Business Environment,Transaction Costs and Survival of Micro and Small Enterprises
Optimising the business environment and reducing transaction costs are crucial measures aimed at alleviating the burden on market entities and stimulating market vitality.This paper utilises data from the national tax survey and industrial and commercial information matching from 2009 to 2016,using the reform of the income tax preferential filing system for micro and small enterprises as a quasi-natural experiment.Employing the difference-in-differences(DID)method,it investigates the impact of business environment optimisation on the exit of micro and small enterprises and explores the underlying mechanisms.The study finds that improving the business environment significantly reduces the likelihood of micro and small enterprises leaving the market.The policy effects are most pronounced on enterprises without R&D activities,those that do not benefit from other tax incentives,those with lower fixed costs and private enterprises.The mechanism analysis reveals that measures to optimise the business environment significantly reduce the transaction costs faced by enterprises.Further analysis suggests that the surviving enterprises show significant improvements in subsequent productivity and business performance and they create more employment opportunities.The findings of this study provide empirical evidence to support further optimisation of the business environment and the reduction of institutional transaction costs for market entities.
business environmenttransaction costsenterprise survivalfiling system reformmicro and small enterprises
万方数据
维普
