【摘要】 本文将2000—2024年我国284个城市的创业活力数据与A股上市公司数据进行匹配，实证探讨了城市创业活力对企业全要素生产率的影响。研究发现，城市创业活力增强能够显著提升企业全要素生产率；异质性分析显示，城市创业活力对企业全要素生产率的积极影响主要体现于东部地区、十大城市群、规模较大或较小企业、资本密集型行业和技术密集型行业。此外，相较于高竞争程度行业，城市创业活力对低竞争程度行业的企业全要素生产率的提升作用更大。机制分析表明，城市创业活力可以通过提高当地企业的经营管理能力、创新意愿和市场获利水平这三个机制来提升企业全要素生产率。进一步研究发现，金融集聚能够强化城市创业活力对企业全要素生产率的促进作用，但这种正向调节效应只存在于市场信用环境好和银行竞争程度高的城市。本研究揭示了城市创业活力与企业全要素生产率的关系，同时对激发我国市场主体活力、促进实体经济高质量发展具有一定启示意义。更多还原

【Abstract】 This article matches the entrepreneurial vitality data of 284 cities in China from 2000 to 2024 with the data of A-share listed companies, and empirically explores the impact of urban entrepreneurial vitality on enterprise total factor productivity(TFP). The study finds that the enhancement of urban entrepreneurial vitality can significantly improve enterprise TFP. The heterogeneity analysis shows that the positive impact of urban entrepreneurial vitality on enterprise TFP is mainly reflected in the eastern region, the top ten urban agglomerations, larger or smaller enterprises, capital intensive industries, and technology intensive industries. Moreover, compared with highly competitive industries, the effect of urban entrepreneurial vitality on improving enterprise TFP in low competition industries is greater. The mechanism analysis shows that urban entrepreneurial vitality can improve the enterprise TFP by improving the operation and management ability, innovation willingness and market profit level of local enterprises. Further research also finds that financial agglomeration can strengthen the promotion of urban entrepreneurial vitality on enterprise TFP, but this positive moderating effect only exists in cities with good market credit environment and high banking competition. This study reveals the relationship between urban entrepreneurial vitality and enterprise TFP, and has certain policy implications for stimulating the vitality of China’s market entities and promoting the high-quality development of the real economy.更多还原