【作者】 周娟；

【导师】 卢现祥；

【作者基本信息】 中南财经政法大学 ， 西方经济学， 2019， 硕士

【摘要】 在企业经营成本中,制度性交易成本占据重要位置。随着政府对降低企业经营成本重视程度的提高,降低制度性交易成本已然成为降低企业经营成本的重中之重。制度性交易成本指企业在遵循政府各项制度、规章以及政策过程中产生的成本,例如因遵循政府行政审批制度、税收制度和融资制度需付出的成本,等等。在制度性交易成本的困扰下,我国绝大部分企业的生存与发展受到了极大限制,特别是民营企业。一方面,民营企业在进入新的市场之前,在满足各项准入条件的前提下,还需要接受严格、复杂的行政审批,使得民营企业进入困难;另一方面,民营企业在进入市场后,税费负担重、融资成本高等问题经常会对民营企业的投资决策产生不利影响,导致民营企业的投资效率低下,阻碍企业发展。基于这一背景,本文从制度性交易成本的视角出发,理论分析和实证检验制度性交易成本如何影响我国民营企业的进入及投资效率,验证降低制度性交易成本对民营企业发展的重要性,最后得出结论并根据研究结论提出相应的建议。为了分析制度性交易成本对我国民营企业进入的影响,本文选取行政干预与政府廉洁效率总指数、企业的税费负担总指数、金融服务和融资成本总指数作为制度性交易成本的反向测度指标,选取民营企业新注册数量增长率作为民营企业进入的测度指标,收集2016年我国51个城市民营企业新注册数量的微观数据,建立实证检验模型。结果显示,行政干预与政府廉洁效率总指数与民营企业新注册数量增长率之间存在正向影响,且结果显著;企业的税费负担总指数与民营企业新注册数量增长率之间存在正向影响,且结果显著;金融服务和融资成本总指数对民营企业新注册数量增长率的影响不显著。这表明企业需承担的税费负担越低,政府行政干预越少,民营企业的进入情况越好。为了分析制度性交易成本对我国民营企业投资效率的影响,本文选取的制度性交易成本测度指标同上,通过期望投资模型测算我国民营上市公司的非效率投资作为反向指标来衡量我国民营企业的投资效率,收集我国2016年共计869家民营上市公司的数据,进行横截面分析。结果显示,行政干预与政府廉洁效率总指数对我国民营企业非效率投资的影响不显著;企业的税费负担总指数对我国民营企业非效率投资的影响为负方向,但不够显著;金融服务和融资成本总指数对我民营企业非效率投资的影响为负方向,且结果显著。这表明影响我国民营企业投资效率的主要因素是融资约束。最后,根据上述研究结果,本文得出如下结论:政府行政干预方面、税费方面的制度性交易成本越低,我国民营企业进入数量越多;金融服务和融资成本方面的制度性交易成本越低,我国民营企业投资效率越高。因此降低制度性交易成本对民营企业的发展至关重要。更多还原

【Abstract】 Institutional transaction cost occupies an important position in the operating costs of enterprises.As the government attaches more importance to reducing the operating costs of enterprises,reducing the institutional transaction cost has become the top priority in reducing the operating costs of enterprises.Institutional transaction cost refer to the cost incurred by enterprises in the process of complying with various government systems,regulations and policies,such as the costs to be paid for complying with the government administrative examination and approval system,tax system and financing system,etc.Under the puzzle of institutional transaction cost,the survival and development of most enterprises in our country are greatly restricted,especially private enterprises.On the one hand,before entering the new market,private enterprises need to accept strict and complicated administrative examination and approval on the premise of satisfying various entry conditions,making it difficult for private enterprises to enter.On the other hand,after private enterprises enter the market,the problems of heavy tax burden and high financing cost often have adverse effects on the investment decisions of private enterprises,resulting in low investment efficiency of private enterprises and hindering the development of enterprises.Based on this background,from the perspective of institutional transaction cost,this paper theoretically analyzes and empirically tests how institutional transaction cost affect the entry and investment efficiency of China’s private enterprises,verifies the importance of reducing institutional transaction costs to the development of private enterprises,and finally draws a conclusion and puts forward corresponding suggestions according to the research conclusion.In order to analyze the impact of institutional transaction cost on the entry of private enterprises in China,this paper selects the index of administrative intervention and government integrity efficiency,the index of enterprises’ tax burden,the index of financial services and financing costs as the reverse measurement of institutional transaction cost,selects the growth rate of newly registered private enterprises as the measurement of entry of private enterprises,then collects the micro-data of number of newly registered private enterprises in 51 cities of China in 2016,and establishes an empirical test model finally.The results show that there is a positive influence between the index of administrative intervention and government integrity efficiency and the growth rate of newly registered private enterprises,and the result is significant.The tax burden index of enterprises also has a positive impact on the growth rate of newly registered private enterprises,and the result is significant.The index of financial services and financing cost has no significant impact on the growth rate of newly registered private enterprises.This implies that the lower the tax burden for enterprises and the less government administrative intervention,the better the entry of private enterprises.In order to analyze the impact of institutional transaction cost on the investment efficiency of private enterprises in China,this paper selects the same index as above to measure institutional transaction cost,and selects the inefficient investment as a reverse index to measure the investment efficiency of private enterprises in China,which is calculated from the expected investment model,then collects data of 869 private listed companies in China in 2016 for cross-sectional analysis.The results show that the index of administrative intervention and the government integrity efficiency has no significant impact on the inefficient investment of private enterprises in China.The index of tax burden has a negative impact on the inefficient investment of private enterprises in China,but it is not significant.The index of financial services and financing cost has a negative impact on the inefficient investment of private enterprises in China,and the result is significant.This implies that the main factor affecting the investment efficiency of private enterprises in China is financing constraints.Finally,according to above research results,this paper draws the following conclusions: the lower the institutional transaction cost of government administrative intervention,the more entry of private enterprises in China;the lower the institutional transaction costs in financial services and financing cost,the higher the investment efficiency of private enterprises in China.Therefore,reducing institutional transaction cost is crucial to the development of private enterprises in China.更多还原