社会信用体系建设对企业新质生产力影响研究

Research on the Impact of Social Credit System Development on Enterprises" New Quality Productivity

摘要:

发展新质生产力是全面建成社会主义现代化强国的重要抓手,社会信用体系建设是培育企业新质生产力的关键一环。本文以2011—2023年沪深A股上市公司为样本,使用双重机器学习模型,探究社会信用体系建设对企业新质生产力的影响。研究发现,社会信用体系建设能够显著推动企业新质生产力水平的提升,并基于企业自身性质表现出显著的异质性特征。具体表现为,对非国企、高技术、资本密度较低、治理能力较差以及外部监督较弱的企业,社会信用体系建设对企业新质生产力的促进作用更为突出。机制分析表明,社会信用体系建设能够通过缓解企业融资约束、改善商业信用融资以及提高信息披露质量有效推动企业新质生产力发展。本文进一步诠释了社会信用体系建设的经济效应,并为我国新质生产力培育提供有益参考。

Abstract:

Developing new productive forces is a crucial means for building a great modern socialist country in all respects, and the construction of a social credit system constitutes a key link in cultivating new productive forces of enterprises. Based on a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2023, this paper adopts the double machine learning model to explore the impact of social credit system construction on enterprises" new productive forces. The results show that the construction of a social credit system can significantly enhance the level of enterprises" new productive forces, with distinct heterogeneous characteristics depending on the inherent attributes of enterprises. Specifically, the construction of a social credit system exerts a more prominent promotional effect on the new productive forces of non-state-owned enterprises, high-tech enterprises, those with low capital density, weak governance capabilities and insufficient external supervision. Mechanism analysis indicates that the construction of a social credit system can effectively boost the development of enterprises" new productive forces by alleviating corporate financing constraints, improving trade credit financing and enhancing the quality of information disclosure. This paper further interprets the economic effects of social credit system construction and provides valuable insights for the cultivation of new productive forces in China.