Social Credit and Enterprise Resilience:A Quasi-natural Experiment Based on the Pilot Re-form of Social Credit System
In the current unstable global economic environment,how to enhance enterprise resilience is an important issue that all enterprises are facing.Based on the balanced panel data from 2007 to 2021 of our country's A-share listed companies,this paper measures the level of enterprise resilience and takes the pilot reform of the Chinese Social Credit System as a quasi-natural experiment,and empirically tests the impact of urban social credit enhancement on enterprise resilience by using the multi-time-point DID model.The results show that the improvement of social credit can significantly enhances enterprise resilience,and social credit enhances enterprise resilience through three mechanisms:improving the level of urban human capital,reducing the transaction costs of enterprises,and improving the labor productivity of enterprises.Heterogeneity analysis shows that social credit has a stronger effect on enterprise resilience in the enterprises with low internal governance,the non-state-owned enterprises,and the regions with low marketization.This paper provides a new perspective for the study of the influencing factors of enterprise resilience and has some enlightenment on how to enhance enterprise resilience and achieve high-quality development.
social creditenterprise resilienceurban human capitalenterprise transaction costenterprise labor productivity
NETL
NSTL
万方数据
