Credit System Promote the Division of Labor:Empirical Evidence from Urban Defaulters
The construction of a social credit system can improve the urban business environment in China,and thus potentially affect inter-firm specialization by influencing their financing and transaction behaviors.This paper selects a sample of industrial enterprises in 238 prefecture-level cities in China from 2000 to 2013,takes the policy of restricting luxury consumption in 2010 as a policy shock,and uses the data of the defaulters released by the Supreme People's Court to con-struct a difference-in-differences(DID)model to explore the impact of social credit system con-struction on the specialization among manufacturing enterprises in China and analyze the main mechanism.The results are as follows.First,the improvement in social credit system construc-tion can reduce the transaction cost and financing cost of enterprises,and then promote the spe-cialization among enterprises.Second,the credit system construction has a greater impact on the specialization among private enterprises and small enterprises.Third,further research shows that the improvement of the social credit system reduces the imported intermediate inputs by enterpri-ses and provides endogenous impetus for further realizing the new development paradigm with do-mestic circulation being the mainstay.
social credit systeminter-firm specializationtransaction costfinancing cost
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