摘要
《物权法》的出台改善了我国长期以来物权不明的问题,为信贷市场提供了制度保障,有效降低了企业的外部融资约束。以这一事件作为自然实验,利用2002-2017年A股民营上市公司,选择全要素生产率和员工人均产出作为企业生产率的代理变量,采用双重差分法和中介效应模型探究《物权法》出台对企业投资行为以及企业生产率的影响。实证结果表明,《物权法》出台显著提高了企业生产率,这一影响随时间推移逐渐递减。进一步引入人力资本投入和固定资产投资两个路径变量分析发现,担保物权制度改革通过改变企业投资行为,促进企业人力资本投入增加,进而促进了企业生产效率的提升。本文的研究不仅补充了法律制度改革如何影响企业微观行为,也为我国经济迈向高质量发展阶段提供参考依据。
The promulgation of the Property Law has improved the problem of unclear property rights in China for a long time,and provided institutional guarantee for the credit market,effectively reduced the external financing constraints of enterprises.Taking this event as a natural experiment,using the A-share private listed companies from 2002 to 2017,selecting the total factor productivity and the per capita output of employees as the proxy variables of the enterprise productivity,using the double difference method and the mediation effect model to explore the introduction of the Property Law.Corporate investment behavior and the impact of business productivity.The empirical results show that the introduction of the Property Law has significantly increased the productivity of enterprises,and this effect has gradually declined over time.Further analysis of the two path variables of human capital investment and fixed asset investment shows that the reform of the security interest system promotes the increase of human capital investment by increasing the investment behavior of enterprises,which in turn promotes the improvement of production efficiency.The research in this paper not only supplements how the reform of the legal system affects the micro-behavior of the enterprise,but also provides a reference for the development of China’s economy towards a high-quality development stage.
出处
《产业经济评论（山东）》
2019年第4期124-144,共21页
Review of Industrial Economics
基金
国家自然科学基金项目“基于投资者业绩敏感度的我国基金隐性行为研究”(71271108)
江苏省研究生科研创新计划项目“风险因子定价中风险与收益异象:基于投资者行为偏好研究”(KYCX19_0004)资助.
关键词
外部融资约束
《物权法》
民营企业
企业投资行为
企业生产率
人力资本投入
External Financing Constraints
Property Law
Private Enterprise
Corporate Investment Behavior
Employee Productivity
Input In Manpower
作者简介
何毛毛:南京大学商学院,地址:江苏省南京市鼓楼区汉口路22号,邮编:210093,E-mail:18202726225@163.com。
