Has the improvement of social credit environment promoted collaborative innovation among enterprises?—A quasi natural experimental study on pilot cities based on social credit system construction
Taking the pilot cities of China's social credit system construction as a quasi natural experiment,and taking China's A-share listed manufacturing companies in 2011-2021 as the sample,this paper empirically tests the impact of improving the social credit environment on corporate collaborative innovation.The study has found that a good social credit environment significantly improves the collaborative innovation level of enterprises,and this conclusion still holds true after multiple robustness tests.Mechanism testing has found that a good social credit environment mainly improves the level of collaborative innovation among enterprises through two paths:the"information disclosure trust effect"and the"transaction cost reduction effect".Further research has found that when the level of rule of law and digitalization in the region where the enterprise is located is low,a good social credit environment can better compensate for the role of informal institutions and have a more significant promoting effect on collaborative innovation among enterprises.A sound social credit environment,after promoting collaborative innovation among enterprises,ultimately enhances their own innovation efficiency.The research conclusion provides a new perspective for studying the driving factors of collaborative innovation in enterprises,and also provides theoretical support and empirical evidence for the government to strengthen the construction of the social credit system and cultivate and develop new quality productivity through collaborative innovation.
social credit environmentcollaborative innovationinformation disclosuretransaction cost
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