论文部分内容阅读
本文检验了中国地方政府治理水平差异如何影响民营企业生产率,以及具体影响这一重要经济后果的路径。本文的检验结果表明,政府治理水平改善能够对民营企业生产率产生积极的影响,其核心机制在于市场效应和代理成本效应。其中,市场效应占主导地位,政府治理水平影响民营企业生产率的关键在于市场效应。本文进一步研究发现,政府治理水平影响了企业产出对资本投入和中间投入的敏感性。其中政府治理的市场效应主要影响产出对资本投入和中间投入的敏感性,而代理成本效应主要影响产出对中间投入的敏感性。
This paper examines how the differences in the governance of local governments in China affect the productivity of private-sector enterprises and the path that affects this important economic consequence. The test results show that the improvement of government governance can have a positive impact on the productivity of private enterprises. The core mechanism lies in the market effect and the agency cost effect. Among them, the market effect dominates, and the key to the level of government governance affecting the productivity of private-owned enterprises lies in the market effect. This paper further studies found that the level of government governance has affected the sensitivity of enterprise output to capital investment and intermediate investment. The market effect of government governance mainly affects the sensitivity of output to capital investment and intermediate investment, while the agency cost effect mainly affects the sensitivity of output to intermediate investment.