Social Credit Environment and Total Factor Productivity of Enterprises
Taking the 2014 social credit system reform pilot as a quasi-natural experiment,the article uses the data of A-share listed companies from 2010 to 2021 and applies the difference-in-differences(DID)method to study the impact and mechanism of social credit system construction on the total factor produc-tivity of enterprises.It is found that the construction of social credit system significantly increases the total factor productivity of enterprises in the pilot area.The mechanism test shows that social credit system con-struction improves enterprise total factor productivity by reducing transaction costs,easing financing con-straints,and improving innovation capacity.The effect of social credit system building on the total factor productivity of enterprises is more pronounced in regions with poorer institutional environments and the samples of large enterprises and enterprises with weak governance.The study provides micro evidence for assessing the actual effects of social credit system reforms,as well as empirical and theoretical support for the government to strengthen credit system construction and promote high-quality development.
social credit systemtotal factor productivitytransaction costsfinancing constraintsfirm innovation
万方数据
维普
