Social Credit System Construction and Regional Entrepreneurial Activity

TAN Yan-zhi; YI Meng; LI Yun-zhong; TANG Wen-juan

Volume 39 Issue 5

Sep. 2024

Turn off MathJax

Article Contents

Article Navigation > Journal of Guangdong University of Finance & Economics > 2024 > 39(5): 117-129

TAN Yan-zhi, YI Meng, LI Yun-zhong, TANG Wen-juan. Social Credit System Construction and Regional Entrepreneurial Activity[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(5): 117-129.

Citation:

TAN Yan-zhi, YI Meng, LI Yun-zhong, TANG Wen-juan. Social Credit System Construction and Regional Entrepreneurial Activity[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(5): 117-129.

Citation:

PDF( 1316 KB)

Social Credit System Construction and Regional Entrepreneurial Activity

1.
Business School, Xiangtan University, Xiangtan 411105
2.
National Engineering Laboratory of Big Data Analysis and Applications, Peking University, Beijing 100871, China

Received Date: 2024-07-13
Available Online: 2024-11-08
Publish Date: 2024-09-28

Abstract

Abstract

Entrepreneurship is an important driver of economic growth, and credit is the cornerstone of the market economy. Taking the construction of the social credit system as a quasi-natural experiment, and using a sample of 284 cities from 2009 to 2019, this paper constructs a staggered difference-in-difference model to examine the entrepreneurial effects and mechanisms of social credit system construction. It is found that the construction of the social credit system significantly enhances regional entrepreneurial activity. The results of the mechanism test show that social credit system construction promotes entrepreneurship by increasing financial support, promoting regional talent agglomeration, and improving regional innovation levels. The heterogeneity analysis shows that the entrepreneurial effects of social credit system construction are more pronounced in regions with lower market integration and higher levels of rule of law; in terms of industry types, the effects are particularly pronounced in the service sector, especially in consumption-oriented services. This paper examines the role of social credit in promoting regional entrepreneurship from the perspective of informal institutions, providing important theoretical and empirical insights into cultivating China's distinctive financial culture and promoting the realization of financial services for the real economy.
- social credit,
- entrepreneurial activity,
- entrepreneurial effect,
- social credit system construction

FullText(HTML)

References(45)

References

[1]	URBANO D, APARICIO S, AUDRETSCH D. Twenty-five years of research on institutions, entrepreneurship, and economic growth: what has been learned?[J]. Small Business Economics, 2019, 53(1): 21-49. doi: 10.1007/s11187-018-0038-0
[2]	杜运周, 刘秋辰, 程建青. 什么样的营商环境生态产生城市高创业活跃度?——基于制度组态的分析[J]. 管理世界, 2020(9): 141-155.
[3]	刘诚, 夏杰长. 商事制度改革、人力资本与创业选择[J]. 财贸经济, 2021(8): 113-129. doi: 10.3969/j.issn.1002-8102.2021.08.011
[4]	KONG D, QIN N. Does environmental regulation shape entrepreneurship?[J]. Environmental and Resource Economics, 2021, 80(1): 169-196. doi: 10.1007/s10640-021-00584-8
[5]	李兰冰, 阎丽, 黄玖立. 行政审批制度改革对创业行为的影响——基于中国微观数据的经验[J]. 当代经济科学, 2021(6): 15-27.
[6]	JHA C K, BHUYAN R. Do financial reforms promote entrepreneurship?[J]. Finance Research Letters, 2020, 34: 101272. doi: 10.1016/j.frl.2019.08.020
[7]	赵富森, 李璐. 知识产权制度的创业效应研究——基于中国知识产权示范城市建设的经验证据[J]. 产业经济研究, 2021(6): 44-57.
[8]	张柳钦, 李建生, 孙伟增. 制度创新、营商环境与城市创业活力——来自中国自由贸易试验区的证据[J]. 数量经济技术经济研究, 2023(10): 93-114.
[9]	郑馨, 周先波, 张麟. 社会规范与创业——基于62个国家创业数据的分析[J]. 经济研究, 2017(11): 59-73.
[10]	辛宇, 李新春, 徐莉萍. 地区宗教传统与民营企业创始资金来源[J]. 经济研究, 2016(4): 161-173.
[11]	郭云南, 王春飞. 第一大姓当选是否会促进创业?[J]. 经济学(季刊), 2020(4): 1355-1374.
[12]	潘妍, 余泳泽. 社会信用体系建设促进了农户创业吗?——基于失信信息公开视角[J]. 金融研究, 2023(12): 169-187.
[13]	孙晋云, 白俊红, 张艺璇. 社会信用与城市创业活跃度[J]. 经济与管理研究, 2024(3): 75-93.
[14]	黄卓, 陶云清, 王帅. 社会信用环境改善降低了企业违规吗?——来自"中国社会信用体系建设"的证据[J]. 金融研究, 2023(5): 96-114.
[15]	曹雨阳, 孔东民, 陶云清. 中国社会信用体系改革试点效果评估——基于企业社会责任的视角[J]. 财经研究, 2022(2): 93-108.
[16]	邱保印, 余梦, 左静静. 社会信用体系建设能否促进企业数字化转型?——基于社会信用体系改革试点的准自然实验[J]. 上海财经大学学报, 2023(5): 92-106.
[17]	XIE F, ZHANG B, ZHANG W. Trust, incomplete contracting, and corporate innovation[J]. Management Science, 2022, 68(5): 3419-3443. doi: 10.1287/mnsc.2021.4055
[18]	王三川, 范从来. 社会保障、社会信用水平与家庭金融财产结构的多元化[J]. 中国经济问题, 2021(5): 37-52.
[19]	LEVINE R, LIN C, XIE W. Corporate resilience to banking crises: the roles of trust and trade credit[J]. Journal of Financial and Quantitative Analysis, 2018, 53(4): 1441-1477. doi: 10.1017/S0022109018000224
[20]	粟勤, 杨景陆. 社会信用如何影响数字普惠金融发展?[J]. 国际金融研究, 2023(9): 29-39.
[21]	钱先航, 曹春方. 信用环境影响银行贷款组合吗——基于城市商业银行的实证研究[J]. 金融研究, 2013(4): 57-70.
[22]	DUTTA N, MEIERRIEKS D. Financial development and entrepreneurship[J]. International Review of Economics & Finance, 2021, 73: 114-126.
[23]	周月书, 张鸽. 绿色数字普惠金融服务创新模式分析[J]. 江南大学学报(人文社会科学版), 2022(3): 78-86.
[24]	MICKIEWICZ T, REBMANN A. Entrepreneurship as trust[J]. Foundations and Trends in Entrepreneurship, 2020, 16(3): 244-309.
[25]	张萃. 什么使城市更有利于创业?[J]. 经济研究, 2018(4): 151-166.
[26]	BROCKMAN P, KHURANA I K, ZHONG R. Societal trust and open innovation[J]. Research Policy, 2018, 47(10): 2048-2065.
[27]	余泳泽, 夏龙龙. 从"契约环境"到"信用政策": 社会信用文化与创新知识溢出[J]. 经济管理, 2023(1): 67-84.
[28]	吴士健, 孙专专, 刘新民. 区域创新系统中企业家集群的涌现机理及动态演化[J]. 广东财经大学学报, 2017(5): 22-33. https://song.cbpt.cnki.net/WKG/WebPublication/paperDigest.aspx?paperID=147d246b-4bff-4c1d-b8dd-f51059de4cc3
[29]	姜南, 李鹏媛, 欧忠辉. 知识产权保护、数字经济与区域创业活跃度[J]. 中国软科学, 2021(10): 171-181.
[30]	干春晖, 郑若谷, 余典范. 中国产业结构变迁对经济增长和波动的影响[J]. 经济研究, 2011(5): 4-16, 31.
[31]	BECK T, LEVINE R, LEVKOV A. Big bad banks? the winners and losers from bank deregulation in the United States[J]. The Journal of Finance, 2010, 65(5): 1637-1667.
[32]	BAKER A C, LARCKER D F, WANG C C Y. How much should we trust staggered difference-in-differences estimates?[J]. Journal of Financial Economics, 2022, 144(2): 370-395.
[33]	GOODMAN-BACON A. Difference-in-differences with variation in treatment timing[J]. Journal of Econometrics, 2021, 225(2): 254-277.
[34]	白俊红, 张艺璇, 卞元超. 创新驱动政策是否提升城市创业活跃度——来自国家创新型城市试点政策的经验证据[J]. 中国工业经济, 2022(6): 61-78.
[35]	湛泳, 李珊. 智慧城市建设、创业活力与经济高质量发展——基于绿色全要素生产率视角的分析[J]. 财经研究, 2022(1): 4-18.
[36]	江艇. 因果推断经验研究中的中介效应与调节效应[J]. 中国工业经济, 2022(5): 100-120.
[37]	郭峰, 王靖一, 王芳, 等. 测度中国数字普惠金融发展: 指数编制与空间特征[J]. 经济学(季刊), 2020(4): 1401-1418.
[38]	李志生, 金凌. 银行竞争提高了企业投资水平和资源配置效率吗?——基于分支机构空间分布的研究[J]. 金融研究, 2021(1): 111-130.
[39]	孙伟增, 毛宁, 兰峰, 等. 政策赋能、数字生态与企业数字化转型——基于国家大数据综合试验区的准自然实验[J]. 中国工业经济, 2023(9): 117-135.
[40]	储德银, 孙梦. 财政纵向失衡、均衡性转移支付与地方政府税收努力[J]. 江南大学学报(人文社会科学版), 2022(4): 34-48.
[41]	盛斌, 毛其淋. 贸易开放、国内市场一体化与中国省际经济增长: 1985~2008年[J]. 世界经济, 2011(11): 44-66.
[42]	杨英, 李岩, 张秀娥, 等. 正式制度与非正式制度如何驱动社会创业——基于效率驱动型国家的QCA研究[J]. 科技进步与对策, 2021(3): 21-29.
[43]	王小鲁, 胡李鹏, 樊纲. 中国分省份市场化指数报告[M]. 北京: 社会科学文献出版社, 2021.
[44]	高远, 刘泉红. 营商环境能否影响企业创新[J]. 经济与管理, 2023(6): 85-91.
[45]	文学舟, 孙浩, 袁仕陈. 数字普惠金融对银行小微信贷供给的影响研究[J]. 金融教育研究, 2024(2): 32-42.